28-8343
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28-8343. Aircraft total loss; violation; classification A. If a company that insures an aircraft determines the aircraft is a total loss, the insurer shall provide to the department an affidavit stating that a total loss occurred. B. If the aircraft is a total loss, is transferred to another person, business or organization and is not insured, the person, business or organization shall provide an affidavit to the department stating the aircraft to be a total loss. C. On receipt of the affidavit, the director shall: 1. Determine the amount of registration fee and license tax under this article. 2. Reduce the amount of the registration fee and license tax by one-twelfth for each full month of the registration period that has not yet expired. 3. Allow a tax credit to the owner for the appropriate amount of taxes previously paid on verified written application by the owner of the aircraft at the time the total loss occurred. The owner may use the tax credit on the next or several succeeding aircraft registration fees or license taxes that may be owed by the owner. D. A person who violates this section is guilty of a class 2 misdemeanor. |