Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions - Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions -

About This Book: Why National Implementation of the Cape Town Convention Matters The Cape Town Convention as a Successful Uniform Law Instrument History of the Cape Town Convention Current Status The Aim of This Book The Significance of Implementation of the Cape Town Convention The Approach of Analysis How This Book Has Developed The Structure of This Book References Implementation of the Cape Town Convention into and Its Relationship with National Law II General Report The Cape Town Convention and Its Implementation in Domestic Law: Between Tradition and Innovation The Features of the Cape Town Convention The International Registry and Priority of International Interests Creation and Registration of an International Interest Priorities Between Interests in the Object Assuring the Enforcement of International Interests Possibility of Private Enforcement The Remedies Available Under the Cape Town Convention “Relief Pending Final Determination”Events of Default Status of International Interests in Insolvency Proceedings Basic Rule: Applicable Law - Functionalism The Alternatives on the Enforceability of International Interests After Commencement of Insolvency Proceedings The Emphasis of the Policy Intent The Application of the Cape Town Convention Sphere of Application Internal Transactions Special Rules for the Equipment Used for a Public Service Unification in the Traditional Sense: Choosing from the Varieties Non-possessory Security Interests in Transport Vehicles Creation of Non-possessory Interests and Their Registries The Solution Provided by the Cape Town Convention Title-Based Security (Quasi-security)The Enforcement of Security and Private Autonomy The Variety of Remedies Private Enforcement and Pactum Commissorium The Enforcement of Title-Based Securities The Protection of the Debtor’s Interests Events of Default The Solution Provided by the Cape Town Convention Summary: The Insignificance of the Legal Family Creating a New Scheme: Improving the Law on Secured Transactions Modernisation of Filing System for Security Interests The Design of Aircraft Registry Procedure and Practice of Filing Multiple Layers of Special Laws The Solution Provided by the Cape Town Convention Rights in Aircraft Engines and Components Enforcement of Security Interests in Insolvency Proceedings Status of Mortgage After the Commencement of the Insolvency Proceedings Title Based Security (Quasi Security) Under Insolvency Proceedings The Solution Provided by the Cape Town Convention Summary: Law Market for the Asset Based Financing Ensuring the Outcome: Mechanisms to Achieve the Intended Goal The Global Scheme Realised by the International Registry Mechanisms to Keep the Cape Town Convention Relevant The Regulations for the International Registry Aircraft Sector Understanding of OECD and Qualifying Declarations Ensuring the Prevailing Effect of the Cape Town Convention Conclusion: The Cape Town Convention as Innovative Uniform Law References III National Reports Les suretes sur des aeronefs en droit canadien, la Convention relative aux garanties internationales portant sur des materiels d’equipement mobiles et son Protocole aeronautique Contexte et introduction Contexte Introduction Biens, garanties, opposabilite aux tiers et inscription aux registres Biens garantis (question 1 b))Garanties (question 1 d))Opposabilite aux tiers (question 1 a))Inscription aux registres (question 1 c))Defaut, recours et autorisation judiciaire Defaut (question 2 b))Recours et autorisation judiciaire (questions 2 a) et c))Faillite et l’insolvabilite ((questions 3 a) et b)Droits non-consensuels et incompatibilite Droits non-consensuels Incompatibilite Conclusion (question 4)The Law of England and Wales on Secured Transactions as Compared with the Cape Town Convention Introduction Registration System The Root of the Problem and the Effect of the Cape Town Convention Registration or Registrations?Enforcement of Interests Security Interests “Quasi-security” Interests Events of Default Treatment of Security Interests Under Insolvency Procedures General Considerations References Cases Indonesia’s Report: The Implementation of The Cape Town Convention 2001 Introduction Ratification of the Cape Town Convention 2001 Indonesia’s Air Law Based on Aviation Law No. 1/2009 Conclusions Implementation of the Cape Town Convention in Malaysia An Overview of the Aviation Industry in Malaysia Introduction Background An Analysis of the Role of Equity, Common Law and Statutory Rules in Aircraft Secured Transactions Law in Malaysia Federal Constitution 1957 Civil Law Act 1956 Civil Aviation Act 1969 and Civil Aviation Regulations 1996 Analysis of the Regulations on Aircraft Liens and Sale Analysis of the Regulations on Aircraft Mortgage Compatibility with the Treaty Regimes: Cape Town Convention and Aircraft Protocol Declarations by Malaysia to the Cape Town Convention Declarations Deposited by Malaysia Under the Protocol to the Cape Town on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment Notification to UNIDROIT The International Interests in Mobile Equipment (Aircraft) Act 2006 (Act 659)The Cape Town Convention and Aircraft Protocol Act 659 Structure of Act 659 Questionnaire for Session III D. at the Vienna Congress 2014 of AIDC References The Cape Town Convention on International Interests in Mobile Equipment and Its Implementation in the Netherlands and on the Dutch Caribbean Islands Introduction The Kingdom of the Netherlands, the European Union and the Cape Town Convention No Accession for the European Part of the Netherlands Accession for the Dutch Caribbean Islands Concluding Remarks References Russian Legislation and the Cape Town Convention The Regulation of Security Interests in Russia The Current Status of Convention Filing System for Security Interest The Cape Town Convention and Its Implementation in South African Air Law Background Principles Underlying the Convention System Priority Among Secured Interests Prompt Enforcement of Secured Interests in Case of Default by the Debtor, Including Private Enforcement Enforcement of the Secured Interests Without Being Qualified or Modified Under the Insolvency Procedure Domestic Implementation of the Convention System Registration System Enforcement of a Security Interest Treatment of Security Interests Under the Insolvency Procedure General Considerations The Cape Town Convention and Its Implementation in Spanish Law Introductory Remarks: Convention Without Protocols Economic Rationale and the Importance of Cape Town System for Spanish Economy Some Notes on Spanish Security Interests on Transport Vehicles Categories of Objects Security Interests and Title-Based Devices Registration Types of Registries and Principles Governing the Registry System The Model of the Registry of Movables in the Context of the Cape Town System Enforcement The Scope of the Declaration Under Article 54(2)Remedies in Case of Default Insolvency Concluding Remarks References United States of America: Reconsidering the Transaction Document Filing Requirement for National Registry Introduction Background: Secured Transactions Law in the USA The Cape Town Convention and Its Relationship to Past and Current National Laws in the USA Registration Issues Treatment of Types of International Interests Enforcement of International Interests—Outside of a Debtor’s Insolvency Proceedings Enforcement of International Interests—In a Debtor’s Insolvency Proceedings Additional and General Considerations References Finnish Mortgage System for Means of Transport: Outdated and Overly Complex?Overview “System of Two Promissory Notes”: Bearer Bond as Mortgage Instrument Mortgageable Means of Transport Registration of Mortgage Questions of Priority Limited Functionalism Agreement on Private Enforcement Notion of Debtor Default Remedies Besides Simple Liquidation Effect of Commencement of Insolvency Proceedings Effectiveness Under Insolvency Proceedings Economic Analysis in Designing the Law on Security Rights Overall Attitude Towards Security Rights Prospects for Reform References La Convention du Cap et sa reconnaissance en droit fran^ais Presentation generale de la Convention du Cap et du Protocole aeronautique A. Exigences prealables B. Regime de la garantie L’articulation de la Convention du Cap et du Protocole aeronautique avec le droit frangais des suretes A. La garantie Internationale sur un bien aeronautique et les principes du droit interne frangais du gage B. La garantie Internationale sur un bien aeronautique et les modalites du droit interne frangais du gage Security Interests in Mobile Equipment Under German Law - Some Notes on the Similarities and Differences in Relation to the Cape Town Regime Introduction Security Interest in Mobile Equipment and Registration Requirements Enforcement of Security Interests in Mobile Equipment Security Interests in Insolvency Proceedings The Greek Law on Security Interests Burdening Transport Vehicles as Compared with the Cape Town Convention Registration System Enforcement of a Security Interest Treatment of Security Interests Under the Insolvency Procedure General Considerations References The Cape Town Convention and Italian Law on Secured Transactions Introduction Italian Secured Transactions Law as Applicable to the Financing of Mobile Equipment: A Brief Overview General v. Specific Rules Applicable to Transport Vehicles and Other Mobile Equipment Comparison with Some Aspects of the Cape Town Convention System Traditional Security v. Title-Based Devices Effectiveness as Against Third Parties and Role of Publicly Accessible Registries Enforcement Measures Effectiveness in Insolvency Proceedings The Cape Town Convention and Italian Law: A First Assessment in the Prospect of a Future Ratification by Italy The Economic Advantages of Ratification Compatibility of the Cape Town Convention Regime with the General Principles Underlying Italian Secured Transactions Law References The Security Interest in Transport Vehicles in Japan Introduction Creation of a Security Interest Security Interests Provided by the Civil Code Title-Based Security Aircraft Mortgages Railway Mortgages Registration Perfection of Title-Based Security Registration for Assignment of Movables Retention of Title and Lease Enforcement Enforcement of Title-Based Security Liquidation Duty Debtor’s Right to Recover the Collateral Insolvency Proceedings Three Types of Insolvency Proceedings Treatment of Security Interests in Insolvency Proceedings Permission for Extinguishment of Security Interests Stay of Exercise The Cape Town Convention and Polish Law on Security Interests Registration System Priority Among Creditors Forms of Security Interests in Transport Vehicles Documentary Type System of Registration Interests Considered as Forms of Security Enforcement of a Security Interest Meaning of Default Remedies Available Treatment of a Security Interests Under the Insolvency Procedure Effectiveness of the Security Interests in the Insolvency Proceedings Effectiveness of the Security Agreement in the Insolvency Proceedings General Considerations Requirement of Economic Analysis Advantages of Effective Security System Reference Security Interests in Transport Vehicles: The Cape Town Convention and Portuguese Law Introduction The International Interest The International Interest Under the Cape Town Convention Some Kinds of Interests Under Portuguese Law The Registration System General Remarks Effects of an International Registered Interest as Against Third Parties Under the Cape Town Convention. Priority of Competing Interests Effects of Registration Under Portuguese Law Enforcement of Security Interests Default Remedies Under the Cape Town Convention Meaning of Default Remedies of Chargee Enforcement Under Portuguese Law Overview of Default Remedies Rules Concerning the Enforcement of Security Agreements Treatment of Security Interests Under the Insolvency Procedure Effects of Insolvency Under the Cape Town Convention Effects of Insolvency Under Portuguese law The Insolvency Proceeding The Revitalisation Proceeding Concluding Comments References Rapport suisse sur le theme « Les suretes grevant les moyens de transport - La Convention du Cap et sa transposition en droit national »Introduction Suretes mobilieres moyennant inscription dans un registre Types de sdretes Generalites Respect de l’autonomie privee Inscription d’une sdrete au registre des aeronefs Rang des sdretes inscribes au registre des aeronefs Mesures en cas d’inexecution Definition contractuelle de I'inexecution Realisation privee Autres mesures Sort des suretes en cas de mesures d’execution forcee Considerations generales Bibliographie IV Comments from the Practice Analysing the Effects of the Cape Town Convention on Four Selected Issues That Hinder the International Financing and Leasing of Aircraft and Engines Introduction The Goal and Structure of This Contribution The Matter of the Secured Interests of the Operator-Lessees The Issue of the Non-consensual Rights That Frustrate the Finance and Lease of Aircraft and Engines The Validity and Effect of Choice of Law Clauses in Aviation Finance and Lease Agreements The Grave Problem of the Alleged Accession of Aircraft Engines to Aircraft Some Concluding Remarks References The Luxembourg Rail Protocol to the Cape Town Convention: Some Practical Differences from the Aviation Protocol Legal Considerations Practical Issues Entering into Force: Promoting Unidroit’s Space Protocol Among Emerging Space Actors