Captain Lane was the pilot of a F-86A Sabrejet fighter interceptor with the 336th Fighter-Interceptor Squadron, 4th Fighter-Interceptor Group. On 20 May 1952, while on a combat mission, his flight of two F-86s was attacked by a flight of four MiG-15s. His aircraft crashed near the Suiho Reservoir, 10 miles south of Sakchu, Korea. He was listed as Missing in Action and was presumed dead on 31 December 1953. His remains were not recovered. His name is inscribed on the Courts of the Missing at the Honolulu Memorial.

Lane was awarded the Air Medal with 10 Oak Leaf Clusters, the Purple Heart, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.