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J.Hazelbaker
J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4385
Experience:  Attorney and small business owner with 10 years experience in the general practice of law.
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I loaned $8000 dollars to an individual on a six month promissory

Resolved Question:

I loaned $8000 dollars to an individual on a six month promissory note with his airplane he is currently selling as security for the repayment of the loan. He has been in default on the loan for almost a year. I would like to put a lien on the aircraft but can't see if I can do this on my own in the state of california.

Any advice?

Thank you
Submitted: 2 years ago.
Category: Legal
Expert:  J.Hazelbaker replied 2 years ago.

J.Hazelbaker :

Hello. Thank you for using JustAnswer.

J.Hazelbaker :

A lien on an aircraft is permitted under California law.

J.Hazelbaker :

However, you also need to file an aircraft lien with the FAA

J.Hazelbaker :

Here's the web address:

J.Hazelbaker :

http://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/

J.Hazelbaker :

If the promissory note indicates that the debtor is granting a lien on the aircraft, then you could file the note.

J.Hazelbaker :

Please let me know what follow-up questions you have. If my above responses have been helpful, please click Accept so that I get credit for the time/effort. You may always restart the thread and ask follow-up questions at any time by clicking the “Reply” button at the bottom of the question/answer thread. You can access this thread later in your profile under the “My Questions” tab.

Customer:

Do I need to file any paper work with my county or state?

J.Hazelbaker :

Yes

J.Hazelbaker :

You should file what is called a UCC-1

J.Hazelbaker :

Here is the web address:

J.Hazelbaker :

http://www.sos.ca.gov/business/ucc/forms.htm

Customer:

So this can easily be done on my own? I fill out the UCC-1 and then I can file the same with the FAA? Thats all?

J.Hazelbaker :

(1) the names of the parties to the agreement; (2) language which states that the aircraft owner grants the secured party a security interest in the collateral; (3) identification of the collateral by manufacturer name, model designation, serial number, and N-Number.

J.Hazelbaker :

Here's the FAA form you need to include:

J.Hazelbaker :

http://www.faa.gov/documentLibrary/media/Form/AC8050-98.pdf

Customer:

I am almost all there. Thanks for your patience.

Customer:

But....

Customer:

Do I need to file with the state first and get some kind of response before filing with the FAA or can I do both at the same time.

J.Hazelbaker :

You should file the UCC with the state first.

Customer:

Thank you.

J.Hazelbaker, Attorney
Category: Legal
Satisfied Customers: 4385
Experience: Attorney and small business owner with 10 years experience in the general practice of law.
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J.Hazelbaker
J.Hazelbaker
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Attorney and small business owner with 10 years experience in the general practice of law.