<<<<<<<<<<<<<<<<--->>>>>>>>>>>>>>>>
          <<  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.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>