US Aircraft Regulatory Registration Basics for Financings

The registration of aircraft in the United States is the responsibility of the Federal Aviation Administration (FAA). Under Title 49 of the US Code (the Transportation Code) and Title 14 of the Code of Federal Regulations (the Federal Aviation Regulations), an aircraft is eligible for registration only if its owner is a US citizen and the aircraft is not registered under the laws of a foreign country. The citizenship requirement applies to individuals and partnerships, provided that each member thereof is a citizen. It also applies to corporations, provided that the following are citizens (see Part 47.2 of the Federal Aviation Regulations):

• the president;
• at least two-thirds of the board of directors and other managing officers; and