What legal restrictions apply to the sale of aircraft?
In Minnesota, the sale of aircraft is subject to certain legal restrictions. The Federal Aviation Administration (FAA) regulates the sale of aircraft, and the FAA must approve the transfer of any aircraft. In order to complete a sale, any changes made to the aircraft must be documented and registered with the FAA, and the buyer and seller must both sign any legal documents or contracts associated with the sale. The FAA will also require the seller to provide evidence that they own the aircraft in the form of a valid bill of sale. In addition to FAA regulations, any sale of aircraft must comply with state and local laws. Potential buyers must be informed of any liens or encumbrances on the aircraft, and any applicable taxes must be paid. Sellers must also disclose any defects in the aircraft to potential buyers. The sale of an aircraft also requires a Certificate of Aircraft Registration, and the buyer and seller must both sign the registration form. The Certificate of Aircraft Registration must be submitted to the FAA and the state in which the aircraft is registered. In Minnesota, aircraft transactions are subject to the state’s Uniform Commercial Code (UCC). The UCC requires that aircraft sales must be in writing and must include a description of the aircraft, the purchase price, and the buyer’s and seller’s identity. Failure to comply with all of the applicable legal requirements can result in significant penalties and fines.
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