Bruce Marks speaks at RT’s Sanchez Effect in Moscow, Russia

American Perspectives on Global Affairs from Moscow In a recent episode of RT’s Sanchez Effect, host Rick Sanchez welcomed Bruce Marks, a former...

Bruce Marks speaks at ThoughtLeaders4’s Sovereign & States Litigation Summit USA

We’re pleased to announce that Bruce Marks, Founder and Managing Member of Marks & Sokolov, will be speaking at ThoughtLeaders4’s Sovereign...

Bruce Marks Speaks at the Pravo.RU Conference

On September 19, Bruce Marks, Founder and Managing Director of Marks & Sokolov, speaks at the session “Liability Under Control” during...

Sergei Sokolov speaks at the Forbes Federal Legal Forum 2025

On 18 September 2025, Forbes Russia will host the annual Federal Legal Forum in Moscow, a central event for the Russian legal community focusing on...

Marks & Sokolov Secures Another OFAC License for Release of Blocked Russian Client Funds

Marks & Sokolov is pleased to announce another success in our sanctions-related practice: we have obtained an OFAC license authorizing the...

​Updates on the recent Russian-related § 1782 applications – U.S. courts weigh discovery requests tied to sanctions, shareholder disputes, and asset battles.

Section 1782 of Title 28 of the U.S. Code allows parties to seek discovery in U.S. courts for use in foreign proceedings. In recent years, Russian...

Proposed Principles for the Sale of Repossessed Business Aircraft

by | Sep 2, 2020 | Blog

September 1, 2020

It is in the best interests of banks engaged in aircraft finance, aircraft lessors, aircraft brokers, and aircraft owners to standardize and make transparent the process to resell repossessed business aircraft. Adherence to best practices in this process would remove risks and costs for banks and other creditors, generate business for reputable aircraft brokers and appraisers, and would be fair to aircraft owners.

The process to resell repossessed aircraft should be governed by a set of principles that should be incorporated in aircraft finance and security agreements (the “Principles”). The Principles set out below would satisfy the requirements for a commercially reasonable sale of a repossessed aircraft, within the meaning of Article 9 of the Uniform Commercial Code (the “UCC”). Each party to a transaction would be treated fairly, and the risks and costs for creditors highlighted by the cases discussed below may be avoided.

Presently, banks, aircraft finance companies, and aircraft lessors (collectively, “Banks”) generally each have their own standard terms and conditions for loan agreements, aircraft security agreements, and guaranty agreements. These terms and conditions vary from Bank to Bank and do not protect Banks from becoming engaged in disputes and litigation.

Existing standard terms and conditions typically provide that, following an event of default, a Bank has unlimited discretion in selling a repossessed aircraft. The Bank may sell the aircraft to any party it chooses and at any price it chooses. Not surprisingly, this discretion is sometimes abused, as illustrated in the cases discussed below, and in other cases known to the authors. Disputes typically involve the sale of an aircraft by a Bank at a price less than the aircraft’s then current fair market value.

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