Convention on International Interests in Mobile Equipment
- Type: Convention
- Date of signature: 16/11/2001
- Place of signature: Cape Town, South Africa
- Depositary: International Institute for the Unification of Private Law (UNIDROIT)
- Date of entry into force: 01/04/2004
What is it about?
The Convention provides an international legal regime for the creation, perfection and priority of security, title retention and leasing interests in aircraft equipment, railway rolling stock and space assets, which will be underpinned by an International Registry. It has been estimated that such a regime could save very large sums of money annually in financing charges and open up to developing countries access to finance at reasonable cost.
Why is it relevant?
Prior to this Convention, interests in mobile equipment of high unit value regularly crossing national boundaries were exposed to risk and uncertainty created by differences in national laws governing security and related interests. This Convention removes some of this uncertainty, and encourages trade with developing countries.
A Protocol specifically addressing questions related to aircraft equipment was adopted in 2001. There is also an official commentary.
- Protocol to the Convention on International Interests in Mobile Equipment in Matters Specific to Aircraft Equipment (Cape Town, 16 November 2001)
- Official commentary on the Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to Aircraft Equipment, by Professor Sir Roy Goode (2002).