What is the purpose of the Convention on International Interests in Mobile Equipment?
The Convention on International Interests in Mobile Equipment is an international treaty that was drafted to create a uniform system to regulate the rights of interested parties in financially-secured transactions involving aircraft and other movable property. The Convention establishes an international registration system that allows those parties to protect their rights in the aircraft or other assets that have been moved across international borders. This system allows creditors, financiers, and other interested parties to have a unified approach to protecting their assets, regardless of the location and nationality of the owner of the equipment. In Delaware, the Convention on International Interests in Mobile Equipment is enforced through the Delaware Commercial Code, which establishes the rules for secured transactions involving aircraft and other movable property. Under the Code, creditors must register their interest in or security interests in the aircraft or other mobile equipment with the Secretary of State in order to have their interests protected. This registration system allows lenders to ensure that their interests in the aircraft or other assets are protected if the owner defaults on the loan or otherwise breaches the terms of the contract. In summary, the Convention on International Interests in Mobile Equipment establishes a unified approach for creditors to protect their interests in aircraft and other movable property that cross international borders. This system is implemented in Delaware through the Delaware Commercial Code, which establishes the rules for secured transactions involving aircraft and other movable property, allowing creditors to register their interests with the Secretary of State.
Related FAQs
What are the restrictions for transporting hazardous material on aircraft?How are aircraft noise abatement requirements enforced?
What are the legal requirements for aerial surveillance of aircraft?
What are the legal implications of aircraft leasing?
What laws apply to aircraft registration and ownership?
What is the process of aircraft certification?
How is air traffic control regulated?
What are the jurisdiction and enforcement issues related to Aircraft Law?
What is the legal framework for aircraft insurance?
What is Aircraft Law?
Related Blog Posts
Aircraft Law: An Overview of the Legal Environment for Aviation - July 31, 2023Aircraft Law and Liability: What to Know When Flying - August 7, 2023
Aircraft Accident Investigations: Understanding the Process - August 14, 2023
Tax Implications of Aircraft Ownership: Critical Considerations - August 21, 2023
Aircraft Registration and Leasing: What You Need to Know - August 28, 2023