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Convention on International Interests in Mobile Equipment

[Preamble]

Chapter I - Sphere of application and general provisions

Article 1 - Definitions

Article 2 - The international interest

Article 3 - Sphere of application

Article 4 - Where debtor is situated

Article 5 - Interpretation and applicable law

Article 6 - Relationship between the Convention and the Protocol

Chapter II - Constitution of an international interest

Article 7 - Formal requirements

Chapter III - Default remedies

Article 8 - Remedies of chargee

Article 9 - Vesting of object in satisfaction; redemption

Article 10 - Remedies of conditional seller or lessor

Article 11 - Meaning of default

Article 12 - Additional remedies

Article 13 - Relief pending final determination

Article 14 - Procedural requirements

Article 15 - Derogation

Chapter IV - The international registration system

Article 16 - The International Registry

Article 17 - The Supervisory Authority and the Registrar

Chapter V - Other matters relating to registration

Article 18 - Registration requirements

Article 19 - Validity and time of registration

Article 20 - Consent to registration

Article 21 - Duration of registration

Article 22 - Searches

Article 23 - List of declarations and declared non-consensual rights or interests

Article 24 - Evidentiary value of certificates

Article 25 - Discharge of registration

Article 26 - Access to the international registration facilities

Chapter VI - Privileges and immunities of the Supervisory Authority and the Registrar

Article 27 - Legal personality; immunity

Chapter VII - Liability of the Registrar

Article 28 - Liability and financial assurances

Chapter VIII - Effects of an international interest as against third parties

Article 29 - Priority of competing interests

Article 30 - Effects of insolvency

Chapter IX - Assignments of associated rights and international interests; rights of subrogation

Article 31 - Effects of assignment

Article 32 - Formal requirements of assignment

Article 33 - Debtor's duty to assignee

Article 34 - Default remedies in respect of assignment by way of security

Article 35 - Priority of competing assignments

Article 36 - Assignee's priority with respect to associated rights

Article 37 - Effects of assignor's insolvency

Article 38 - Subrogation

Chapter X - Rights or interests subject to declarations by Contracting States

Article 39 - Rights having priority without registration

Article 40 - Registrable non-consensual rights or interests

Chapter XI - Application of the Convention to sales

Article 41 - Sale and prospective sale

Chapter XII - Jurisdiction

Article 42 - Choice of forum

Article 43 - Jurisdiction under Article 13(1)

Article 44 - Jurisdiction to make orders against the Registrar

Article 45 - Jurisdiction in respect of insolvency proceedings

Chapter XIII - Relationship with other Conventions

Article 45 bis - Relationship with the United Nations Convention on Assignment of Receivables in International Trade

Article 46 - Relationship with the UNIDROIT Convention on International Financial Leasing

Chapter XIV - Final provisions

Article 47 - Signature, ratification, acceptance, approval or accession

Article 48 - Regional Economic Integration Organisations

Article 49 - Entry into force

Article 50 - Internal transactions

Article 51 - Future Protocols

Article 52 - Territorial units

Article 53 - Determination of courts

Article 54 - Declarations regarding remedies

Article 55 - Declarations regarding relief pending final determination

Article 56 - Reservations and declarations

Article 57 - Subsequent declarations

Article 58 - Withdrawal of declarations

Article 59 - Denunciations

Article 60 - Transitional provisions

Article 61 - Review Conferences, amendments and related matters

Article 62 - Depositary and its functions

[Post Provisions]

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

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

Convention on International Interests in Mobile Equipment, UNIDROIT 2001

UNIDROIT

copy @ Lex Mercatoria

Convention on International Interests in Mobile Equipment

Chapter I - Sphere of application and general provisions

Article 1 - Definitions

In this Convention, except where the context otherwise requires, the following terms are employed with the meanings set out below:

(a) "agreement" means a security agreement, a title reservation agreement or a leasing agreement;

(b) "assignment" means a contract which, whether by way of security or otherwise, confers on the assignee associated rights with or without a transfer of the related international interest;

(c) "associated rights" means all rights to payment or other performance by a debtor under an agreement which are secured by or associated with the object;

(d) "commencement of the insolvency proceedings" means the time at which the insolvency proceedings are deemed to commence under the applicable insolvency law;

(e) "conditional buyer" means a buyer under a title reservation agreement;

(f) "conditional seller" means a seller under a title reservation agreement;

(g) "contract of sale" means a contract for the sale of an object by a seller to a buyer which is not an agreement as defined in (a) above;

(h) "court" means a court of law or an administrative or arbitral tribunal established by a Contracting State;

(i) "creditor" means a chargee under a security agreement, a conditional seller under a title reservation agreement or a lessor under a leasing agreement;

(j) "debtor" means a chargor under a security agreement, a conditional buyer under a title reservation agreement, a lessee under a leasing agreement or a person whose interest in an object is burdened by a registrable non-consensual right or interest;

(k) "insolvency administrator" means a person authorised to administer the reorganisation or liquidation, including one authorised on an interim basis, and includes a debtor in possession if permitted by the applicable insolvency law;

(l) "insolvency proceedings" means bankruptcy, liquidation or other collective judicial or administrative proceedings, including interim proceedings, in which the assets and affairs of the debtor are subject to control or supervision by a court for the purposes of reorganisation or liquidation;

(m) "interested persons" means:

(i) the debtor;

(ii) any person who, for the purpose of assuring performance of any of the obligations in favour of the creditor, gives or issues a suretyship or demand guarantee or a standby letter of credit or any other form of credit insurance;

(iii) any other person having rights in or over the object;

(n) "internal transaction" means a transaction of a type listed in Article 2(2)(a) to (c) where the centre of the main interests of all parties to such transaction is situated, and the relevant object located (as specified in the Protocol), in the same Contracting State at the time of the conclusion of the contract and where the interest created by the transaction has been registered in a national registry in that Contracting State, which has made a declaration pursuant to Article 50(1);

(o) "international interest" means an interest held by a creditor to which Article 2 applies;

(p) "International Registry" means the international registration facilities established for the purposes of this Convention or the Protocol;

(q) "leasing agreement" means an agreement by which one person (the lessor) grants a right to possession or control of an object (with or without an option to purchase) to another person (the lessee) in return for a rental or other payment;

(r) "national interest" means an interest held by a creditor in an object and created by an internal transaction covered by a declaration under Article 50;

(s) "non-consensual right or interest" means a right or interest conferred under the law of a Contracting State that has made a declaration under Article 39 to secure the performance of an obligation, including an obligation to a State, State entity or an intergovernmental or private organisation;

(t) "notice of a national interest" means notice registered or to be registered in the International Registry that a national interest has been created;

(u) "object" means an object of a category to which Article 2 applies;

(v) "pre-existing right or interest" means a right or interest of any kind in or over an object created or arising before the effective date of this Convention as defined by Article 60;

(w) "proceeds" means money or non-money proceeds of an object arising from the total or partial loss or physical destruction of the object or its total or partial confiscation, condemnation or requisition;

(x) "prospective assignment" means an assignment that is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain;

(y) "prospective international interest" means an interest that is intended to be created or provided for in an object as an international interest in the future, upon the occurrence of a stated event (which may include the debtor's acquisition of an interest in the object), whether or not the occurrence of the event is certain;

(z) "prospective sale" means a sale which is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain;

(aa) "Protocol" means, in respect of any category of object and associated rights to which this Convention applies, the Protocol in respect of that category of object and associated rights;

(bb) "registered" means registered in the International Registry pursuant to Chapter V;

(cc) "registered interest" means an international interest, a registrable non-consensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V;

(dd) "registrable non-consensual right or interest" means a non-consensual right or interest registrable pursuant to a declaration deposited under Article 40;

(ee) "Registrar" means, in respect of the Protocol, the person or body designated by that Protocol or appointed under Article 17(2)(b);

(ff) "regulations" means regulations made or approved by the Supervisory Authority pursuant to the Protocol;

(gg) "sale" means a transfer of ownership of an object pursuant to a contract of sale;

(hh) "secured obligation" means an obligation secured by a security interest;

(ii) "security agreement" means an agreement by which a chargor grants or agrees to grant to a chargee an interest (including an ownership interest) in or over an object to secure the performance of any existing or future obligation of the chargor or a third person;

(jj) "security interest" means an interest created by a security agreement;

(kk) "Supervisory Authority" means, in respect of the Protocol, the Supervisory Authority referred to in Article 17(1);

(ll) "title reservation agreement" means an agreement for the sale of an object on terms that ownership does not pass until fulfilment of the condition or conditions stated in the agreement;

(mm) "unregistered interest" means a consensual interest or non-consensual right or interest (other than an interest to which Article 39 applies) which has not been registered, whether or not it is registrable under this Convention; and

(nn) "writing" means a record of information (including information communicated by teletransmission) which is in tangible or other form and is capable of being reproduced in tangible form on a subsequent occasion and which indicates by reasonable means a person's approval of the record.


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