Tracey Cheek posted an articleAircraft Guaranty Corporation Turns 30! see more
FOR IMMEDIATE RELEASE
OKLAHOMA CITY, Okla. – Feb. 26, 2019
Aircraft Guaranty Corporation (AGC), one of the most well-respected trustee service providers in the aviation industry, is excited to announce their 30th year in business. Founded in 1989 by Dr. Connie Lee Wood and his wife Mary, AGC began in order to simplify the aircraft registration and re-registration process for entities who cannot meet the Federal Aviation Administration (FAA) citizenship requirements, providing a safe and lawful way to do so.
The formation of Aircraft Guaranty Corporation responded to the need for informed and personable trust companies. Trusts were initially established for use by airlines, which are publicly traded, and foreign aircraft manufacturers that have facilities in the U.S. Both are essential for the operation of aircraft in the U.S., but neither meet the citizenship requirements for registering at the FAA. Trust structures evolved since this early construct to legally benefit more than just airlines and manufacturers, continuing growth and development in the aviation industry.
Based on the founders’ strong work ethic and impeccable service standards, Aircraft Guaranty Corporation has grown to be a renowned trust company led by Debbie Mercer-Erwin, who bought the company in December of 2014. AGC now controls over one billion in aircraft value across sixty countries. With 30 years of experience and over 2000 aircraft registered in more than 160 different countries, the company handles their clients’ transactions with knowledgeable, dependable and responsive service.
AGC’s professional team has vast experience in aviation, international business and tax law, ensuring that their clients’ aircraft is properly registered at the FAA in Oklahoma City. The company’s straightforward procedures, attorney-created documents, and easy to use website make aircraft registration as secure, uncomplicated and timely as possible. Aircraft Guaranty is highly reputed for adhering to FAA, state and federal regulations in registering and maintaining the titles of their clients.
Owner and President of AGC, Debbie Mercer-Erwin, embraced the opportunity to grow this business and infused it with her trademark passion for serving clients and building long-standing relationships. She attributes much of her success in the industry to personalized, prompt service. Debbie is also the owner and founder of Wright Brothers Aircraft Title, one of the most well respected, recognized Title & Escrow Companies in Oklahoma City. With her knowledge of aviation, keen insight and reputation for integrity, continued growth is expected for both businesses.
About Aircraft Guaranty Corporation:
Founded in 1989, Aircraft Guaranty Corporation has become one of the most well respected and trusted Trustee Service providers in the aviation industry. Over this long tenure, they have registered over 2000 aircraft on behalf of clients from over 160 different countries worldwide. AGC prides itself on service and expertise, with a professional team of employees and legal advisors well equipped to make their clients’ transactions run as smoothly as possible. For more information about AGC, visit agcorp.com.
This release was originally published on Aircraft Guaranty's Blog on March 1, 2019.
Tracey Cheek posted an articleHighlights of the 5 Year FAA Reauthorization Act see more
NAFA member, Aircraft Guaranty Corporation, shares highlights of the 5 Year FAA Reauthorization Act.
There were several proposals put forward for the Federal Aviation Administration (FAA) Reauthorization Act of 2018 (HR 302), but not all of them made it through. While privatizing air traffic control will not be happening, the rules regarding re-registration have once again been changed. The bill also includes an edict that all documents will be digitized soon, along with opening records electronically to the public for the first time. The 462-page bill passed on October 3rd, 2018 contains many provisions, a few of which we’ve highlighted here. There are changes on the horizon, and while the overall effects are uncertain, we can surmise some of the possibilities.
In years past, registration was only required once per owner of the aircraft. In 2010 that changed in an attempt to make FAA records more current, with re-registration required every 3 years. While this involved more work, the change helped update and maintain more accurate information on aircraft owners. In Section 556 of the 5 Year Reauthorization Act, reregistration is changed to every 7 years, to be enacted within 180 days of the bill passing. We can’t be sure why the FAA is modifying the requirement to less frequent updates once again but are optimistic that the integrity of registration records will not be affected.
There are already a lot of FAA documents consistently digitized, making some functions involving registration and record searches more efficient. What isn’t electronically maintained is held in the public documents room at the FAA and available to those who have access to that room. Section 546 of the new bill states that everything will be digitized within the next 3 years, including all registry information such as paper documents, microfilm images and photographs, as well as the registry manual, business operations and functions, and all paper-based processes. It’s certainly an earth-friendly endeavor but could produce some complications of its own regarding access and security.
Public Electronic Database
Possibly the most significant aspect covered in Section 546 of the bill and happening within 3 years is that the FAA records will be made electronically available to the public. For the first time in history, the general public will be able to view any record and file any document they want at the FAA. Furthermore, anyone using the public documents room to perform any acts that could have been done with the same efficiency by electronic means, will be charged a fine. The implications of this switch could be quite far reaching.
The ability to submit documents electronically might make it more appealing for anyone to do individually, but it does not mean they should. While the FAA is opening their records, they are not changing the rules for submitting documents to them. With the extensive rules in place for filing documents, there is a good chance it won’t be done correctly without industry knowledge of FAA rules and regulations for filing of documents.
Furthermore, as the registered owner of the aircraft, an owner trustee is going to want to maintain high standards for creating and maintaining the title to the aircraft. They would therefore be filing all documents affecting title in accordance with their own standards. It would likely mean an unrecordable document otherwise. They also know What to Look for in Owner Trustee Documents, and would never rely on documents created or filed by someone else. They would also perform any title searches since an outstanding lien or break in the title can be easily missed without an experienced eye, resulting in the need for Clearing Clouded Aircraft Titlesas discussed by Wright Brothers Aircraft Title.
The Owner Trustee’s Role
There are many possibilities for error in the registration process, increasing the amount of time and money spent. It’s complicated and requires experts for error-free and timely filings. There are many Benefits to Registering an Aircraft in Trustsince the main role of an owner trustee is to represent the interests of the beneficiary. It is the owner trustee’s responsibility to ensure that all documents filed at the FAA are recorded and kept up-to-date. For an owner trustee then, less frequent re-registration filings do not mean less work since they are regularly in communication with their clients.
In sum, the changes coming forward could be both helpful and harmful. We’re hopeful that all will go smoothly for the FAA and progress will continue. The risks involved with registration, title searches and filing documents will not change though, and representation by an experienced owner trustee company is key.
This article was originally published by Aircraft Guaranty Corp. in January 2019.