Falcon flyer From United States of America, joined Jul 2000, 1347 posts, RR: 0
Reply 3, posted (10 years 7 months 4 days 5 hours ago) and read 10418 times:
Fboweb.com showed it coming in from IAH yesterday with a flight plan filed to Cancun today. Registered to Wells Fargo Bank Northwest NA Trustee. Must be some Mid East shindig going on there since there's also a Saudia MD-11 inbound to MMUN from Stansted and a Falcon 900 flight planned from Gander to Cancun.
My definition of cool ? Not trying so hard to be cool.
JonnyGT From United States of America, joined Oct 2001, 242 posts, RR: 1
Reply 4, posted (10 years 7 months 4 days 4 hours ago) and read 10257 times:
I saw this plane turning on to finals over Addison yesterday afternoon. I didn't even think DAL could handle a 777. The weather was absolutely pristine and it looked like it was slowly floating over the suburbs.
FoxBravo From United States of America, joined Nov 2003, 3063 posts, RR: 4
Reply 13, posted (10 years 7 months 4 days 2 hours ago) and read 9765 times:
Quoting EMBQA (Reply 12): Wells Fargo owns hundreds of aircraft as they are one of the largest aircraft financing banks in the world.
That's actually not quite right. They are a big bank, and they are listed by the FAA as the registered owner of hundreds (if not thousands) of aircraft, but they do not typically provide any financing. Rather, Wells Fargo frequently acts as an "owner trustee" for aircraft.
The U.S. has some very restrictive rules when it comes to airline and aircraft ownership. Many people here might be aware that U.S. airlines cannot be more than 25% foreign owned. Well, the same applies to aircraft on the FAA registry.
So, what happens when a foreign person (and by "person," I mean any entity--bank, corporation, whatever) wants to register an aircraft in the U.S.? They transfer title to the aircraft to one of these owner trusts, which are considered U.S. citizens for FAA registration purposes. For legal reasons, most of these trusts are set up in certain states, and there are a few trust companies that specialize in acting as "trustee" in this sort of arrangement. Wells Fargo Bank Northwest, N.A., in Utah, is one of the biggest--other big names include Wilmington Trust Company and U.S. Bank.
The "real" owner (which can be a foreign person) maintains a beneficial interest in the trust, and they can instruct the trustee to sell, lease, etc. the aircraft, subject to certain limitations that must be included in the trust agreement in order to satisfy the ownership laws.
So, although Wells Fargo is listed as owning this aircraft, they really just act as trustee for the beneficial owner, in this case presumably Mid East Jet.
N506CR From Costa Rica, joined Nov 2004, 147 posts, RR: 2
Reply 22, posted (10 years 7 months 3 days 20 hours ago) and read 9168 times:
Quoting Stirling (Reply 11): What is MMUN? (Three letter codes are much better for mass communication with persons in posession of an inferior intelligence, like myself, who can barely decode IATA, let alone ICAO.)