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

Schedules

Schedule 1 : Convention

Chapter I : Sphere of Application and General Provisions

Article 2 - The international interest

 

 

(1) This Convention provides for the constitution and effects of an international interest in certain categories of mobile equipment and associated rights.

 

(2) For the purposes of this Convention, an international interest in mobile equipment is an interest, constituted under Article 7, in a uniquely identifiable object of a category of such objects listed in paragraph 3 and designated in the Protocol—
(a) granted by the chargor under a security agreement;
(b) vested in a person who is the conditional seller under a title reservation agreement; or
(c) vested in a person who is the lessor under a leasing agreement.

 

An interest falling within subparagraph (a) does not also fall within subparagraph (b) or (c).

 

(3) The categories referred to in the preceding paragraphs are—
(a) airframes, aircraft engines and helicopters;
(b) railway rolling stock; and
(c) space assets.

 

(4) The applicable law determines whether an interest to which paragraph 2 applies falls within subparagraph (a), (b) or (c) of that paragraph.

 

(5) An international interest in an object extends to proceeds of that object.

 


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