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Forms of Security Interests in Transport Vehicles

The Registered Pledge Act does not limit the objects of security interests, except ships entered in the register of ships and ships in construction which may be the object of mortgage or continental hypothecation. Thus, almost all movable objects may be subjected to the registered pledge, including the aircrafts, railway rolling stocks and space assets. In fact the Registered Pledge Act includes a specific provision relating to the aircrafts, according to which in cases of registering a pledge in the civil aircraft a court of registration files a copy of a decision on registration including its number to an authority responsible for civil aircrafts registration in order to reveal that pledge in the registry of civil aircrafts (in art 41a of the Registered Pledge Act). For a period of time there has been a controversy over the exact moment of creation of such registered pledge on an aircraft due to an inconsistency between the Registered Pledge Act and the Aviation Law Act.[1] That inconsistency was removed by the amendment of the latter act. It is now unquestionable that the registered pledge on an aircraft is effective from the time of its registration in the registry of pledges, which is followed by its disclosure in the civil aircraft register [1].

There is no registration system, nor special law concerning interests in the aircrafts, railway rolling stocks or space assets. They cannot be subjected to hypothecation, which is a limited proprietary right relating solely to an immovable object, with the exception of vessels entered in register of ships. According to art. 76 and 82 of the Maritime Code[2] vessels and vessels under construction can be subjected to the maritime hypothecation which is a lien governed by the provisions of civil law concerning hypothecation or according to the contract for instituting a maritime hypothecation may be a kind of mortgage (art. 84 to art. 88 of the Maritime Code).

  • [1] J. of L. 2016 item 605.
  • [2] J. of L. 2016, item 66.
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