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FAR 91.113(g) states in operative part ". . . When two or more
aircraft are approaching an
airport for the purpose of landing, the
aircraft at the lower altitude has the right-of-way, but it shall not take advantage of this rule to cut in front of another which is on final approach to land or to overtake that
aircraft.
If I am arguing for the plaintiff, I point out that the 152 did not cut in front of the other aircraft because the other aircraft was not in the traffic pattern, nor on an instrument approach, and at any rate I could not have guessed that he was coming in at 180 kts. I would point out that the 340 was faster than would have been allowed had there been a control tower and that coming in at that speed was completely reckless. I would also point out that recommended pattern entry was not followed and I would have a couple of well regarded expert pilots who would testify that the 340 pilot was violating all sorts of norms in aviation.
If I were defending the estate of the 340 driver, I would make the point you do. I would try to establish that all my landing lights were on and that the C-152 pilot should have known that I was a bigger and faster plane. I would be hoping that the jury would give the C-152 pilot some percentage of the blame, but would be urging the estate and insurer to settle the case.