This month marks the first anniversary of the entry into force in Aruba of the Cape Town Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters specific to Aircraft Equipment (together the Cape Town Convention). The Cape Town Convention covers various categories of mobile equipment, including (parts of) aircraft, space assets and railroad rolling stock, and has currently been ratified by 47 contracting states. Our legal update will only address that part of the Cape Town Convention that applies to aircraft.
By registering an aircraft in Aruba, or by using an Aruban entity to own an aircraft, more certainty can be obtained with respect to the enforceability of security rights created on aircraft through applicability of the Cape Town Convention. The security rights will be recognized and enforced in all contracting states.
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