A mortgaged aircraft can be used as security for a debt. The promissory notes for aircraft mortgages are bearer bonds or promissory notes made out to order. The mortgage must be sought in writing.
The aircraft mortgage application must specify the object of mortgage and that claim or claims, as a sum of money, for the security of which the mortgage is to be granted. The application must also show the principal, interest and any costs of renewal or collection.
The promissory note(s) and their certified copies must be enclosed with the application, as well as relevant information about the mortgage seeker, any authorisation, protocol or equivalent (minutes of a meeting by a company’s board of directors, or by an association, where the mortgaging has been decided on).
When renewing or discharging a mortgage, the original certificates in which the attestation of mortgage has been made must be enclosed with the application form. The renewal or discharge of a mortgage can be applied for by the person who possesses the original promissory note. Any separate approvals are not needed.
A statement on the grant, renewal or discharge of the mortgage will be entered in the promissory note, as well as in the aircraft register.
The promissory note(s) are returned and abstracts of title are either sent to the customer by post (invoicing afterwards), or they can be collected from the Finnish Transport Safety Agency's customer service point (Kumpulantie 9, Helsinki). The documents are subject to a charge. The processing time is approximately one week.
An abstract of title can be ordered by e-mail from:
E-mail: aircraftregistry (at) trafi.fi