An aircraft that has a registered mortgage on the CAACI Mortgage Register will require a letter from the mortgagee as to how the mortgage is to be handled. If the mortgage is to be discharged under the Mortgaging of Aircraft Regulations (2015), sec 9, A Mortgage Discharge Application Form is to be completed and submitted to CAACI to Jane Panton at firstname.lastname@example.org. If the aircraft mortgage will not be discharged, and the mortgage will temporarily remain registered until after the aircraft is deregistered, the CAACI will require a letter of authorization from the mortgagee to deregister the aircraft which also indicates how the mortgage is to be dealt with.
Note: the CAACIâ€™s obligation under the Mortgaging of Aircraft Regulations (2015) is to notify the mortgagee that the registered owner/mortgagor intends to deregister the aircraft, change particulars of the registration or change ownership. Although it is possible for the mortgage to remain registered with the CAACI under section 13 of the Regulations, if the aircraft is no longer registered with the CAACI, this obligation would fall away as the CAACI no longer maintains particulars on the aircraft to give notification of any changes.
If the mortgage is being discharged, the mortgagee and the mortgagor should complete a mortgage discharge form.
Please click here for additional information on discharging/delisting/retaining mortgages on the Cayman islands Register of Aircraft Mortgages when an aircraft is being deregistered.