(1) As used in this section, “owner” includes a person having full title to the aircraft or operating it through servants, and also includes a bona fide lessee or bailee of the aircraft, whether gratuitously or for hire. “Owner” does not include a bona fide bailor or lessor of the aircraft, whether gratuitously or for hire, or a mortgagee, conditional seller, trustee for creditors of the aircraft or other person having a security title only, nor shall the owner of the aircraft be liable when the pilot thereof is in possession thereof as a result of theft or felonious conversion.
(2) The owner and pilot, or either of them, of every aircraft that is operated over lands or waters of this state shall be liable for injuries or damage to persons or property on the land or water beneath, caused by the ascent, descent, or flight of the aircraft, or the dropping or falling of any objects therefrom in accordance with the rules of law applicable to torts in this state.
(3) The person in whose name an aircraft is registered with the United States department of commerce or the Tennessee department of transportation shall be prima facie the owner of the aircraft within the meaning of this section.