What is the legal framework for aircraft leases?

The legal framework for aircraft leases in Oregon consists of both state and federal laws. At the state level, Oregon law requires that aircraft leases be in writing and must be signed by the lessee and the lessor. Additionally, leases must include a description of the aircraft, the amount of rent to be paid, information concerning maintenance and repairs, and the length of the lease. Oregon also requires that aircraft leases be recorded with the County Clerk in the county where the aircraft is located. At the federal level, the Federal Aviation Administration (FAA) sets the regulations for aircraft leases. The FAA mandates that aircraft leases must be in compliance with Federal Aviation Regulations (FARs). FARs cover a variety of topics related to aircraft leases, including minimum maintenance and repair requirements, flight limitations, and liability. Additionally, there are certain provisions under the General Aviation Revitalization Act of 1994 (GARA) that pertain to aircraft leases. Under GARA, the lessor of an aircraft may terminate a lease without penalty if the lessee fails to make the required payments or if the lessee violates any of the lease terms. Therefore, it is important for lessees and lessors of aircraft to be familiar with the relevant state and federal laws that govern aircraft leases in order to ensure that they are in compliance with all applicable laws.

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What is the legal framework for aircraft leases?

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