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Unidroit Convention on International Financial Leasing (20 May 1988)

[Preamble]

CHAPTER I - SPHERE OF APPLICATION AND GENERAL PROVISIONS

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

CHAPTER III - FINAL PROVISIONS

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

[Post Provisions]

[Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Metadata

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Manifest

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Unidroit Convention on International Financial Leasing (20 May 1988)

UNIDROIT

copy @ Lex Mercatoria

Unidroit Convention on International Financial Leasing (20 May 1988)

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 7

1. - (a) The lessor's real rights in the equipment shall be valid against the lessee's trustee in bankruptcy and creditors, including creditors who have obtained an attachment or execution.

(b) For the purposes of this paragraph "trustee in bankruptcy" includes a liquidator, administrator or other person appointed to administer the lessee's estate for the benefit of the general body of creditors.

2. - Where by the applicable law the lessor's real rights in the equipment are valid against a person referred to in the previous paragraph only on compliance with rules as to public notice, those rights shall be valid against that person only if there has been compliance with such rules.

3. - For the purposes of the previous paragraph the applicable law is the la of the State which, at the time when a person referred to in paragraph 1 becomes entitled to invoke the rules referred to in the previous paragraph, is :

(a) in the case of a registered ship, the State in which it is registered in the name of the owner (for the purposes of this sub-paragraph a bareboat charterer is deemed not to be the owner);

(b) in the case of an aircraft which is registered pursuant to the Convention on International Civil Aviation done at Chicago on 7 December 1944, the State in which it is so registered;

(c) in the case of other equipment of a kind normally moved from one State to another, including an aircraft engine, the State in which the lessee has its principal place of business;

(d) in the case of all other equipment, the State in which the equipment is situated.

4. - Paragraph 2 shall not affect the provisions of any other treaty under which the lessor's real rights in the equipment are required to be recognised.

5. - This article shall not affect the priority of any creditor having:

(a) a consensual or non-consensual lien or security interest in the equipment arising otherwise than by virtue of an attachment or execution, or

(b) any right of arrest, detention or disposition conferred specifically in relation to ships or aircraft under the law applicable by virtue of the rules of private international law.


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