What are the rights, duties and responsibilities in an aircraft Owner Trustee relationship, and how can you clarify these? Aircraft Guaranty Corp offers insights…
The strength of your Owner Trustee registration with the FAA rests upon the trust documents that create the legal relationship.
The Owner Trust relationship is created by the execution of several documents, including:
- Affidavits and Certificates;
- A Trust Agreement;
- An Accession Agreement;
- An Aircraft Dry Lease Agreement; and
- An Operating Agreement.
Other documents are also necessary to fully establish the Owner Trustee relationship.
To make life a little easier, Aircraft Guaranty Corp’s (ACG’s) trust documents have been carefully vetted to make sure they comply with the applicable federal laws and regulations.
What are the Responsibilities of an Aircraft Owner Trustee?
There are several things to look for when choosing an Owner Trustee for your aircraft. Your Owner Trustee documents must thoroughly outline the rights and duties of the Trustee and you as the Beneficiary. This is important because the Trustee becomes the title holder of your aircraft under the trust agreement.
Among the responsibilities that the Trustee takes on for the Beneficiary is the duty to maintain the aircraft’s registration at the FAA.
The Owner Trust agreement should convey a Trust Certificate to the Beneficiary. The essence of the Owner Trustee agreement is for the Owner Trustee to hold title to the aircraft with you as the Beneficiary of the Trust.
The Beneficiary also agrees to assume certain duties and responsibilities under the Agreement in order to maintain the trust relationship. Thus, the Owner Trustee and the Beneficiary must both agree to be bound by, and to comply at all times with, the documents that make up the Trust Agreement.
How to Clarify Owner Trustee Rights, Duties and Obligations
AGC’s trust documents are easy to read and clearly define each party’s rights, duties and obligations under the Trust and the applicable law. If you are looking for reliability and transparency in your Owner Trustee relationship, AGC is right for you.
More information from https://agcorp.com