Section 19 Perfection of Security Interests In Accordance With Federal Law

• Library: Secured Transactions 2005

The federal government has provided a comprehensive and exclusive process for perfecting liens in aircraft, to which Article 9 defers. 49 U.S.C. §§ 44107–08; § 400.9-311(a)(1), RSMo Supp. 2004. As to civil aircraft, all conveyances, leases, and instruments executed for security purposes are ineffective against bona fide third parties who are without actual knowledge unless the instruments are filed for recording with the FAA. 49 U.S.C. § 44108(a). Security interests in specifically identified aircraft engines having at least 750 rated takeoff horsepower or its...