By Souichirou Kozuka
This e-book deals the research of the connection among the Cape city conference and nationwide legislation on secured transactions. the 1st a part of the ebook considers why nationwide implementation is so very important in terms of the Cape city conference and identifies how cutting edge the conference is as a uniform legislations device. the second one half comprises chapters on these states which are events to the Cape city conference, which examine how the conference is applied less than the household legislation. The 3rd half comprises chapters on these states that aren't events to the conference, which evaluate their nationwide legislation and the conference to discover certain positive aspects of the Cape city Convention’s principles. The fourth half discusses the that means of Protocols on plane, railway rolling inventory and area resources from the practitioner’s perspective. As an entire, the e-book bargains insights into the recent degree of uniform deepest legislation and exhibits the necessity for extra exam of the topic, to be able to be crucial for foreign and nationwide legislators, lecturers of comparative and overseas inner most legislations in addition to practitioners who're the clients of the uniform legislation regime.
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Additional info for Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions
37 Limiting the private enforcement in such a manner reflects the nature of enforcement over Article XI of the Aircraft Protocol; Article IX of the Luxembourg Rail Protocol; Article XXI of the Space Protocol. 34 Alternative A, Article XI (2) and (7) of the Aircraft Protocol; Alternative A, Article IX (3) and (7) of the Luxembourg Rail Protocol; Alternative A, Article XXI (2) and (8) of the Space Protocol. The Space Protocol entitles the creditor also to private enforcement over the debtor’s rights covered by a rights assignment (Article XXI (3) of the Space Protocol).
Even under Alternative B of all the Protocols, it remains the case that the insolvency administrator or debtor must choose either to cure all defaults and agree to perform all future obligations or to give the creditor the opportunity to take possession of the object in accordance with the applicable law. However, pursuant to the applicable law, the court may require that the creditor take additional steps or provide an additional guarantee. 36 Under Alternative C, contained only in the Luxembourg Rail Protocol, private enforcement can be suspended by the court order on condition that all the sums accruing to the creditor continue to be paid and that the insolvency administrator or debtor performs all other obligations.
98 99 36 S. Kozuka Still, the Cape Town Convention has not entirely unified the rules. An important issue of the admissibility of private enforcement is not determined by the Convention’s rule, but is left to the choice of Contracting States to be made through declarations under Article 54(2). Under that provision, a Contracting State must declare whether or not the remedies are available without leave of the court. Until now, only a few States, including Brazil, China, Mexico and Spain, chose to require leave of the court and, therefore, the rules are highly uniform.