After buying an aircraft from a guy named Jim, you get a phone call from a...
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After buying an aircraft from a guy named Jim, you get a phone call from a guy named Larry who says he is Jim's uncle. Larry says that he had lent Jim $100,000 to buy the aircraft, and that he has a "lien" against the aircraft. Sure enough, he sends you a completed FAA form of security interest, as well as a promissory note evidencing the loan. He admits, however, to never filing the security interest form with the FAA. A. Where should Larry have filed the form? B. Did you take "clean title" when you bought the aircraft from Jim? After buying an aircraft from a guy named Jim, you get a phone call from a guy named Larry who says he is Jim's uncle. Larry says that he had lent Jim $100,000 to buy the aircraft, and that he has a "lien" against the aircraft. Sure enough, he sends you a completed FAA form of security interest, as well as a promissory note evidencing the loan. He admits, however, to never filing the security interest form with the FAA. A. Where should Larry have filed the form? B. Did you take "clean title" when you bought the aircraft from Jim?
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Answer rating: 100% (QA)
Answer QA Where should Larry have filed the form Answer i Larry should have filed the security interest form with the Federal Aviation Administration FAA in order to perfect his lien on the aircraft T... View the full answer
Related Book For
Fraud examination
ISBN: 978-0538470841
4th edition
Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma
Posted Date:
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