Intellectual Property Rights from Publicly Financed Research and
R 385
Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 1 : ConventionChapter III : Default remediesArticle 9 - Vesting of object in satisfaction; redemption |
| (1) | At any time after default as provided in Article 11, the chargee and all the interested persons may agree that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations. |
| (2) | The court may on the application of the chargee order that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations. |
| (3) | The court shall grant an application under the preceding paragraph only if the amount of the secured obligations to be satisfied by such vesting is commensurate with the value of the object after taking account of any payment to be made by the chargee to any of the interested persons. |
| (4) | At any time after default as provided in Article 11 and before sale of the charged object or the making of an order under paragraph 2, the chargor or any interested person may discharge the security interest by paying in full the amount secured, subject to any lease granted by the chargee under Article 8 (1)(b) or ordered under Article 8 (2). Where, after such default, the payment of the amount secured is made in full by an interested person other than the debtor, that person is subrogated to the rights of the chargee. |
| (5) | Ownership or any other interest of the chargor passing on a sale under Article 8 (1)(b) or passing under paragraph 1 or 2 of this Article is free from any other interest over which the chargee’s security interest has priority under the provisions of Article 29. |
