8050-2 Clarification

Ted

Ted

The pilot formerly known as Twin Engine Ted
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I am dealing with several 8050-2 forms (Aircraft Bill of Sale) being filled out. The form is written so that it's obvious for an individual owner or co-owner to fill out, but more ambiguous for a corporation or trust (the two entities I am dealing with in these transactions). Since I haven't dealt with this in about 6 years, I'm not well-versed on filling out these forms.

I was going to ask on here what the right way to do it was (that was my "Delete" thread), but then I realized that the FAA has a phone number to call in order to get assistance with aircraft registration questions. Since I want these forms to be filled out correctly the first time, I decided to give them a call.

The lady I spoke with was very polite, helpful, and knowledgeable. She was able to quickly answer my questions, and even looked up one of the aircraft to confirm that my understanding of its registration was correct (this was her idea, I didn't have to ask). In short, I was very pleased with the encounter, which is how I've felt about most of my encounters with individual FAA employees over my aviation career.

The answers I got may be helpful to others, so I thought I would post them.

My specific question was how to fill out the bottom of the 8050-2. Those blocks are "Seller" "Signature" and "Title." In the case of a corporation, the "Seller" should be the name of the corporation. The person signing it should then put his or her signature, and title with respect to the corporation.

So for example:

Cloud Nine Rescue Flights - my signature - President

Now, some people have aircraft that are owned by trusts. The FAA will list the trust, but the aircraft is listed as registered to a trustee, rather than to the trust itself. The seller should then be the trustee (listed as such), with title of trustee.

So for example:

Ted DuPuis Trustee - my signature - Trustee
 
Does this mean you're selling your 310?
 
jsstevens said:
Does this mean you're selling your 310?
Click to expand...

I do not own a 310, thus I can't sell my 310. :)

However, Cloud Nine is selling the 310 and purchasing a different aircraft.
 
Look up the FAA registration on-line. An airplane owned by a corporation clearly requires an officer to transfer but an airplane held in trust will show the trustee as the owner.

From the trust side of things.... does the trust attorney need to do paperwork to remove a sold plane from the trust? I don't remember if I told anyone and don't know if it matters. I guess I'll have to ask.
 
Ted DuPuis said:
I do not own a 310, thus I can't sell my 310. :)

However, Cloud Nine is selling the 310 and purchasing a different aircraft.
Click to expand...

I stand corrected. :p

Oo! Oo! Pictures please!

John
 
With Cloud 9 being so successful... a Shorts Airvan?
 
Stewartb said:
Look up the FAA registration on-line. An airplane owned by a corporation clearly requires an officer to transfer but an airplane held in trust will show the trustee as the owner.

From the trust side of things.... does the trust attorney need to do paperwork to remove a sold plane from the trust? I don't remember if I told anyone and don't know if it matters. I guess I'll have to ask.
Click to expand...

If you read the first post, I included the answers for the correct way to do it.

jsstevens said:
I stand corrected. :p

Oo! Oo! Pictures please!
Click to expand...

All in due time. But if anyone wants to come to Oklahoma to make the plane ferryable next weekend (4/15-17 timeframe), send me a PM.

AggieMike88 said:
With Cloud 9 being so successful... a Shorts Airvan?
Click to expand...

I think "so successful" might be a bit generous. We're sticking with pistons. A Shorts wouldn't fit our mission criteria at all. This will represent an upgrade, but also a downgrade in some ways. Capability will increase overall. Speed will be a bit slower (unless I want to burn a ludicrous amount of fuel). Panel is /A. Engines are higher time (vs. the ~400 hour SMOH engines that Charlie did a few years ago). But, the plane is 10 years newer, about half the total time, good P&I, and will allow us to expand the mission. The plane has been out of annual a few years, but hangared.

Basically, the right combination of circumstances and opportunities all came together serendipitously. It wasn't planned at all. I find when things like that come together for me, there's a good reason, so I best go with the flow. It still represents a lot of work, additional expected costs (and expecting additional unexpected costs ;) ), but I've been successful with the past two aircraft, both of which were projects when I took operational control of them.
 
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Ted DuPuis said:
if anyone wants to come to Oklahoma to make the plane ferryable next weekend (4/15-17 timeframe), send me a PM.
Click to expand...
Are you saying you're headed to Oklahoma to work on the aircraft? Where?
 
AggieMike88 said:
Are you saying you're headed to Oklahoma to work on the aircraft? Where?
Click to expand...

The plane is in northern Oklahoma, yes.

And the weekend has changed - we're now planning on the following weekend (22-24).
 
Thanks for this Ted. After lots of Googling and not finding ****..I found this..which had exactly what I wanted :)
 
jesse said:
Thanks for this Ted. After lots of Googling and not finding ****..I found this..which had exactly what I wanted :)
Click to expand...

That there is funny.

If only you knew a lawyer who would take your calls and give advice on stuff like that for free...
 
Very helpful for a lot of people. The FAA isnt doing anything special in terms of how the bill of sale is filled out and signed, but it is widely misunderstood, as are a lot if things involving the formalities of corporations, LLCs, and trusts. I’ve seen simple sales have paperwork returned by the FAA 2-3 times because of not understanding.

The FAA has some requirements for backup documentation which also need to be complied with in a sale.
 
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