January 27, 2014 – Newsletter
People don’t care how much you know, until they know how much you care!
FAA’s signature requirements:
Corporations: Title of the signer’s office is required; the corporate name is required as seller on bills of sale. The name is not required in the signature element on applications and security conveyances when it is shown as the applicant or debtor within the conveyance.
Agent or Attorney-in-Fact: If an attorney-in-fact is signing for a corporation, then the FAA requires a power of attorney AND a certified copy of a corporate resolution authorizing the person who signs the power of attorney to do so; if an attorney-in-fact is signing for an individual, then the power of attorney itself is all that is required. The signature line would read: “Henry Adams, by Jeanette Adams, Attorney-in-Fact”.
Co-Owners: Two or more individuals or other legal entities may own an aircraft. All co-owners must sign the registration application and the outgoing bill of sale, as well as any security instruments (security agreement, lease, etc.). The title used is “co-owner”. If a corporation is a co-owner, then the name of the corporation is shown as “co-owner” and the person signing for the corporation shows his/her corporate title.
Guardians and Estates: The FAA requires a certified true copy of the instrument appointing the guardian or the representative of a deceased person’s estate. The document signed by a guardian would have a signature line that reads: “Susan James, by Brett James, Guardian”.
IR and FAA Update
Soon the FAA Registry is changing how title companies and law firms do business. As it is now, we have our own computers in the public documents room, along with land-line phones, faxes, internet, and copiers.
Soon, in the name of security, the FAA Registry will provide a computer to each workstation – there will be one landline available in the public documents room (a single line); and two photocopiers available. There will be no fax machines. They are enhancing the area to “beef up” cell phone reception, so that is a plus!
It will be possible to still do our work – it will just take longer. We are anxious to see how the actual changes will affect the workflow and, of course, you will be the first to know!
We’ll keep you posted.