118 STAT. 1096 PUBLIC LAW 108–297—AUG. 9, 2004 Aviation Administration to complete the necessary rulemaking proc esses as expeditiously as possible, and clarifying the applicability of the Treaty during the rulemaking process. SEC. 3. RECORDATION OF SECURITY INSTRUMENTS. (a) ESTABLISHMENT OF SYSTEM.—Section 44107(a) of title 49, United States Code, is amended— (1) in paragraph (2)(A) by striking ‘‘750’’ and inserting ‘‘550’’; and (2) in paragraph (3) by striking ‘‘clause (1) or (2) of this subsection’’ and inserting ‘‘paragraph (1) or (2)’’. (b) INTERNATIONAL REGISTRY.—Section 44107 of such title is amended by adding at the end the following: ‘‘(e) INTERNATIONAL REGISTRY.— ‘‘(1) DESIGNATION OF UNITED STATES ENTRY POINT.—As per mitted under the Cape Town Treaty, the Federal Aviation Administration Civil Aviation Registry is designated as the United States Entry Point to the International Registry relating to— ‘‘(A) civil aircraft of the United States; ‘‘(B) an aircraft for which a United States identification number has been assigned but only with regard to a notice filed under paragraph (2); and ‘‘(C) aircraft engines. ‘‘(2) SYSTEM FOR FILING NOTICE OF PROSPECTIVE INTERESTS.— ‘‘(A) ESTABLISHMENT.—The Administrator shall estab lish a system for filing notices of prospective assignments and prospective international interests in, and prospective sales of, aircraft or aircraft engines described in paragraph (1) under the Cape Town Treaty. ‘‘(B) MAINTENANCE OF VALIDITY.—A filing of a notice of prospective assignment, interest, or sale under this para graph and the registration with the International Registry relating to such assignment, interest, or sale shall not be valid after the 60th day following the date of the filing unless documents eligible for recording under subsection (a) relating to such notice are filed for recordation on or before such 60th day. ‘‘(3) AUTHORIZATION FOR REGISTRATION OF AIRCRAFT.—A registration with the International Registry relating to an air craft described in paragraph (1) (other than subparagraph (C)) is valid only if (A) the person seeking the registration first files documents eligible for recording under subsection (a) and relating to the registration with the United States Entry Point, and (B) the United States Entry Point authorizes the registra tion.’’. SEC. 4. REGULATIONS. (a) IN GENERAL.—The Administrator of the Federal Aviation Administration shall issue regulations necessary to carry out this Act, including any amendments made by this Act. (b) CONTENTS OF REGULATIONS.—Regulations to be issued under this Act shall specify, at a minimum, the requirements for— (1) the registration of aircraft previously registered in a country in which the Cape Town Treaty is in effect; and 49 USC 44101 note.
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