What is the purpose of the Convention on International Interests in Mobile Equipment?
The Convention on International Interests in Mobile Equipment, also known as the Cape Town Convention, seeks to create a harmonized regime for movable property transactions across countries and borders. This Convention, developed and adopted in 2001 by the Nations of the International Institute for the Unification of Private Law (UNIDROIT), is a legally binding international agreement among numerous countries aimed at creating a predictable, uniform, and efficient cross-border legal framework for movable property transactions. The Convention particularly focuses on transactions involving aircraft objects such as aircraft engines, helicopters, and aircraft registering. Additionally, this Convention also considers the lease of aircraft objects and the leasing of rights over aircraft objects. In South Carolina, this Convention is applied to aircraft law so that transactions involving aircraft objects and aircraft leasing are governed by international standards. This ensures that the global financing of aircraft objects is supported, making it easier for the purchase of aircraft objects and aircraft leasing regardless of the location of the buyer or the seller. Overall, the purpose of the Convention on International Interests in Mobile Equipment is to provide a legal framework for international transactions involving aircraft objects and aircraft leasing. This Convention seeks to create uniform standards in countries located across the globe which will benefit all parties involved in transactions involving aircraft objects and leasing.
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