Home Law Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions
General v. Specific Rules Applicable to Transport Vehicles and Other Mobile Equipment
The Maritime Code (codice della navigazione) and the Civil Code regulate specific chattel mortgages which are required to be filed in specialized (and separate) asset- based registries. A chattel mortgage can be created only on easily identifiable goods of relatively high unit value and for which a registry concerning title is set up: ships, aircrafts and motor-vehicles.
As far as non-registered equipment is concerned (of the kind contemplated in the Rail and the Space Assets Protocol, but also in the case of aircraft engines) the general rules apply. Thus, pending entry into operation of the new registered nonpossessory pledge for enterprises (see fn 15), a security right would only be effectively created if a specific consensual lien exists or under Art. 46 Banking Law. On the other hand, financial lease would be available for all types of equipment, while a sale with retention of title could also, at least in principle, be generally used, except for those movable assets that have to be registered in a public registry.
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