Why a new FAA rule is threatening US aircraft due diligence

You may not realise, but the FAA has just changed the rules on accessing certain documents. It says it is doing this to protect personal information, but this had chilling effect on deals. Oklahoma lawyers and title companies now no longer have full access to things like:

Bills of sale filed for an aircraft but not yet      recorded

Mortgages filed with the FAA and in the process for      recording

Leases filed with the FAA and in the process for      recording

Mechanics and artisan’s liens filed against an aircraft

Notices of deregistration from foreign civil aircraft      registries, a precondition to the FAA processing any Bill of Sale and      Aircraft Registration Application to result in U.S. registration of the      aircraft

Letters to change or reserve a specific N number

Letters from the FAA rejecting the filing of a specific      document and requesting additional information before processing the same      for recordation.

In this emergency Town Hall we will look at why it has been introduced, ways that the process could be revised and how the industry can help the FAA recognise the issue.

CJI Town Hall: Why a new FAA rule is threatening US aircraft due diligence