Read e-book online Aircraft Ownership : A Legal and Tax Guide PDF

By Raymond Speciale

ISBN-10: 0071407642

ISBN-13: 9780071407649

ISBN-10: 0071434003

ISBN-13: 9780071434003

* deals ''how to'' info and strategies to the most typical criminal and tax matters dealing with normal aviation airplane owners--in layman's phrases

* stream charts, diagrams, and criminal case briefs offer genuine international eventualities of every dialogue

* CD-ROM includes downloadable types, agreements, and checklists

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Extra resources for Aircraft Ownership : A Legal and Tax Guide

Sample text

This was to allow the buyer to comply with the Federal Aviation Administration requirements and make arrangements for insurance prior to the time he was to become the owner. Bowman also testified that he told Hemmer that he would leave his insurance in effect until it expired on December 23, 1970, only 11 days later. Bowman retained possession of the plane. On December 15, 3 days later, Bowman contacted Hemmer and asked Hemmer if he wanted to go with him on a business trip to Kansas. The purpose of the flight was for Bowman to transact some business in Kansas.

This paperwork had not been completed at the time of the loss because the bill of sale had not yet been received. The registration certificate in the aircraft at the time of the accident showed James Bowman as the owner. Buying and Selling an Aircraft 19 The signature of Bowman’s partner was obtained and the bill of sale was mailed to Hemmer on December 18, the day of the accident. Hemmer received the bill of sale on December 20. The bill of sale was in blank form and had not been filled out at the time Hemmer received it.

If you don’t specify when risk of loss passes from the seller to the buyer, you are probably subjecting yourself to the vagaries of whether the seller is a merchant or a nonmerchant. If the seller is a merchant, risk of loss does not pass from the seller to the buyer until the buyer actually takes delivery of the aircraft. If the seller is not a merchant, the risk of loss will pass when the seller “tenders” or offers delivery or pickup to the buyer. Obviously, it is in your best interest as a buyer or seller to ensure that you have adequate insurance coverage for the aircraft that is the subject of a sales agreement.

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Aircraft Ownership : A Legal and Tax Guide by Raymond Speciale

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