. :i.· -

•

••

29 April 1970

Aircraft Sales, Inc. Attn: Gary L. ltoaenwinltel, President llyina Cloud Field Box 1219 Hopktna. Minn••ota SS343

Dear Mr. l.oaallVinkal:

Your .. eeag• tc, Collveyanc .. Examiner Aletha J. Moore conceruing regietration of air~raft with the FAA Aircraft Ragietry baa bean referred to thi• office for reply •

In your .. eaage you queation the need for• •aparate bill of ••l• where a "Retail Inetall.Mnt Contract and lecuri.ty Agraeaent" baa already b~en furniehad to the FAA Aircraft Regietry. You •u11••t . that thb 11 itl effect a bill of ••l• and requaet our •••i•tance int~ .. tter in the future.

The "R.etail lnetallaat Coctract and Secut"itJ Aareaent" referred to in your .. •••1• appear• to be a form drafted pureuant to the Uaiform Commercial Code. Aa auch, it la a relatiYely nw type of fora which differ• aignificantl7 froa the aalea aar...anta utilised ta the paat. Th••• difference• have cauae4 cOIUliderabl.e probl~ aa regard• the reaiatration of aircraft in that they do not appear to ... t eome of the requir-enta outlined in Part 47 of tba federal AYiation Reaulationa. Becauae of tilt.a~ the Regietry bee been requiring, u aa iateria Masure, th• aubaieaion of eeparate bills of sale. In addition, both the r>.>. Aircraft Registry and this office are coaducting an o-..rall atudy of the problea of the relationship of Part 47 to the provieioaa of the Unifona Com1ercial Code. The quaetion epeciftcally raised by you ia epecifically illcluded in this atudy which we anticipate will be completed in the near future. Until that time, it will be neceeaary for you to continue submitting separate ~ill• •f sale •

,, .. - . J'

2

We would like to apologize for the delay in providing a more specific· answer to your question. Howevey, the problems encountered in the connection with the differences between the regulatory scheme of Part 47 and the Uniform CO'lllllercial Code are moat complex. You may expect a more specific answer aa soon as the above mentioned study is co,rpleted.

Sincerely,

FREDERICK C. WOODRUff Asst. Aeronautical Center Couruael. AC-7

CCl /

Ac-2so/ .

TO

. F'AA Aeronautical Center Aletha J. Moore PO Box 25082 Okla. City, Okla. 73125

FOLD + M E s s A G E

FROM

AIRCRAFT SALES INC. FLYING CLOUD FIELD

·~ 5'~,( /2../'1 HOPKINS, MINNESOTA 5534~.

Since we began dealing with the Marquette Bank of Minneapolis, it seems ever)/ contract ever handled by them, has problems with :FAA. Can you help me correct this problem? Over the years, when a customer signs a contract, on the back the seller endorses it over to the Bank, and banks files contract with F'AA. After the buyer makes all his payments, and finally pays the full amount of this contract, the Bank simply sends a release to :FAA, and contract is returned to Bank~ and bank returns paid contract to buyer. and buyer automatically has clear title to plane, The ENDORSEMENT on back of contract b~ me, as seller constitutes the bill of sale, only after customer fullfills his end, by making all payment. Nowt he past year of so , F'AA is asking for me to make out a bill of sales and forwarding it to :F'AA, so they can complete disposition of contract etc. Why the change, or what is wrong.? Thank you.

PLEASE REPLY TO SIGNED Pres.

REPLY

DATE

GRAYARC CO., INC .• BROOKLYN 32, N. Y.

l ~·7 .. SIGNED •> ,~ ,

I JJ I · . .i 10 ,. ' i

. - I

- 'I

THIS COPY FOR PERSON ADDRESSED

,•

TE:

LY REFER TO:

SUBJECT:

TO:

DEPARTMENT OF TRANSPORTATION . FEDERAL AVIATION .ADMINISTRATION ,...,i,ro AC..e,a

-........ ,. .. .

--. '. ·~ .... , ....., ... 311 *••flldS1,Wm1 ..... ,,.. .

AERONAUTICAL CENTER P.O. BOX 25082 OKUHOMA CITY, OKLAHOMA · 73tZS

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'. .... ......... ,' cl: Aircrf!f't Sales, Inc.

·, •. ,·! ,._. ··. ····~=ri~ .... ~~:,.;: · ·- 111lPIII,:_._ LIUla .··. >~, <- ,_ -- ,,, : . . 7~ ' \,.· ·.·.~~-.,.. t> -. ' ·:'. •' .,, :'_. '.~ ·.

·, -

ATE:

DEPARTMENT OF TRANSPORTATION FEDERAL AVIATION ADMINISTRATION

M 27 JAN 1910 AERONAUTICAL CENTER P.O. BOX 2SOB2 OKLAHOMA CtTY. OKLAHOMA 73125

IN REPLY rJ REFERTO: AC-2;J0:N ------

sueJECT: Aircraft Registration/Bill of Sale

TO: I

L Zip

_J

A certificate of registration may be issued in your name upon receipt of the items checked below a:nd/or the bill of sale completed as requested:

[:"/ Registration fee of $5.00 in the form of a money order or check, payable to the Federal Aviation Administration. (Please return this letter when submitting fee only.)

[:J Application for Aircraft Registration, FAA Form 8050-1.

[;;] Original bill of sale or an executed duplicate thereof signed in ink, completing the chain of ownership from

to -----------------------------------------------------------------------------------------·

0 The seller(s) must sign in ink.

/.:J Show the title of the person signing for • ---------~-----~ D Show the name a:nd address of the purchaser.

[:/ In addition to the trade name, show the name of the owner(s) in the purchaser's block.

[:] Show the (partnership) (corporate) name of the seller.

£:] Show the description of the aircra~ (registration number, make, serial number).

LESTER G. ROBINSON Chief, Aircraft Registration Branch, Ac-250

AC Form 8050-43 (12-68) (0052-544-1000) FAA AC 69-4396 C

DEPARTMENT OF TRA~SPORTATION fEDERAL AVIATJON ADMINISTRATION

M 2:~ OCT

6: AC-250:N ------

AERONAUTICAL CENTER P.O. BOX 25082 OKLAHOMA CtTY. OKLAHOMA 73125

susJECT: Aircraft Registration/Bill of Sale

•

a

TO: I

L Zip _J

A certificate of registration may be issued in your name upon receipt of the items checked below a:nd/or the bill of sale completed as requested:

/::/ Registration fee of $5.00 in the form of a money order or check, payable to the Federal Aviation Administration. (Please return this letter when submitting fee only.}

0 Application for Aircraft Registration, FAA Form 8050-1.

~ Original bill of sale or an executed duplicate thereof signed in ink, completing the chain of ownership from

D 0 D 0

D 0

• ~---------------------------The seller(s) must sign in ink.

Show the title of the person signing for ----------·

Show the name a:nd address of the purchaser.

In addition to the trade name, show the name of the owner(s) in the purchaser's block.

Show the (partnership) (corporate) name of the seller.

Show the description of the aircraft (registration number, make, serial number) •

. -LESTER G. ROBINSON Chief, Aircraft Registration Branch, AC-250

AC Form 8050-43 (5-68) Supersedes pre'vious edition FAA A-C-68-3564

·,RETAIL, INSTALLMENT CONfRAC'fi AND SECURITY AGREEMENT Date ... Se_pt • .... 23., .... 1969 ······----~·--·-

BUYER SELLER (Debtor) _Ge:r-ald D,. Burns (Secured Party) Aircraft Sales Inc. Name Name

9000 Nicollet Ave. s. Apt. 31 Number Box 1219 and Street

55420! County

Minneapolis Henn Hopkins '

Minn. 55343

DESCRIPTION OF MERCHANDISE SERIAL NUMBEa

1953 D35 Bonanza 2200 TT·

. MAKE

Beech N207D Serial D3461

865 SMOH, 600 STOH Full gyro's ·Rotating beacon Angle of Attact KX-150A Lear ADF, Lear LTR-6 and omni head

..

and the Buyer promises and agrees to pay therefor, including insurance premiums as hereinafter set forth.

TH ,.RANSACTION DOES NOT PROVIDE AUTOMOBILE LIABILITY INSURANCE FOR BODILY INJURY OR PROPERTY DAMAGE CAUSED TO OTHERS.

1. 2.

Sale Price .................................................................................................................... $9645 • 50 Down Payment ..................................... , .................................. , ..... $· 1 5 00 •

rade-ln: Year and Make ....................................................................... . Series .......................................... Serial No •.......................................... Al owance: Gross: $ .............................. Owing $ .............................. Net $ · 1 5 OO • OO

0::r:na:em~;;bt;~~t·i·t~~~··1)::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 81 4 5 • 5 0 . :mce Premium and Coverage:

O Comprehensive O $ Deduct Collision

l Ter .. ._ _____ $ _____ _ 5 Months

Effective date if other than date of contrac ____________ _

Other- Describ..._ _________ ........,,_ ____ _ Life Insurance Premium ............................................ $ _____ _ Accident and Health Premium .................................. $ $-------

Buyer hereby agrees to pay the time balance in tfle amount herein s2ecified, payable in 5 i equal installments of { 07. each, an~install-ments of $ 2 7 • each, the first installment being due and payable Noy. 15. 69 , and a like payment on the same date of each and every month thereafter until fully paid.

O Check if the following paragraph applies.

THIS CONTRACT IS NOT PAYABLE IN INSTALL­MENTS OF EQUAL AMOUNTS.

An installment of $. _____ will be due on

5. Official Fees .......................................................................................................................... $------6. Principal Balance (Add 3, 4 and 5) ............................. : ...........•......... : ......•.................. : ...... $_ . ..~e, '1..Ue as follows:

-------- Larger installments will

7. C~edit Service Charge (lime Price Differential) (Finance Charge) ......................................... $·1 ~2~8:86 i.f2. _:. ~e Balance (Add 6 and 7) .............................................................................................. $ __ • 9e Sale Price (Add 2 and Sl .......................................................................................... $·13945, 50

•having been given the option of placing insurance with any agent or company of his choosing, hereby requests the Seller, as buyer's agent, to procure the Insurance ges as indicated above. The Seller shall. not be responsible for lack of insurance coverage by reason of subsequent cancellation by the insurer in accordance with the

llation provisions of the policy(ies) or certificate(s). The meaning of the designated type of insurance and the scope, coverage, terms, exceptions, restrictions, l:.nitaUons and conditions thereof, shall be determined exclusively by the policy(ies) or certificate(s) issued by the insurer. The foregoing insurance coverages shall be payable to the B~er and Scl~r as th~r respectiveJntere~ may appea_~--------------------~-~--~~~~~-~~-­Buyer hereby elects to purchase at time price and understands and agrees that the credit service charge as specified herein is not interest upon a loan of money, or upon the forebearance of any debt. B11yer further a rees that credit extended ursuant to this contract is not a. loan of money, and that any consideration for the sale, transfer or a s1 en -~1.:act 1s not t9 :U.!:!Ll!,_i;ijnvo vmg aloan ·of mone u e • r 1tions of the Security Agre:iment as set out on the reversesme hereof'\ffich

lare, by 1

:~e;n:::~::~.l:Ca::e~:::e::~ained in connectionDh:~!~~~~~~~ha~fns~~~~R!~he car, Buyer designates as the person to be covered the individual whose signature on behalf of Buyer first appears below. (Such signer for corporation must be an officer; for partnership, a partner.)

NOTICE TO THE BUYER: 1. Do not sign this contract before you read it or if it contains any blank space. 2. You are entitled to a completely filled in copy of this contract when you sign it. 3. Under the law, you have the following rights, among others: ( a} To pay off in advance the full umount due and to obtain a partial refund of the Ci·edit

·ce charge; (b) To redeem the property if repossessed for a default within the time provided by law; (c) To e, under certain conditions, a resale of the property if repossessed.

Buyer acknowledges receipt of a true copy of this contract •.

Witness-·····-··········-···········-·················--·-··-·····-··············---·········-···· v--d~-~~:::.:::11;~r Witness _______ .····------···-··-·····---·------··-····-·---···----·-·-····-·····-·····-·-·--··-· . ! Signature

. ,.~-;,-l;, • ____ .A~. ,~.L.S.al.e.s,,,,....Inc. ......... --·-------c- of Seil& / . ~ /~ L~.,/, Pres. (Secured

Rv.:~ ~,- . -"-7, ~ .. -~.---ti.···---·--.-·-··-·-··-. . Party) . ~- -~ .... -

· (Two Witnesses)

Date ..... 9-'"",:,,)._.5..:::!c .. f ..... : ............. . . ORIGINAL TO THE MARQUETTE NATIONAL BANK OF MINNEAPOLIS

9-0120 (Rev. 2-69)

/ SECURITY AGHEEMENT .,. .· ,._ f'fi,. The Buyer (Debtor) as security for the paymsnt of the indebtedness hereunder, does hereby grant to Seller (Secured Party) a security intere;t in the pers\Jnal propc,:y c:rihsd on t!,e reverse side t:cr:af (t':e "co!latcral") inciuding all substituted and additional part3, equipment, appliances and accessories now or hereafter placed ujlcn h pcrso~al property.

B. Debtor agrrees to keep the cc!i:i'.~rnl insured azainst fire with extended or combined additio:ial coverJ[:e ior the full insurable value thereof and against su:;h other ;sin such amnunts as Secured Party may specify, all such fire and other insurance to protect Secured Porty's interests with a Jong form endorsement to Secured Party. If htor fails to provide insurance as required herein. then Secured Party, at its option, may s3cure· such insurance ~nd Debtor hereby agrees to pay immediately all sums ended by Secured Party together with interest from the d.Jte of expenditure at the highest rate permitted by applicable law, and the amount due shall be indcbt::d, ured by this agreement. . . .

C. Upon default in any payment require/hereunder, or in the event Secured' Party in good faith deems itself insecure, Secured Party may atits option declare the enti paid balance hereunder immediately cue and payable and Secured Party shall have all of the rights granted by this Security Agreement and to a Secured Party after default der the provisions of the Uniform Commercial Code including specifically U;e ri;;ht to tai,e po3session of the colla,eral, and without notice of any such occasion Secured rty may enter upon the premises of Debtor or any place where s~cl1 co!Jaternl may be found and take possession thereof with or without process of law.

D . .f;.r,y requirement of reasonable notice to Debtor shall be met if such notice to Debtor is deposited in U.S. mail by certified mail, postage prepaid, to the address Debtor, as hereinabove set forth (or to such other address as Debtor may have requested in writing), at least seve:, (7) days before., the time of the e·Jent set forth in ch notice.

E. Publicity for any public sale shall be deemed commercially reasonable if such sale is advertised once not iess than seven (7) days nor more than twenty (20) ys prior to the date of sale in the classified advertising section of a daily or weekly newspaper circulated in the comr.iunity where the sale is to. be held.

F. At request of Secured Party, Debtor will execute one or more financing statements giving notice of this Security Agreement and Debtor hereby authorizes and powers Secured Party to execute such financing statement or statements for and in the name of Debtor. .

G. Debtor agrees that Secured Party may collect and Debtor agrees to pay one delinquency and collection charge on each installment due hereunder whicti becomes arrears ten (10) days or more, said charge to be in an amount equal to five percent (5%) of said installment or $5.00 whichever is less. Such delinquency and collection arge mBy be collected at the time of pJyment of ail or a portion of the delinquent installment or at any time thereafter. In the event that this contract is placed in the nds of an attorney for repossession or collection Debtor agrees to pay in addition to all other amounts due hereunder reasonable attorneys' fees.

H. Buyer has the right to pay in full at any time befcre maturity the indebtedness hereunder and to receive a credit in the event of such payment of that proportion the tir.ar:ce cha;ge '.2fter first deducting 2n r,cquisition cost of $25.00, or such lesser amount as may be required by law) as the sum of the periodic time balances er the month in which prepayment is made bears to the sum of all the periodic balances under the schedule: 01 payments provided herein, provided that if the credit less than :!,l.00 no credit shall be given.

I. Debtor acknowledges notice of Seller's intention to assign this contract and Debtor agrees that the balance due under' this contract shall be due absolutely to the signee and that Debtor will not assert against the assignee any claims, or defenses or counterclaims which he may have against Seiter.

J. If after notice of assignment Deiltor makes any payments under this contract to Seller for transmittal to Assignee, Seller shall be acting as agent for Debtor and ot as agent for Assignee.

K. Debtor agrees to keep, use and maintain said property in a careful and prudent manner, and not to use same illegally or improperly, and to keep said property frl fall taxes, liens and encumbrances whatsoever. Debtor agrees that,any sum of money paid by the Secured Party in payment or discharge of taxes, liens and encu, rance.s on said property shall be promptly repaid by Debtor ar:d shall be secured by and under this contract. Debtor agrees that said property will. be kept in t:,e count ated on the front side hereof 2s the county of residence of the Debtor, and Debtor agrees that he will not remove said property from said county and that he will n alisfer any interest in this contract or said property without the prior written permission of Secured Party. , ·

'L. Debtor rcprese1its· and warrants that no other extension oi credit exists or is to be made in connection with the down payment as provided herein. This contract ,tegrates and supersedes all prior agreements, whether writteil or oUmwise, between Debtor and ·Secured Party, with reference. to this transaction, and represents a ·nal agreement between the parties .

. · M. No agreement, arrangement or understanding past or pre:;ent with respect to this purchase or payments due hereunder AND NO GUARANTY, REPRESENTA R WARRANTY, WHETHER ORAL OR WRJTTEN, EXPRESSED OR !MPLIED SHALL BE BINDING ON SECURED PARTY UNLESS EXPRESSLY CONTAINED HEREIN OR IN WRI

LY AUTHORIZED. . ..

N, If the property described herein is to .be attached to real estate, Debtor agrees that the Collat1'i'ral shall nevertheless·be deemed personal property and a description. f the real estate 'is'as follows: · · , ' · · : . , ,

nd Jhe name of the owner is: , ,

0. ·As used herein the term Secured Pa'rty shall ·mean Sel!er hereunder and its assignee, if any. If more than one Buy~r executes this agreement t:1e word Debtor r~Jn ar.ct all wor;ds used. with reiernnce to Debtor shall be deemed to be plural :and their ob!igations shall be joint and several. · ·

., . . .. S.EJtER'S ASSIGNMENT lHE MARQUETTE NATIONAL BAriK OF Mi'IlNEAPOLls' or valuable consideration, the receipt whereof is hereby ackr.owle~.gcd, the s.~:fer hereby sells, ~ ssigns, transfers, and sets -over to . ____ _ r its assigns, the forcg:iing Retail lns:allment Contrzct and Security f\grecrnci!i c~nd ~ riP-ilt:., title and ir.tcrest in and to the ro er therein desc_r.H~_f,~..1 .. and aH _rights and rcm~!lies Li:1Jer sJd antract, wit:;aut recourse as to Buyer's o~!igati.Jn cf pay;-;ient, h2reb;• gran:ing fu.i pcwer to,·the assignee either rn ass,gn{;e s name, or in "SGlTCf'S-n:me to take all such !e;;r1I Jr otht:r p:oc;:;ed:n;s s Sell.;:; mi::tt t:::r:e tJken s~ve for t;,[s essignrr.ent. To ir:.:i1;c1 t'.1~ B.Ss~gn~J to pL!rc:1u,se the abc;:e contr:.ct, the Seller warrants that the said contract is genuine and in al! r.::;p~cts what.'~ •urports to be: p1at the CJsh payment si:o-.vn ~;~s t:,;,::::n icc.ci\ico.' 2:1J/or tLot th~~ aiis\-t:ince giv;fn for the trudc-ln i:; t:·1e amount stated; that the prvµcrt.y sold is zis rcprnsentrJ :c, ri~'.! 3uy.;r 2;'~. n..ly and accurttt:ly dtscrib.Jd and the c?i.loJunt 01·1ing t:,sn:on !s correctly stati~d; fr.at all st~tcments of tact there::in contai!led are true:; that at t~c tir . .e of tr.e exccuthrn <J( t:ie coni:rncl, ·eJl_pJ~~1, H~1C 1_jo__tb1L..PL9..EsG~ce:scr.('Q.fct.,l!l!~.~~-~!:l>;_i,,i_.to __ ~'!1F:sfer·JW...~--Jfi~r.:;_tQ.. and agrc>:;s to Ccfond sa!d t'itl.~ and agrees U1~t said p~openy sl1~II ba 1forth~iti1 iC~;sler\.,d tn lhe ~dr:-1

! the_ Buyer. :10 Scd2r. fo':he.r v.a:';a;iG-fhJt tner.e are. n~ f7,.,:i:; aJJ1.r.sr1T1r, p.rn;;::rty Gi~d .tl::::~ sari~e ha~_b:~~n d_<:_~).~€J..£~._!_~t_9..,_!t~f:.J>g"s_sc¥~-Q._n .91 ~?i~!3~1.SG thu·~ 2d pa(u·~~ t:J. t:,.~ s:,,d. }0.1tract -, , 1e~-"-/ (1::7.e i;,"1 h?:'e c::io~r:1,y to c:::idrZ;ct, tk1t thi::: S:_:Jlcr n;::s no Knmvledge of any facts w~;1<:h 1mr,31r tfle val:dt:'y or value of s21cf c~dract, and tnat s:11d contr~d cor.i;1!1e.s with -.,:;".:!11c~bl2 l:~·,-n the evcr.t Gny ct t!:f.\ v;s.r,.::,iti,:-£ er .n t;-.;:-, a:::st:cn.n~r:t 2m ur:ruc Q':'" am cot p')rform~d. Seller agrees to repurchase th;s contract, Oi, if the prop:nty described therein h3:; L:.:c epossessed. Sc!hr agrees to r.:;;:.1rc~·12ss prop::rty Ciid to p.'.!y'l:ir·(i<L·,cr· th~··,:.ur,tn:::,;'1:---crr-t.~-'@ ... ,;-.,r.J..!2:_'. .. ~i;_~-.:-z Jbc case may be, the iota! amount of all the: insta!lments unpJid at tii:: t;-:~~ oi Cj}Urchase. tf Saller exccuks ur.y guarantv or 1.rnriertaking ~5 indicate~ ;Jelow, the w1rds ''witi\oilt n:c:ourse as-fo 8Uyet's chii;;:c.i~10,·, ,.·t 1"--ilJ',:-,t~n.i: 0

' ;;.-;r.-::in.::-b·::-·1~ st2t('d c1re dC"cmed rleiet::d cllld ~elf er agrnc.s that assignee may extend or modify terms of payment by .'.l~;-,.2-cment ·11ith the Buyer without affecting Seller's o~llgatlans unde.r such guaranty or undert~king.

Signature

of Seller

J,s parts of the fore[.:oinf assi~nme~t. Ss!ler's obligations are g-cvtiriled by tho paragraph set forth opposite Seller's signature be!c·.:1. Tte words "Without recourse 3S to Buyer's oblitrition of payment" shall then be deemed deleted from said ac,signment. . .

REPURCHASE AG'!EEMEt!T To Assignee: H you repossess the p;operty, ~-,e wiil 1.:;::,:n1 ycur c!emcr.d pi:·:! ya:J the then unpzid balance, provide::! ti'e property is offered to us within r.iirn\1 (90) days after m:iturit'J of the c3rti.:st lnst~llment still -..holly in default.

Ut~i!TED P.:::PUr:~~:!ASE AGREP,~ENT To 1'\ss.igne,?-:

you rcpc,::;.~.us r.r:: i:::::.crty, ;·;::: will u;•:.-n yn:r rlJmand pay you the 1.hen imprdd b-n!ari::e, provided prcp~r':.i i,1 o:!·1~,-~ to U:i \'ii:.;;in nine:)! (90) C.:!ys 3ft£r mo.tu~ity of tho .:arii:st installment stiit

w:1nlly in ~d,.1.1~t. .

f,i:,~,\t,~~:~_l>; :~~,:~Jf ~;r · :·;r~~~\c;~~cidf; :~~'.~;~~~11~'i,.~~.1ye~;~r\1{i7i:~1~it:;--6J) daY3 of-it~ rcsPc~~f;; m:,turH:t. tL·d t1iJ a::..,ip;r;r:v~,1t s\r:ui bi; 1~;:::rra:J t::, be without r2...:oun .. o, i11 ~l'.::.:Jrd,rnco \V!~h s.aid' li_iS!:i:_;nrr1:;t_ ---·---·-·-·--------------·

t, Assignc~: ·c·~ gunrnnlrc prymBHt of tl,n unp;1id b-J.lanca on th,s said contract as end when the same shall be~ C\.Hlia due, t:arci.,y W,J.iving nctice- of accrpt:J.nce hereof.

...... 'c' .. ":,, ~

Saller

By. _____ _ ---~--------- ------~----.. ··--·-

BY--·

-------------------··- ·-,;---~---··-

!ly.

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---- · ·· · · (Tille) -. '