A duly registered1 aircraft or hovercraft2, or such an aircraft or hovercraft with any store of spares for it, may be made security for a loan or other valuable consideration3. Provision is made for the registration of any such mortgage4. Whilst registration is voluntary, there is an inducement to register because a registered mortgage has priority over an earlier unregistered mortgage5. Mortgages of registered aircraft which would otherwise need to be registered as bills of sale6 are exempt from the statutory provisions
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