https://www.taxtmi.com/caselaws?id=97628 Possessory mortgage principles were applied to hold that transfer of possession and general property in an aircraft to a secured party effected vesting of ownership in the mortgagee subject to defeasance on redemption; such possessory mortgages and pledges fall within the registration exception, so registration was unnecessary. Evidence of contemporaneous advances and documents supported that the subsequent transfer/sale was genuine and not a sham, vesting ownership in the purchaser/mortgagee. A time limited contractual right to sue under the settlement rendered the declaratory suit maintainable despite unexhausted execution remedies, but the plaintiff failed to prove the requisite facts and obtained no relief. en-us Wed, 03 Sep 1958 00:00:00 +0530 Tue, 17 Jan 2012 15:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97628 Possessory mortgage principles were applied to hold that transfer of possession and general property in an aircraft to a secured party effected vesting of ownership in the mortgagee subject to defeasance on redemption; such possessory mortgages and pledges fall within the registration exception, so registration was unnecessary. Evidence of contemporaneous advances and documents supported that the subsequent transfer/sale was genuine and not a sham, vesting ownership in the purchaser/mortgagee. A time limited contractual right to sue under the settlement rendered the declaratory suit maintainable despite unexhausted execution remedies, but the plaintiff failed to prove the requisite facts and obtained no relief. Case-Laws Companies Law Wed, 03 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97628