The Oklahoma Bar Journal October 2024

The best advice to a first-time user of the IR system is to retain a PUE to make any TUE registrations, determine if the aircraft engine is subject to any outstanding registrations and register any international interest or sale on the engine that is the subject of a financing or purchase.

An additional type of entity authorized by the IR to make TUE registrations and request informa tion on prior registrations is a pro fessional user entity (referred to as a PUE). 17 Those organizations are usually aircraft title services and law firms offering aviation ser vices. They can be authorized by a TUE administrator to represent the TUE on specifically identified aircraft objects. HELICOPTER ENGINES The definition of aircraft engines in the CTT does not include engines installed on helicopters. 18 At the time an international interest is created, an aircraft engine subject to registration with the IR covers an engine that is not or is no longer installed on a helicopter. As a result, the practice is to register interests on the engine as both an international interest and a prospective interna tional interest. 19 The latter would become effective on an engine that is removed from the helicopter.

2) Description of engine: The engine must be specifically described by its manufac turer, model and manufac turer’s serial number. 12 This information can be found on the serial plate attached to every aircraft engine. 3) Obligations secured: The security agreement must include a general descrip tion of the obligations it is securing. Stating the sum secured is not necessary. 4) Conclusion of agreement: At the time of the con interest, the debtor must be “situated” in a contracting state. With respect to a sale, the seller must be situated in a contracting state at that time. “Situated” is broadly defined to include a party’s place of incorporation or where it has its registered office, center of administra tion or place of business. 13 clusion of an agreement creating an international

USING THE INTERNATIONAL REGISTRY SYSTEM Registrations of international interests and sales are accomplished by electronic notice transmissions to the International Registry (IR) system located in Dublin, Ireland. 14 Making registrations and check ing the IR for existing registrations requires the entities involved to apply to the IR to become approved transacting user entities (referred to as TUEs). 15 In applying, a TUE designates an individual as its administrator who is its only official representative. The administra tor’s username and password are required to access the IR system. The IR charges $200 for a one-year license. The IR also charges $50 for registering an interest on an engine. The administrator can request from the IR information on regis trations or confirmation of the lack of any prior registrations. This information is shown on a priority search certificate issued by the IR for each aircraft engine. 16 Each cer tificate requires a payment of $22.

Statements or opinions expressed in the Oklahoma Bar Journal are those of the authors and do not necessarily reflect those of the Oklahoma Bar Association, its officers, Board of Governors, Board of Editors or staff.

16 | OCTOBER 2024

THE OKLAHOMA BAR JOURNAL