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Multiple Layers of Special Laws

Another source of complications to the practice is the parallel existence of more than one registration system. It is typically observed in Italy, where the charge under the 1993 Banking Law (“Art.46 Bank Charge”), only available to a bank extending finance, is registered with Tribunale independently from the ordinary aircraft chattel mortgage. The priority between two Art.46 Bank Charges is determined by the first- to-file rule, whereas the priority between an Art.46 Bank Charge and another right, including an aircraft chattel mortgage, depends on the ascertained date of the latter right and the date of registration of the Art.46 Bank Charge. Furthermore, Italy maintains the registry for retention of title. A creditor trading with an Italian debtor will suffer from the inconvenience of having to look up all these registries.[1]

To a lesser extent, the Greek law has some complications as well. There are two types of mortgages under the law of Greece: simple mortgage and preferred mortgage. Both are registered in the same Registry, and the priority is determined by the date of registration. However, the remedies available to the mortgagee are differ- ent.[2] This might imply that the mortgagee of the lower priority needs to check which type of mortgage is registered with priority to it.

  • [1] See Chap. 16.
  • [2] See Chap. 15.
 
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