September 22, 2014
San Marino Protecting your Rights and Interests
As part of the San Marino Aircraft Registry’s commitment to the aviation industry, the Registry has the honor to announce the San Marino Republic’s accession to the Cape Town convention.
In January 1, 2015 San Marino will ratified the Cape Town Convention which, in a nutshell, facilitates the acquisition and financing of aircraft, provides an international registry accessible online, gives creditors a range of remedies for enforcing their rights and provides creditors greater confidence when granting credit to the aviation industry.
The Cape Town Convention is one of the most important and innovative international conventions ever to have been concluded in the field of transactional commercial law and has already secured nearly 50 ratifications.
The Cape Town Convention is intended to give parties involved in such transactions greater confidence and predictability, principally through the establishment of a uniform set of rules guiding the constitution, protection, prioritization, and enforcement of certain rights in aircraft and aircraft engines. It alters the rules governing aircraft sales, leases and financing on a jurisdiction-by-jurisdiction basis by establishing a new international framework and providing for the creation of an International Registry (“The International Registry”) to be supervised by the International Civil Aviation Organization (“ICAO”)
David Colindres – President Said “This ratification is very important as it gives value added and confidence to banks and leasing companies. The Registration of interest in an asset such as an aircraft is considered to be best practice for owners, creditors, debtors, lessors, lessees, agents and others in protecting their financial interest in such an asset”
The San Marino Aircraft Registry is looking forward to the continued progress of the process to deliver the best service, interest security protection laws and regulatory standards in compliance with ICAO.