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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 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). 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.


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