Aircraft share agreement

Comprehensive document to regulate the fractional (shared) ownership of an aircraft between two or more parties.

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About this document

This agreement covers any situation where two or more people or sets of people share ownership and use of an aircraft for leisure or business. The agreement has been drawn to as to regulate occupation where only one owner uses the aircraft at any one time. However, there is nothing to prevent a second owner sharing time with another owner.

Even if ownership of your aircraft is registered with some organisation, the particulars will not record the shares in which the aircraft is held. So If you own 60% and I own 40% we have to record that in some other document. If we do not do so, “the Law” will assume we own in the shares in which we contributed to the purchase price. This may or may not be the same thing. These Net Lawman agreements specifically record the shares. They also record shares which may be owned by someone who is not a registered owner. Such an interest is called a beneficial interest.

Application and features

  • Comprehensive fractional ownership document for any type of aircraft
  • Sensible and practical provisions for shared ownership
  • Written in plain English
  • Explanatory notes to guide you

Contents

  • Terms of beneficial interest - beneficial trusts provision
  • Price and payment for the aircraft
  • How many people allowed in the aircraft at one time and who they may be
  • Who and how will manage payment of expenses
  • Purchase of accessories for the aircraft – how they are purchased, whom they belong to
  • Management of the aircraft, including operating costs
  • Undertakings by the parties
  • Alternative exit strategies
  • Timetable in the form of a schedule to allow you to arrange who will have the aircraft when
  • Effect of termination
  • Alternative exit strategies
  • Other legal provisions
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current New Zealand law.

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