PUBLIC LAWS-CH. 523-JUNE 19,1948 of the price, or upon the performance of any other condition or the happening of any contingency; or (b) any contract for the bailment or leasing of an aircraft, aircraft engine, propeller, appliance, or spare part, by which the bailee or lessee contracts to pay as compensa- tion a sum substantially equivalent to the value thereof, and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming, the owner thereof upon full compliance with the terms of the contract. The buyer, bailee, or lessee shall be deemed to be the person by whom any such contract is made or given." 52Stat.6 . SEC. 3 . Section 503 of such Act (U. S . C., title 49, sec. 523) is amended to read as follows: cordingsyseto "SEC. 503. (a) The Administrator shall establish and maintain a system for the recording of each and all of the following: "(1) Any conveyance which affects the title to, or any interest in, any civil aircraft of the United States; "(2) Any lease, and any mortgage, equipment trust, contract of conditional sale, or other instrument executed for security purposes, which lease or other instrument affects the title to, or any interest in, any specifically identified aircraft engine or engines of seven hundred and fifty or more rated take-off horse- power for each such engine or the equivalent of such horsepower, and also any assignment or amendment thereof or supplement thereto; " (3) Any lease, and any mortgage, equipment trust, contract of conditional sale, or other instrument executed for security pur- poses, which lease or other instrument affects the title to, or any interest in, any aircraft engines, propellers, or appliances main- tained by or on behalf of an air carrier certificated under section 52 Stat. 554.(b) 604 (b) of this Act for installation or use in aircraft, aircraft engines, or propellers, or any spare parts maintained by or on behalf of such an air carrier, which instrument need only describe generally by types the engines, propellers, appliances, and spare parts covered thereby and designate the location or locations thereof; and also any assignment or amendment thereof or supplement thereto. Recordingofrelease, (b) The Administrator shall also record under the system pro- vided for in subsection (a) of this section any release, cancellation, discharge, or satisfaction relating to any conveyance or other instru- ment recorded under said system. nealidity of convey- "(c) No conveyance the recording of which is provided for by supra. section 503 (a) (1) made on or after August 22, 1938, and no instru- ment the recording of which is provided for by section 503 (a) (2) or section 503 (a) (3) made on or after the effective date of this section, shall be valid in respect of such aircraft, aircraft engine or engines, propellers, appliances, or spare parts against any person other than the person by whom the conveyance or other instrument is made or given, his heir or devisee, or any person having actual notice thereof, until such conveyance or other instrument is filed for recordation in convey ate ° the office of the Administrator. For the purposes of this subsection (c), such conveyance or other instrument shall take effect from the time and date of its filing for recordation, and not from the time and date of its execution. "(d) Each conveyance or other instrument recorded by means of or under the system provided for in subsection (a) or (b) of this section shall from the time of its filing for recordationi be valid as to all persons without further or other recordation, except that an instru- SuprM. ment recorded pursuant to section 503 (a) (3) shall be effective only with respect to those of such items which may from time to time be 494 [62 STAT.
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