IADA logo

Bank of Utah Provides Corporate Trusts for Aircraft Purchases

Bank of Utah – Corporate Trust Services combines an experienced team of trust service professionals in the aircraft sales industry with the service orientation and flexibility of the Bank of Utah to provide high-quality corporate trust services. These services are especially important when companies are involved in aircraft sales transactions that reach across country borders.

“Our services are valuable to those who do not qualify for N-registration but are seeking to acquire N-registered aircraft,” says Scott Nielsen, Vice President of Bank of Utah – Corporate Trust Services. “We work frequently with non-United States citizen corporations and individuals. An Owner Trust can be a simple and inexpensive solution for those who need N-registration for their aircraft either on a short- or long-term basis, but cannot qualify for N-registration directly.

“In addition,” Nielsen continues, “we often assist with the sale and export of N-registered aircraft to non-United States citizens, creating a short-term trust, enabling a seller to complete the sale of the N-registered aircraft to a foreign citizen buyer who can then export the aircraft immediately or can have the aircraft upgraded, maintained or re-fitted at their leisure and then exported.”

Nielsen says the company can act quickly and is generally able to have a trust established and an aircraft properly registered through the trust within two or three days. “This is critical,” he says, “because there are many situations in which the parties do not realize they have a potential registration problem until very late in the transaction, when it becomes a critical situation.”

Based in Salt Lake City, Bank of Utah – Corporate Trust Services offers clients a team that includes in-house counsel and account management professionals who understand the importance of finding solutions and helping clients do business. The team has more than 75 years of combined experience in all aspects of corporate trust service and has managed the trustee aspects of more than 7,000 transactions during the last 20 years.

The company is also a member of the National Aircraft Resale Association (NARA).  

“Bank of Utah was advised by a customer and friend some time ago to look into joining NARA.  It did not take long to realize we wanted to be part of this organization, and the association has been most beneficial.  It is not the type of association which just accepts anyone who pays the membership fee, there is a selection process and that keeps the quality of members and associate members very high.  We have maintained an associate membership now for about three years and I don’t think we’ve missed a single NARA event,” Nielsen says.

For more information about Bank of Utah – Corporate Trust Services, visit their website at http://www.bankofutah.com/trust/corporate_trust.html or call 801-924-3675.

Posted on: May 29, 2012