Mitsubishi Lien on '68 M20C

[jgarrison]

Sorry if this has been discussed in the past. I know I am not the first to run into this, but there is an old Mitsubishi lien on a plane that I just bought. I heard that there are some out there who have successfully had the liens from Mitsubishi released. Does anyone have a contact anywhere that can help me get this done quickly?

I bought the plane with the back-up plan of parting it out, so if it doesn't sell because of the lien issue, I am okay. But it is the cleanest orginal airframe that I have seen in forever (seats are original but look nearly new, plastic is near perfect, wing is near perfect, no issues on the plane at all as far as I can tell). My preference is to resell it as a plane because it is so nice, but if I can't get the paperwork cleaned up, I may part it out.

Thanks for your help, JG

[N601RX]

I remember a similiar post either here or on MAPA list about a year ago.

[jgarrison]

This might be the thread that you are thinking of . . .

http://mooneyspace.c...lien#entry64039

Thank you for the information. I have actually cleared many liens on planes in the past, usually from banks. Although occasionally challenging, bank liens are usually easy to get done once the chain of ownership for the bank is established, as many banks have gone through one or more ownership changes. Even got the federal gub'ment to lend a hand in clearing one last year from a bank that was liquidated by the FDIC. It was a real challenge and even involved the threat of a US Congressman getting involved, but we got it done. The problem with this one is that the plane was one of many Mooneys that Mitsubishi took a lien on when they were in a partnership with Mooney. My understanding is that there are others who have seen the same issue before and have successfully cleared the lien with Mitsubishi. Before I jump in and try to navigate an massive international corporation which may or may not be the same legal entity that existed in 1968, I was hoping that someone on this list might have a contact at Mitsubishi who would be sympathetic

[Seth]

You could always try to contact Mitsubishi directly directly and work your way up their legal department. It may take some time, and may never get resolved, but if they provide you with some sort of letter stating that they have no lein on the aircraft then it may be able to be removed. Also, you could try the negative consent approach. Send a return reciept letter to the legal department, CEO, CFO, CCO, COO and so on, twice, and in the letter expalin that if they do not respond then it is assumed that they forefit the lein. I'm pretty sure that wouldn't hold up in court, but it may get some sort of response so you'll know who to contact.

Good luck.

-Seth

[jgarrison]

Thanks for all the suggestions. Found the paperwork that someone had forgotten to process way back when.

[FloridaMan]

How old is the lien? From my understanding, and there's a chart somewhere on the net that shows statutes of limitations, these things can be resolved. I just spent a few hundred dollars and insured over the lien on the title. AIC was willing to do it since it was 40+ years old and was likely due to someone failing to submit a piece of paperwork.

[jgarrison]

How old is the lien? From my understanding, and there's a chart somewhere on the net that shows statutes of limitations, these things can be resolved. I just spent a few hundred dollars and insured over the lien on the title. AIC was willing to do it since it was 40+ years old and was likely due to someone failing to submit a piece of paperwork.

The lien was from 1968. Got it resolved. Would be nice to see the info that you refer to, but I didn't know that the FAA ever purged a file without having the proper paperwork.

I was just working on another purchase and an old lien came up on that plane. The owner had also purchased a title policy for $400 something when he bought the plane. He told me about it and sent me the title search. Five minutes later, I had the lien holder on the phone and negotiated a settlement with him for less than the cost of the title policy. 5 minutes worth of google research solved the issue. Most liens are easy to cure, but you have to be a bulldog about getting to the right person. I can handle most of them myself. But there are times when my title company, who has a guy who clears liens, is worth his $250 fee. Some liens I just dont have the patience or energy to track down.

[FloridaMan]

Mine was that way. It was a company that had been purchased by a company, et cetera. There was a certificate of repossession from the lien holder in 1970 or whenever it was; the certificate of respossession said that by repossessing it that they had clear title as if it had been settled in a court of law. It was a financing issue and the bank refused to accept that without a full release document in the FAA's file in addition to the repossession document. I ended up paying cash and insuring over it.

BTW, paying for something outright feels better. "Now a promise made is a debt unpaid and the trail has its own stern code"

[DaV8or]

Glad mines OK. My plane once belonged to Mitsubishi too. One of 30 some odd planes handed over to Mitsubishi USA after their investment in Mooney. I had the title search done before purchase and it all came back OK. Worth the money IMO.

[FloridaMan]

AIC's search came back clean. Aerospace-reports did not.

[DaV8or]

AIC's search came back clean. Aerospace-reports did not.

So, which do you believe?

[FloridaMan]

AIC only goes back 10 years, as a title search should. After that, I believe statutes of limitations in all states are over with. The previous owner did an AIC search as well. I think Aerospace-reports were overly vigilant on the matter.

[jgarrison]

AIC only goes back 10 years, as a title search should. After that, I believe statutes of limitations in all states are over with. The previous owner did an AIC search as well. I think Aerospace-reports were overly vigilant on the matter.

We have always used AeroSpace. They don't miss anything. Even ownership as implied by ancillary paperwork. It is a paint in the butt, sometimes because they are so strict in making sure everything is in order back to day one. But, the alternative of buying with a loose report and then selling to someone who has a bank that uses someone to the level of Aerospace can spell problems to the extent that a sale is jeopardized.

[FloridaMan]

That is exactly what happened to me. AIC came back clear and the bank used Aerospace. The bank would not waiver or move without a clear document showing a release of a lien, in spite of the aircraft being repossessed and sold by the lien-holder in 1970, with a statement in the repossession certificate stating that the title was theirs, free and clear. Come hell or high water I was going to get that airplane. I took out a title insurance policy from AIC for peace of mind and figured out a way to come up with the cash for the plane.

[DaV8or]

AIC only goes back 10 years, as a title search should. After that, I believe statutes of limitations in all states are over with. The previous owner did an AIC search as well. I think Aerospace-reports were overly vigilant on the matter.

Funny. I used AIC and they gave me records all the way back to day one. Totally worth the money. I know stuff about my Mooney that I wouldn't have known if it weren't the title/records search.

[BigTex]

I used AIC as well and was very satisfied with their service and would use them again in a minute. My plane had a very long list of ownerships and they did a great job chasing done issues with chain of ownership.

[nezw0001]

I know this is an older thread but was hoping someone might have a contact for clearing up a 1968 Mitsubishi lien. During the sale of my mooney we went with title insurance but I would still like to help the buyer get this permanently cleared up. Thanks.

[nezw0001]

I lucked out and found the department at Mitsubishi who was familiar with the situation and able to resolve it.  

 

they are with the MC Aviation partners Americas division, legal department.  FYI for anyone else looking to fix this issue on their title