Ratification to the Cape Town Convention
January 18, 2015
San Marino Protecting your Rights and Interests
In January 1, 2015 San Marino 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”)