On Fri, 27 Jun 2008 21:32:53 +0200, Mxsmanic
wrote in :

Larry Dighera writes:

Why?

They might total the airplane that you share.

That's always a possibility, and one of the many reasons that
liability and hull insurance is mandatory.

They might not maintain it properly.

While that may happen inadvertently, because they have a financial
interest in the airplane, it's not likely to be done deliberately.
There is only a limited amount of maintenance federal regulations
permit pilots to perform. For all else, an FAA certificated Airframe
and Powerplant mechanic must perform or directly supervise the work,
and sign the aircraft log books. Also, an FAA certificated Inspector
of Aircraft must annually attest to the airplane's compliance with
regulations and airworthiness requirements by signing the aircraft's
log books, so it's not likely anything will slip by unnoticed for too
long.

They might damage it without telling anyone.

I presume you mean accidentally. Pilots examine the airplane before
each flight, so any visible damage would be discovered promptly. The
person responsible could be determined fairly easily. If the damage
is not immediately visible, it will most probably be discovered at the
next annual inspection.

In my experience, this isn't an issue, but in any case the cost to
repair the damage would be split among the pilots.

There are many possibilities.

Indeed. On of the most important possibilities for trouble is the
liability exposure in the event of a crash. That can be addressed
easily by forming a Nevada/Delaware corporation to hold title to the
aircraft.


It requires that they be responsible adults, preferably business
people who can afford to own 1/3 of an aircraft.

Many adults aren't that responsible.

Of course one must exercise caution in his business affairs. Normally
the all "aircraft owners" (and the insurance underwriter) must approve
of each other, and any new or replacement "owners." Mistakes in
judgment can be made, but the history of every pilot is somewhat
documented in their log books, and by the FAA/NTSB, and their medical
condition is officially checked by an FAA certificated Aviation
Medical Examiner periodically, so it's not as likely as one might
expect in other situations.

Pilots get themselves killed often enough; why would they be any more
cautious for someone else's sake?

Natural Selection soon eliminates pilots who are imprudent from the
ranks, so I don't see that as a significant risk, unless the pilot is
inexperienced. But pilot experience is documented and one of the
membership criteria, hopefully.

There are all sorts of risks in life. If we didn't take some risk, we
wouldn't do anything worthwhile. It all boils down to knowledge,
wisdom, and judgment. It usually doesn't take long to spot
unacceptable character flaws or personality defects. Should that be
the case with one of the "owners," the others by him out. Simple.