Repossession following lease termination
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Basic repossession procedures following lease termination.
How may the lessee lawfully impede the owner’s rights to exercise default remedies?
Upon an event of default under the lease, the lessor would have to initiate either ordinary or special judicial proceedings to repossess the aircraft. Panamanian law does not recognise self-help remedies. The termination of the lease must be recorded with the Public Registry and filed with the Civil Aeronautics Authority, and the certificate of operation of the aircraft with lessee as operator must be cancelled. There are no other non-contractual procedures or requirements that apply to lease termination.
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- An extract of the Aviation Finance & Leasing Guide 2021, originally published by Getting the Deal Through / Lexology