Buying an aircraft and maintaining it in the United States involve a lot of paperwork and you may feel the need for a trustee to handle everything on your behalf. The aircraft trust companies often make lucrative offers to attract potential clients. In Oklahoma City, there is a bunch of trust companies to choose over. But make sure you do not get entrapped by fraudulent service providers. It is difficult but not impossible to detect counterfeit companies out of the group.
The FAA only controls documents of aircraft registration and all and aircraft trust companies take care of it. But the FAA’s job role is not to verify the companies. The FAA does not check the companies who apply for registering an aircraft, unless, there is anything extremely serious. The state banking commissioner or the honorable court of the company’s state of incorporation grants a trustee as an authorized corporation. The FAA does not ask for the verified documents issues by the state government from the aircraft owner trust. Many fraud companies take advantage of it, so is there is a suffix with the name of the company as ‘Trust’ or ‘Trustee’ that does not make them reliable.
A valid trust company should have $500,000 to $1,000,000 capital reserve; the state banking commissioner should verify it. State banking commissioner routinely examines or can ask trust companies to show funds or the latest audit report.
Many of the illegal aircraft trust companies try to compete with the cost alone and sacrifice the service cost resulting in a slower service. It delays documentation, registration and of course, you will see a lack of professionalism.
How to Protect
If you do not want to be deceived, ask for a written note from the state banking commissioner or proof of it. Ask for their clientele and can contact them. Do not hesitate to ask about capital reserve requirements, if they have completed that or not.
Do not make fool of yourself only seeing the company claiming to be a trustee. Make own verification as far as possible and make a decision. You can contact us, Aviation Trust Company. Being one of the most reliable aircraft owner trust, you can ask the FAA to register your airplane.