A lease label does not determine operational control. Large-aircraft truth-in-leasing requirements also have specific applicability, exceptions, filings and notice conditions that need professional review.
Begin with substance rather than wording
A dry-lease description generally signals that aircraft and crew arrangements need separate analysis, but inserting those words into a contract does not resolve operational control. Review who supplies the aircraft, selects and pays crew, makes operating decisions and bears responsibility in practice. An arrangement that only appears separated on paper should be taken to aviation counsel before anyone relies on it for a private operation.
Check truth-in-leasing applicability
Section91.23 addresses large civil aircraft of U.S. registry leased or conditionally sold, with stated exceptions. It requires specified maintenance and operational-control information when applicable. Do not apply its procedures universally to every light-aircraft rental, or assume an exception without reading the conditions. The professional should identify which portions apply to the exact aircraft, parties and operation, using the current regulation.
Assign filing and notice tasks
Where the rule applies, it contains requirements for a compliant copy, a filing within twenty-four hours of execution and Flight Standards notice before the first flight, generally at least forty-eight hours unless otherwise authorized. These are distinct tasks. Have counsel and the operator verify the current procedures, applicability and responsible person. A website checklist should not be treated as the filing itself or as confirmation that notice was accepted.
Coordinate the financing documents
The lender and insurer should know the proposed lessee, use and operating structure before a lease is signed. Confirm whether additional consent, endorsements or covenants are needed. Include lease administration and professional fees in the acquisition budget. If the lease changes or a different aircraft is substituted, ask whether previous analysis and notifications remain sufficient rather than assuming the old document covers every future operation.
A practical planning exercise
Practical closing checklist: record lease execution, applicable filing, required onboard copy, notice confirmation and counsel review. Keep each evidence link distinct. The task is complete only when responsible professionals confirm the requirements applicable to the actual arrangement.
Your next-step checklist
- Review actual operational control.
- Confirm91.23 applicability.
- Assign filing and notice owners.
- Obtain lender and insurer consent.
Sources & further reading
Primary sources support the relevant facts. Our planning questions and illustrative exercises are editorial analysis; they do not replace transaction-specific advice.
- 14 CFR 91.23 Truth in Leasing · accessed 2026-10-28
- 14 CFR 1.1 Definitions · accessed 2026-10-28
- 14 CFR 91.501 Applicability · accessed 2026-10-28