Return-Path: Received: from mtiwmhc21.worldnet.att.net ([204.127.131.46]) by ns1.olsusa.com (Post.Office MTA v3.5.3 release 223 ID# 0-64832U3500L350S0V35) with ESMTP id com for ; Fri, 24 Nov 2000 19:35:24 -0500 Received: from lap ([12.74.128.65]) by mtiwmhc21.worldnet.att.net (InterMail vM.4.01.03.10 201-229-121-110) with SMTP id <20001125004309.LXTF2402.mtiwmhc21.worldnet.att.net@lap> for ; Sat, 25 Nov 2000 00:43:09 +0000 From: "John Wright, D.O." To: "LML" Subject: rsense resale and future liability Date: Fri, 24 Nov 2000 17:47:52 -0700 Message-ID: Importance: Normal X-Mailing-List: lancair.list@olsusa.com Reply-To: lancair.list@olsusa.com Mime-Version: 1.0 <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> << Lancair Builders' Mail List >> <<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>> >> I researched the liablilty issues carefully before undertaking our iv-p project. I did consult with my attorney because I do value a legal opinion especially in advance of getting involved in a legal situation. When you build an experimental you essentially become an airplane manufacturer like Cessna or Beech and are subject to the same liability that they are in the event of selling the airplane to someone else. As I understand it, even if you have the buyer sign a release his estate or a relative could still sue you. Some articles that I have read suggest donating the aircraft to a museum to avoid liability. However, practically speaking it would be nice to recoup some of your investment if you sell. In our case we set up a family partnership with the airplane as the only asset. The family partnership is also the owner of the airplane. If plane is sold someday and someone attempts to litigate, they can litigate against the family partnership and aquire the assets of that partnership if they prevailed. Presumeabley there wouldn't be much of value in the partnership once the airplane is sold since those monies could be moved elsewhere. If you buy an existing Lancair you probably won't have the liability since you are not the original builder. If you start repairing and modifying it you could, but I don't think you would qualify for a repairman's certificate unless you participated in its construction. John Wright >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LML website: http://www.olsusa.com/Users/Mkaye/maillist.html LML Builders' Bookstore: http://www.buildersbooks.com/lancair Please send your photos and drawings to marvkaye@olsusa.com. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>