How To Mitigate Casualty Liability Risk In Aviation Finance
Law360, New York (October 23, 2015, 5:18 PM EDT) -- Michael Mulitz
Kate Gracia Aircraft are considered a dangerous instrumentality, and aircraft incidents leading to the occurrence of an event involving the damage or destruction of such aircraft and/or related personal injury, death or property damage (a "casualty event") may involve potential and substantial liability to the owner, lessor, lender (secured party) and/or operator. Federal law generally protects lessors, passive owners and secured parties (collectively, "protected parties," or each a "protected party") from liability if such party is not in actual possession or control of the aircraft at the time of a casualty event. However, there are limitations in relying on...
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