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

About This Book: Why National Implementation of the Cape Town Convention MattersThe Cape Town Convention as a Successful Uniform Law InstrumentHistory of the Cape Town ConventionCurrent StatusThe Aim of This BookThe Significance of Implementation of the Cape Town ConventionThe Approach of AnalysisHow This Book Has DevelopedThe Structure of This BookReferencesImplementation of the Cape Town Convention into and Its Relationship with National LawII General ReportThe Cape Town Convention and Its Implementation in Domestic Law: Between Tradition and InnovationThe Features of the Cape Town ConventionThe International Registry and Priority of International InterestsCreation and Registration of an International InterestPriorities Between Interests in the ObjectAssuring the Enforcement of International InterestsPossibility of Private EnforcementThe Remedies Available Under the Cape Town Convention“Relief Pending Final Determination”Events of DefaultStatus of International Interests in Insolvency ProceedingsBasic Rule: Applicable Law - FunctionalismThe Alternatives on the Enforceability of International Interests After Commencement of Insolvency ProceedingsThe Emphasis of the Policy IntentThe Application of the Cape Town ConventionSphere of ApplicationInternal TransactionsSpecial Rules for the Equipment Used for a Public ServiceUnification in the Traditional Sense: Choosing from the VarietiesNon-possessory Security Interests in Transport VehiclesCreation of Non-possessory Interests and Their RegistriesThe Solution Provided by the Cape Town ConventionTitle-Based Security (Quasi-security)The Enforcement of Security and Private AutonomyThe Variety of RemediesPrivate Enforcement and Pactum CommissoriumThe Enforcement of Title-Based SecuritiesThe Protection of the Debtor’s InterestsEvents of DefaultThe Solution Provided by the Cape Town ConventionSummary: The Insignificance of the Legal FamilyCreating a New Scheme: Improving the Law on Secured TransactionsModernisation of Filing System for Security InterestsThe Design of Aircraft RegistryProcedure and Practice of FilingMultiple Layers of Special LawsThe Solution Provided by the Cape Town ConventionRights in Aircraft Engines and ComponentsEnforcement of Security Interests in Insolvency ProceedingsStatus of Mortgage After the Commencement of the Insolvency ProceedingsTitle Based Security (Quasi Security) Under Insolvency ProceedingsThe Solution Provided by the Cape Town ConventionSummary: Law Market for the Asset Based FinancingEnsuring the Outcome: Mechanisms to Achieve the Intended GoalThe Global Scheme Realised by the International RegistryMechanisms to Keep the Cape Town Convention RelevantThe Regulations for the International RegistryAircraft Sector Understanding of OECD and Qualifying DeclarationsEnsuring the Prevailing Effect of the Cape Town ConventionConclusion: The Cape Town Convention as Innovative Uniform LawReferencesIII National ReportsLes suretes sur des aeronefs en droit canadien, la Convention relative aux garanties internationales portant sur des materiels d’equipement mobiles et son Protocole aeronautiqueContexte et introductionContexteIntroductionBiens, garanties, opposabilite aux tiers et inscription aux registresBiens garantis (question 1 b))Garanties (question 1 d))Opposabilite aux tiers (question 1 a))Inscription aux registres (question 1 c))Defaut, recours et autorisation judiciaireDefaut (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 incompatibiliteDroits non-consensuelsIncompatibiliteConclusion (question 4)The Law of England and Wales on Secured Transactions as Compared with the Cape Town ConventionIntroductionRegistration SystemThe Root of the Problem and the Effect of the Cape Town ConventionRegistration or Registrations?Enforcement of InterestsSecurity Interests“Quasi-security” InterestsEvents of DefaultTreatment of Security Interests Under Insolvency ProceduresGeneral ConsiderationsReferencesCasesIndonesia’s Report: The Implementation of The Cape Town Convention 2001IntroductionRatification of the Cape Town Convention 2001Indonesia’s Air Law Based on Aviation Law No. 1/2009ConclusionsImplementation of the Cape Town Convention in MalaysiaAn Overview of the Aviation Industry in MalaysiaIntroductionBackgroundAn Analysis of the Role of Equity, Common Law and Statutory Rules in Aircraft Secured Transactions Law in MalaysiaFederal Constitution 1957Civil Law Act 1956Civil Aviation Act 1969 and Civil Aviation Regulations 1996Analysis of the Regulations on Aircraft Liens and SaleAnalysis of the Regulations on Aircraft MortgageCompatibility with the Treaty Regimes: Cape Town Convention and Aircraft ProtocolDeclarations by Malaysia to the Cape Town ConventionDeclarations Deposited by Malaysia Under the Protocol to the Cape Town on International Interests in Mobile Equipment on Matters Specific to Aircraft EquipmentNotification to UNIDROITThe International Interests in Mobile Equipment (Aircraft) Act 2006 (Act 659)The Cape Town Convention and Aircraft ProtocolAct 659Structure of Act 659Questionnaire for Session III D. at the Vienna Congress 2014 of AIDCReferencesThe Cape Town Convention on International Interests in Mobile Equipment and Its Implementation in the Netherlands and on the Dutch Caribbean IslandsIntroductionThe Kingdom of the Netherlands, the European Union and the Cape Town ConventionNo Accession for the European Part of the NetherlandsAccession for the Dutch Caribbean IslandsConcluding RemarksReferencesRussian Legislation and the Cape Town ConventionThe Regulation of Security Interests in RussiaThe Current Status of ConventionFiling System for Security InterestThe Cape Town Convention and Its Implementation in South African Air LawBackgroundPrinciples Underlying the Convention SystemPriority Among Secured InterestsPrompt Enforcement of Secured Interests in Case of Default by the Debtor, Including Private EnforcementEnforcement of the Secured Interests Without Being Qualified or Modified Under the Insolvency ProcedureDomestic Implementation of the Convention SystemRegistration SystemEnforcement of a Security InterestTreatment of Security Interests Under the Insolvency ProcedureGeneral ConsiderationsThe Cape Town Convention and Its Implementation in Spanish LawIntroductory Remarks: Convention Without ProtocolsEconomic Rationale and the Importance of Cape Town System for Spanish EconomySome Notes on Spanish Security Interests on Transport VehiclesCategories of ObjectsSecurity Interests and Title-Based DevicesRegistrationTypes of Registries and Principles Governing the Registry SystemThe Model of the Registry of Movables in the Context of the Cape Town SystemEnforcementThe Scope of the Declaration Under Article 54(2)Remedies in Case of DefaultInsolvencyConcluding RemarksReferencesUnited States of America: Reconsidering the Transaction Document Filing Requirement for National RegistryIntroductionBackground: Secured Transactions Law in the USAThe Cape Town Convention and Its Relationship to Past and Current National Laws in the USARegistration IssuesTreatment of Types of International InterestsEnforcement of International Interests—Outside of a Debtor’s Insolvency ProceedingsEnforcement of International Interests—In a Debtor’s Insolvency ProceedingsAdditional and General ConsiderationsReferencesFinnish Mortgage System for Means of Transport: Outdated and Overly Complex?Overview“System of Two Promissory Notes”: Bearer Bond as Mortgage InstrumentMortgageable Means of TransportRegistration of MortgageQuestions of PriorityLimited FunctionalismAgreement on Private EnforcementNotion of Debtor DefaultRemedies Besides Simple LiquidationEffect of Commencement of Insolvency ProceedingsEffectiveness Under Insolvency ProceedingsEconomic Analysis in Designing the Law on Security RightsOverall Attitude Towards Security RightsProspects for ReformReferencesLa Convention du Cap et sa reconnaissance en droit fran^aisPresentation generale de la Convention du Cap et du Protocole aeronautiqueA. Exigences prealablesB. Regime de la garantieL’articulation de la Convention du Cap et du Protocole aeronautique avec le droit frangais des suretesA. La garantie Internationale sur un bien aeronautique et les principes du droit interne frangais du gageB. La garantie Internationale sur un bien aeronautique et les modalites du droit interne frangais du gageSecurity Interests in Mobile Equipment Under German Law - Some Notes on the Similarities and Differences in Relation to the Cape Town RegimeIntroductionSecurity Interest in Mobile Equipment and Registration RequirementsEnforcement of Security Interests in Mobile EquipmentSecurity Interests in Insolvency ProceedingsThe Greek Law on Security Interests Burdening Transport Vehicles as Compared with the Cape Town ConventionRegistration SystemEnforcement of a Security InterestTreatment of Security Interests Under the Insolvency ProcedureGeneral ConsiderationsReferencesThe Cape Town Convention and Italian Law on Secured TransactionsIntroductionItalian Secured Transactions Law as Applicable to the Financing of Mobile Equipment: A Brief OverviewGeneral v. Specific Rules Applicable to Transport Vehicles and Other Mobile EquipmentComparison with Some Aspects of the Cape Town Convention SystemTraditional Security v. Title-Based DevicesEffectiveness as Against Third Parties and Role of Publicly Accessible RegistriesEnforcement Measures Effectiveness in Insolvency ProceedingsThe Cape Town Convention and Italian Law: A First Assessment in the Prospect of a Future Ratification by Italy The Economic Advantages of RatificationCompatibility of the Cape Town Convention Regime with the General Principles Underlying Italian Secured Transactions LawReferencesThe Security Interest in Transport Vehicles in JapanIntroductionCreation of a Security InterestSecurity Interests Provided by the Civil CodeTitle-Based SecurityAircraft MortgagesRailway MortgagesRegistrationPerfection of Title-Based SecurityRegistration for Assignment of MovablesRetention of Title and LeaseEnforcementEnforcement of Title-Based SecurityLiquidation DutyDebtor’s Right to Recover the CollateralInsolvency ProceedingsThree Types of Insolvency ProceedingsTreatment of Security Interests in Insolvency ProceedingsPermission for Extinguishment of Security InterestsStay of ExerciseThe Cape Town Convention and Polish Law on Security InterestsRegistration SystemPriority Among CreditorsForms of Security Interests in Transport VehiclesDocumentary Type System of RegistrationInterests Considered as Forms of SecurityEnforcement of a Security InterestMeaning of DefaultRemedies AvailableTreatment of a Security Interests Under the Insolvency ProcedureEffectiveness of the Security Interests in the Insolvency ProceedingsEffectiveness of the Security Agreement in the Insolvency ProceedingsGeneral ConsiderationsRequirement of Economic AnalysisAdvantages of Effective Security SystemReferenceSecurity Interests in Transport Vehicles: The Cape Town Convention and Portuguese LawIntroductionThe International InterestThe International Interest Under the Cape Town ConventionSome Kinds of Interests Under Portuguese LawThe Registration SystemGeneral RemarksEffects of an International Registered Interest as Against Third Parties Under the Cape Town Convention. Priority of Competing InterestsEffects of Registration Under Portuguese LawEnforcement of Security InterestsDefault Remedies Under the Cape Town ConventionMeaning of DefaultRemedies of ChargeeEnforcement Under Portuguese LawOverview of Default RemediesRules Concerning the Enforcement of Security AgreementsTreatment of Security Interests Under the Insolvency ProcedureEffects of Insolvency Under the Cape Town ConventionEffects of Insolvency Under Portuguese lawThe Insolvency ProceedingThe Revitalisation ProceedingConcluding CommentsReferencesRapport suisse sur le theme « Les suretes grevant les moyens de transport - La Convention du Cap et sa transposition en droit national »IntroductionSuretes mobilieres moyennant inscription dans un registreTypes de sdretesGeneralitesRespect de l’autonomie priveeInscription d’une sdrete au registre des aeronefsRang des sdretes inscribes au registre des aeronefsMesures en cas d’inexecutionDefinition contractuelle de I'inexecutionRealisation priveeAutres mesuresSort des suretes en cas de mesures d’execution forceeConsiderations generalesBibliographieIV 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 EnginesIntroductionThe Goal and Structure of This ContributionThe Matter of the Secured Interests of the Operator-LesseesThe Issue of the Non-consensual Rights That Frustrate the Finance and Lease of Aircraft and EnginesThe Validity and Effect of Choice of Law Clauses in Aviation Finance and Lease AgreementsThe Grave Problem of the Alleged Accession of Aircraft Engines to AircraftSome Concluding RemarksReferencesThe Luxembourg Rail Protocol to the Cape Town Convention: Some Practical Differences from the Aviation ProtocolLegal ConsiderationsPractical IssuesEntering into Force: Promoting Unidroit’s Space Protocol Among Emerging Space Actors
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