Security Interests in Mobile Equipment Under German Law - Some Notes on the Similarities and Differences in Relation to the Cape Town Regime
Benjamin von Bodungen
So far, the Federal Republic of Germany has not ratified any of the instruments provided for under the Cape Town regime. Hence, Germany currently is a non-Party jurisdiction. However, Germany so far is the only state that has signed the Convention and all three related Protocols, i.e., the Aircraft Protocol, the Rail Protocol and the Space Assets Protocol. What is more, the German Government has played a very active role in the development of the Cape Town Convention. This is evidenced, inter alia, by the fact that the Diplomatic Conference to adopt the Space Assets Protocol took place in Berlin from 27 February to 9 March 2012.
The following analysis of the legal situation in Germany focuses on three key issues: First, the security interests available under German law with respect to mobile equipment such as aircraft, railway rolling stock and space assets are highlighted (infra no. 14.2). In this context, special attention is paid to the registration requirements in Germany. Thereafter, the enforcement of security interests in mobile equipment will be dealt with in greater detail and distinguished from the default remedies pursuant to the Cape Town Convention (infra no. 14.3). Finally, this report intends to shed some light on the question of how German law security interests are treated after insolvency procedures have been commenced in relation to the debtor (infra no. 14.4).