buying an N reg a/c
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Join Date: Feb 2009
Location: oxfordshire
Age: 73
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buying an N reg a/c
evning all,
no doubt this is an old chestnut:
have bought n reg airplane in UK.Previous owner had A/C registered through a relation,resident in US.Have pal who is US resident in Maryland who is willing to register on my behalf.Can my pal do this legally as a minority shareholder or can I resell to him for nominal amount viz $1?
Without going down the Trust road,who should I talk to on this matter?
Thanks for your forbearance,
Hope BA strike doesn't hurt your plans.
Happy Xmas
sierauniform
no doubt this is an old chestnut:
have bought n reg airplane in UK.Previous owner had A/C registered through a relation,resident in US.Have pal who is US resident in Maryland who is willing to register on my behalf.Can my pal do this legally as a minority shareholder or can I resell to him for nominal amount viz $1?
Without going down the Trust road,who should I talk to on this matter?
Thanks for your forbearance,
Hope BA strike doesn't hurt your plans.
Happy Xmas
sierauniform
Join Date: Aug 2003
Location: Surrey
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It is important to remember your pal will own the aircraft. He can do what ever he wants with the aircraft, and in the event of a crash in the UK he as the owner will be jointly and serverably liable for injuries and damage on the ground.
I believe there have been cases where the FAA has determined the registered owner was not the real owner and deemed the registration (and by implication the insurance) as invalid (my memory is this applied to a UK based US citizen mechanic who registered a string of aircraft as 'his' - which is very different from a US citizen holding aircraft in trust (a different category of registration)). If your pal has a pilots licence and shuttles over the UK regularly to fly 'his' aircraft you are on much more solid ground.
Trusts are not that expensive.
I believe there have been cases where the FAA has determined the registered owner was not the real owner and deemed the registration (and by implication the insurance) as invalid (my memory is this applied to a UK based US citizen mechanic who registered a string of aircraft as 'his' - which is very different from a US citizen holding aircraft in trust (a different category of registration)). If your pal has a pilots licence and shuttles over the UK regularly to fly 'his' aircraft you are on much more solid ground.
Trusts are not that expensive.
