(17) "Conveyance" means a bill of sale, contract of conditional sale,
mortgage, assignment of mortgage, or other instrument affecting title to,
or interest in, property.
A notice of Federal tax lien is not recordable under this part, since
it is required to be filed elsewhere by the Internal Revenue Code (26
U.S.C. 6321, 6323; 26 CFR 301.6321-1, 301.6323-1).
(b) The kinds of conveyance recordable under this part include those
used as evidence of ownership under §47.11 of this chapter.
(c) The validity of any instrument, eligible for recording under this
part, is governed by the laws of the State, possession, Puerto Rico, or
District of Columbia, as the case may be, in which the instrument was
delivered, regardless of the location or place of delivery of the property
affected by the instrument. If the place where an instrument is intended
to be delivered is stated in the instrument, it is presumed that the
instrument was delivered at that place. The recording of a conveyance is
not a decision of the FAA that the instrument does, in fact, affect title
to, or an interest in, the aircraft or other property it covers.
(d) The following rules apply to conveyances executed for security
purposes and assignments thereof:
(1) A security agreement must be signed by the debtor. If the debtor is
not the registered owner of the aircraft, the security agreement must be
accompanied by the debtor's Application for Aircraft Registration and
evidence of ownership, as prescribed in Part 47 of this chapter, unless
the debtor --
(i) Holds a Dealer's Aircraft Registration Certificate and submits
evidence of ownership as provided in §47.67 of this chapter (if
(ii) Was the owner of the aircraft on the date the security agreement
was signed, as shown by documents recorded at the FAA Aircraft Registry;
(iii) Is the vendor, bailor, or lessor under a contract of conditional
(2) The name of a cosigner may not appear in the security agreement as
a debtor or owner. If a person other than the registered owner signs the
security agreement, that person must show the capacity in which that
person signs, such as "cosigner" or "guarantor".
(3) An assignment of an interest in a security agreement must be signed
by the assignor and, unless it is attached to and is a part of the
original agreement, must describe the agreement in sufficient detail to
identify it, including its date, the names of the parties, the date of FAA
recording, and the recorded conveyance number.
(4) An amendment of, or a supplement to, a conveyance executed for
security purposes that has been recorded by the FAA must meet the
requirements for recording the original conveyance and must describe the
original conveyance in sufficient detail to identify it, including its
date, the names of the parties, the date of FAA recording, and the
recorded conveyance number.
(5) Immediately after a debt secured by a conveyance given for security
purposes has been satisfied, or any of the encumbered aircraft have been
released from the conveyance, the holder shall execute a release on AC
Form 8050-41, Part II -- Release, provided to him by the FAA when the
conveyance was recorded by the FAA, or its equivalent, and shall send it
to the FAA Aircraft Registry for recording. If the debt is secured by more
than one aircraft and all of the collateral is released, the collateral
need not be described in detail in the release. However, the original
conveyance must be clearly described in enough detail to identify it,
including its date, the names of the parties, the date of FAA recording,
and the recorded conveyance number.
(6) A contract of conditional sale, as defined in section 101(19) of
the Federal Aviation Act of 1958 (49 U.S.C. 1301(19)), must be signed by
all parties to the contract.
[Doc. No. 1996, 29 FR 6486, May 19, 1964, as amended by Amdt.
49-1, 31 FR 4499, Mar. 17, 1966; Amdt. 49-9, 53 FR 1915, Jan. 25, 1988]