Efficient Registry of International Aircraft and Mobile Assets
The International Registry of Mobile Assets (IR) provides a means for establishing priority interests in airframes and engines. The IR operates under the legal framework of the Cape Town Convention and the Aircraft Protocol, which was adopted on November 1, 2001 at Cape Town, South Africa. It provides for the registration and protection of international interests recognized by the ratifying states with order of priority determined on a first-to-file basis.
Qualifying aircraft objects are: a) airframes which can accommodate at least eight (8) persons including crew or goods in excess of 2,750 kilograms; b) helicopters which can accommodate at least five (5) persons including crew or goods in excess of 450 kilograms; c) jet propulsion aircraft engines possessing at least 1,750 pounds of thrust or its equivalent; and d) turbine or piston-powered engines possessing at least 550 rated take-off shaft horsepower or its equivalent.
All lending institutions require that buyers procure an IR user license and consent to the registration of a security interest on all qualifying aircraft objects at the time of funding/closing. Sellers of qualifying aircraft objects are also required to obtain an IR user license and consent to an IR filing at the time of sale.
Aerlex Law Group has submitted hundreds of IR user license applications on behalf of its clients and would be pleased to provide additional information with respect to the IR user license application process, the role of the IR Administrator, the registration of interests and consents, qualifying equipment and why your aviation attorney should be your first choice to handle all IR matters for you.
When a client hires someone else, including an administrator, to submit a user license application, the attorney needs to oversee. Due to the seasoned expertise of the Aerlex Law team, using our specialists greatly streamlines the process while ensuring a more thorough, accurate and economical transaction.