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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 III - Default remedies

Article 8 - Remedies of chargee

1. In the event of default as provided in Article 11, the chargee may, to the extent that the chargor has at any time so agreed and subject to any declaration that may be made by a Contracting State under Article 54, exercise any one or more of the following remedies:

(a) take possession or control of any object charged to it;

(b) sell or grant a lease of any such object;

(c) collect or receive any income or profits arising from the management or use of any such object.

2. The chargee may alternatively apply for a court order authorising or directing any of the acts referred to in the preceding paragraph.

3. Any remedy set out in sub-paragraph (a), (b) or (c) of paragraph 1 or by Article 13 shall be exercised in a commercially reasonable manner. A remedy shall be deemed to be exercised in a commercially reasonable manner where it is exercised in conformity with a provision of the security agreement except where such a provision is manifestly unreasonable.

4. A chargee proposing to sell or grant a lease of an object under paragraph 1 otherwise than pursuant to a court order shall give reasonable prior notice in writing of the proposed sale or lease to:

(a) interested persons specified in Article 1(m)(i) and (ii); and

(b) interested persons specified in Article 1(m)(iii) who have given notice of their rights to the chargee within a reasonable time prior to the sale or lease.

5. Any sum collected or received by the chargee as a result of exercise of any of the remedies set out in paragraph 1 shall be applied towards discharge of the amount of the secured obligations.

6. Where the sums collected or received by the chargee as a result of the exercise of any remedy set out in paragraph 1 exceed the amount secured by the security interest and any reasonable costs incurred in the exercise of any such remedy, then unless otherwise ordered by the court the chargee shall distribute the surplus among holders of subsequently ranking interests which have been registered or of which the chargee has been given notice, in order of priority, and pay any remaining balance to the chargor.


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