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aeroncadoc(at)comcast.net
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 Posted: Sat Jan 27, 2007 1:59 pm Post subject: Indemnifying a seller |
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Good afternoon:
A friend and I were looking at buying a homebuilt from the original
builder. We had no problem with signing a waiver of non responsibility
for ourselves, but the owner insisted on an indemnity clause in
perpetuity asking us to be responsible for any liability from the day of
the sale until the end of the plane's life. EAA insurance said such a
clause would negate our coverage. I believe Falcon said the same thing.
While I can understand the seller's need and desire to protect himself,
this is an impossible responsibility financial or otherwise for the
buyer. Needless to say it was a deal killer.
How are all of you out there dealing with situation like this, or more
likely, how do you think you will deal with it if you ever sell your
pride and joy in the future.
Henry H.
Mooney 252TSE
N252MK
KPAE Everett, WA
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lhelming(at)sigecom.net
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| Posted: Sat Jan 27, 2007 5:17 pm Post subject: Indemnifying a seller |
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The question is: "How could a plane be sold to limit the liability and
litigation trail back to the original seller?"
One possible solution is to dismantle the plane into tail assemblies, wing
and tank assemblies, and one or more fuselage assemblies. Sell it that way
and the buyer is responsible for the subassembly parts and not it becoming
anything else. You should have its air worthiness certificate
revoked/voided. The new buyer of the assemblies would go through the
process of re-registering it should some or all the of the parts later
become a plane or parts on several planes. A sales agreement would state
the parts are just that -- parts, not a completed assembly of anything that
serves a purpose such as an airplane and if it is made into one, the parts
buyer is fully responsible for whatever is made of them.
Larry in Indiana
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gptyler(at)metrocast.net
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| Posted: Sat Jan 27, 2007 5:50 pm Post subject: Indemnifying a seller |
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Don't worry about it ,you can not sign away someone else's right to sue.
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n1cxo320(at)salidaco.com
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| Posted: Sat Jan 27, 2007 6:16 pm Post subject: Indemnifying a seller |
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I wonder if the Statute of Repose would apply...recall that a few years ago Congress passed a law that
manufacturers were not liable for aircraft make over 18-years ago? Perhaps there are not many Rvs in
that age bracket, but I suspect (without actually having read that statute) that this might be the ultimate solution.
[quote][b]
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lamar(at)takeflighttexas.
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| Posted: Sun Jan 28, 2007 2:20 pm Post subject: Indemnifying a seller |
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It is funny you ask this question. Last year at Oshkosh, there was a
seminar about limiting your liability when you sell your airplane. There
was 5 or 6 lawyers that got up and presented their ideas. They all had
different opinions, go figure!!! One was to sell the airplane in parts in a
"non-airworthy" condition. One just said that due to the fact that it was an
experimental aircraft and that it was stated in the contract as an
experimental would keep you from paying any settlement. There were other
opinions and I don't remember the specifics. What I do remember is that if
you pay EAA dues, you have access to their legal team, I believe
complimentary... When it is time for me to sell my baby, I am not sure what
I am going to do. I will definitely seek the EAA advise, but I think there
really is not a way to prevent someone from suing you. once you are in
court is where you hope to have something to protect you. I hope I have a
good legal disclosure and the fact that it is an experimental will protect
me. I think there may even be insurance. In the end, I hope there is no
reason to sue me. I would not feel very good if someone killed themselves
in the airplane I built. Just my .02
good luck
Lamar
N969LS - RV7A
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