Does resignation by a trustee and the appointment of a successor trigger the need to transfer title of the aircraft held in the trust to the appointed successor (i.e. is a “metal transfer” required)? Following the recent notification by Wells Fargo Trust Company, N.A. (“WFTC”) to many of its leasing company customers that, for business reasons, it intends to resign as owner trustee from all or substantially all of its aircraft owner trusts, many leasing companies looking to assess the consequences of this event have asked this question of their legal advisors. This same inquiry was made, with input from various firms, during the development stage of the Global Aircraft Trading System (“GATS”), and has informed how the GATS documentation has been drafted.
Of Counsel London