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Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007

Schedules

Schedule 1 : Convention

Chapter II : Constitution of an international interest

Article 7 - Formal requirements

 

 

An interest is constituted as an international interest under this Convention where the agreement creating or providing for the interest—

(a) is in writing;
(b) relates to an object of which the chargor, conditional seller or lessor has power to dispose;
(c) enables the object to be identified in conformity with the Protocol; and
(d) in the case of a security agreement, enables the secured obligations to be determined, but without the need to state a sum or maximum sum secured.