PPRuNe Forums - View Single Post - URGENT Foreigner owns Aircraft but FAA "N" US registered through american citizen
Old 4th May 2009, 19:11
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IO540
 
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"XYZ Corp owns the aeroplane on behalf of Mr B. If the company should fold or die then the aeroplane still belongs to Mr B" ?
The plane did not belong to B in the first place. It belonged to XYZ. B is just the beneficial owner (Trustor in US-speak).

But yes I guess you could have a clause under which the ownership reverts to the Trustor, upon the death of the Trustee. Then the plane would be grounded the instant he dies because it is no longer owned by a US citizen - presumably until another U.S. Trustee is found.

This, I guess, is why the Delaware Corporation route is used for most big iron. IIRC, the Trustor owns 25% and a bunch of U.S. citizens (lawyers etc) own the other 75%. The 75% is not likely to die all at the same time, and if one dies, they can sort out a replacement right away; the company shareholding structure then continues.

Your wife owns half the matrimonial assets regardless of whatever contract you have
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