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Flap vs Aileron Edge in Level Cruise (LIVP)...Not Flush
In 1999, I placed in service a Lancair 360 which
took about 6,000 hours to put together. At any rate; It has not been
flown for two years because of lack of interest and other personal goals and
interests. So it sets in the hanger. I have been reluctant to sell because
of product liabiity exposure and hav essetially zeroed out its value because of
that fact. All scenarios of liability lead me to believe that there is no
way to escape responsibility in a catastrophic situation.
As I undrestand the law there i a fifteen year
exposure to liability for fifteen years from first date of sale after which
there is no more liability for any parts manufactured by the builder. Of
course you could sell any parts not manufactured by others and escape exposure
but that requires parting out the plane. There is no way to sell the whole
airframe and powerplant assembly intact and receive full fair market
value.
Have any other high net worth owners
struggled with this dilema and what was your solution,if any?
It has many custom features including a fully
loaded panel and highly modified IO360F1A6 Lycoming.
Bob Smiley
N94RJ
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