Page:United States Statutes at Large Volume 108 Part 2.djvu/449

 PUBLIC LAW 103-272—JULY 5, 1994 108 STAT. 1165 (2) another officer authorized under the laws of the United States, a State, the District of Columbia, or a territory or possession of the United States to acknowledge deeds. (d) RECORDS AND INDEXES.— The Administrator shall— (1) keep a record of the time and date that each conveyance, lease, and instrument is filed and recorded with the Administrator; and (2) record each conveyance, lease, and instrument filed with the Administrator, in the order of their receipt, and index them by— (A) the identifying description of the aircraft, aircraft engine, or propeller, or location specified in a lease or instrument recorded under subsection (a)(2)(C) or (D) of this section; and (B) the names of the parties to each conveyance, lease, and instrument. §44108. Validity of conveyances, leases, and security instruments (a) VALIDITY BEFORE FILING.— Until a conveyance, lease, or instrument executed for security purposes that may be recorded under section 44107(a)(l} or (2) of this title is filed for recording, the conveyance, lease, or instrument is valid only against— (1) the person making the conveyance, lease, or instrument; (2) that person's heirs and devisees; and (3) a person having actual notice of the conveyance, lease, or instrument. (b) PERIOD OF VALIDITY. — When a conveyance, lease, or instrument is recorded under section 44107 of this title, the convey- ance, lease, or instrument is valid from the date of filing against all persons, without other recordation, except that— (1) a lease or instrument recorded under section 44107(a)(2)(A) or (B) of this title is vaUd for a specifically identified engine or propeller without regard to a lease or instrument previously or subsequently recorded under section 44107(a)(2)(C) or (D); and (2) a lease or instrument recorded under section 44107(a)(2)(C) or (D) of this title is valid only for items at the location designated in the lease or instrument. (c) APPLICABLE LAWS. —(1) The validity of a conveyance, lease, or instrument that may be recorded under section 44107 of this title is subject to the laws of the State, the District of Columbia, or the territory or possession of the United States at which the conveyance, lease, or instrument is delivered, regardless of the place at which the subject of the conveyance, lease, or instrument is located or delivered. If the conveyance, lease, or instrument specifies the place at which delivery is intended, it is presumed that the conveyance, lease, or instrument was delivered at the specified place. (2) This subsection does not take precedence over the Convention on the International Recognition of Rights in Aircraft (4 U.S.T. 1830). (d) NONAPPLICATION. —T his section does not apply to— (1) a conveyance described in section 44107(a)(1) of this title that was made before August 22, 1938; or (2) a lease or instrument described in section 44107(a)(2) of this title that was made before June 20, 1948. 79-194 O—95—15: QL 3 Part 2

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