An airline elects to finance the purchase of some new airplanes using equipment trust certificates. Under the legal arrangement associated with such certificates. the airplanes are pledged as collateral, but which other factor applies?

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a. the airline still has legal title to the planes b. legal title to the planes resides with the manufacturer C. the airline does not get legal title to the planes until the manufacturer is paid off d. legal title to the planes resides with a third party who then leases the planes to the airline