What legal restrictions apply to the sale of aircraft?

The sale of aircraft in Delaware is governed by various state and federal laws, intended to protect consumers and ensure that aircraft transactions are conducted in a safe and responsible manner. Aircraft must meet safety and airworthiness standards, and must also be registered with the Federal Aviation Administration (FAA). In addition, the seller must provide certain documents and warranties to the buyer, including a bill of sale, a statement of any liens, and a warranty of airworthiness or fitness for a specific purpose. The buyer must provide evidence of financial responsibility, such as proof of insurance. The buyer must also be able to prove that they have met the state’s requirements for aircraft registration in Delaware. The state’s requirements include obtaining a certificate of registration, aircraft and engine identification numbers, and a statement of ownership. Additionally, the buyer must comply with any applicable federal or state regulations regarding fuel, safety equipment, or other aircraft-related issues. In Delaware, aircraft sales transactions must be conducted in accordance with the Delaware General Corporation Law. This law requires that any contract for the purchase or sale of an aircraft must be in writing and signed by both parties. All funds paid for the purchase of an aircraft must be deposited in an escrow account under the supervision of a licensed attorney, or in a financial institution. Finally, all parties involved in a transaction must comply with any applicable federal laws and regulations regarding the sale of aircraft.

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What legal restrictions apply to the sale of aircraft?

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