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

Schedules

Schedule 2 : Protocol

Chapter II : Default Remedies, Priorities and Assignments

Article X - Modification of provisions regarding relief pending final determination

 

 

(1) This Article applies only where a Contracting State has made a declaration under Article XXX (2) and to the extent stated in such declaration.

 

(2) For the purposes of Article 13 (1) of the Convention, "speedy" in the context of obtaining relief means within such number of working days from the date of filing of the application for relief as is specified in a declaration made by the Contracting State in which the application is made.

 

(3) Article 13 (1) of the Convention applies with the following being added immediately after subparagraph (d)—
"(e) if at any time the debtor and the creditor specifically agree, sale and application of proceeds therefrom",

and Article 43 (2) applies with the insertion after the words "Article 13 (1)(d)" of the words "and (e)".

 

(4) Ownership or any other interest of the debtor passing on a sale under the preceding paragraph is free from any other interest over which the creditor’s international interest has priority under the provisions of Article 29 of the Convention.

 

(5) The creditor and the debtor or any other interested person may agree in writing to exclude the application of Article 13 (2) of the Convention.

 

(6) With regard to the remedies in Article IX (1)—
(a) they shall be made available by the registry authority and other administrative authorities, as applicable, in a Contracting State no later than five working days after the creditor notifies such authorities that the relief specified in Article IX (1) is granted or, in the case of relief granted by a foreign court, recognised by a court of that Contracting State, and that the creditor is entitled to procure those remedies in accordance with the Convention; and
(b) the applicable authorities shall expeditiously co-operate with and assist the creditor in the exercise of such remedies in conformity with the applicable aviation safety laws and regulations.

 

(7) Paragraphs 2 and 6 shall not affect any applicable aviation safety laws and regulations.