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2017 | OriginalPaper | Buchkapitel

21. Analysing the Effects of the Cape Town Convention on Four Selected Issues That Hinder the International Financing and Leasing of Aircraft and Engines

verfasst von : B. Patrick Honnebier

Erschienen in: Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions

Verlag: Springer International Publishing

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Abstract

The intent of this publication is to address four significant issues that have played a major role in the international aviation finance and lease practice. These matters are covered by the ‘Convention on International Interests in Mobile Equipment’ and the ‘Protocol on Matters specific to Aircraft Equipment’ (Cape Town Convention, 2001). First, the article addresses the existing national secured interests of the lessees (operator-lessees) of aircraft. For example, in the United States, the Kingdom of the Netherlands and other countries the airlines can obtain these important secured rights. Also at the global level an operator-lessee needs adequate protection of its financial interests when the lessor defaults or becomes insolvent. This contribution submits that the national secured interests of operator-lessees are governed by the Cape Town Convention. Secondly, the fundamental problem of the non-consensual rights that can be established in aircraft is discussed. Where certain requirements are met, under the Cape Town Convention the holders of national liens may be protected. These third-party rights have priority over the registered international interests of the financiers, lessors and operator-lessees. Anecdotal evidence corroborates that several (major) stakeholders are not aware of this important fact which may have a grave impact on their own interests. Thirdly, the contribution investigates the legal effects of choosing the applicable law in aviation finance and lease agreements. For instance, continuously it is proposed that the laws of New York and England provide adequate and modern aviation-related property law regimes. This publication contends that worldwide many lawyers do not appreciate that any choice of law clause in an agreement only has a very limited effect. This theory is endorsed by the Cape Town Convention. Fourthly, the negative consequences of the alleged application of the doctrine of accession to aircraft engines finance and lease transactions are reviewed. This controversial theory dictates that under all circumstances the owner of the aircraft becomes the owner of the engine as soon as the latter object is installed in the former. The Cape Town Convention stipulates that engines are separately financed and leased from the aircraft. Finally, some concluding remarks are made.

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Vorheriges Kapitel Rapport suisse sur le thème « Les sûretés grevant les moyens de transport – La Convention du Cap et sa transposition en droit national »

Nächstes Kapitel The Luxembourg Rail Protocol to the Cape Town Convention: Some Practical Differences from the Aviation Protocol

Not only in the Middle East, Asia, Western Europe and the U.S.A. the airlines operate modern aircraft. A prime example is Ethiopian Airlines which keeps ordering new aircraft, also in June, 2015. Ethiopia was the second state to adopt the Cape Town Convention in 2003. Since that time it has benefitted from the substantial advantages of the treaty. www.unidroit.org Moreover, in the global aviation industry it is a well-known fact that the financial effects of the treaty, particularly as a result of obtaining the ‘Cape Town Convention Discount’, have been very beneficial for Air Canada, Cargolux, several Eastern European carriers and other airlines which recently acquired new aircraft.

For example, Airbus obtained orders and commitments for aircraft worth US $ 57 billion and Boeing for aircraft worth US $ 50.2 billion during the June, 2015 Paris Air Show in France. See Reuters, 18 June, 2015. See also Boeing’s forecast, http://www.boeing.com/boeing/commercial/cmo/; Airbus Global Market Forecast 2015–2035, available at http://www.airbus.com/company/market/forecast/

In this contribution the term ‘aircraft objects’ means aircraft (airframes), helicopters and aircraft engines. For a definition see article I(1)(c) Aircraft Equipment Protocol. For particular aircraft engines problems see Chapter 21.6, infra. However, the present contribution concentrates on aircraft (airframes) and engines.

See for example: Global helicopter market forecast and opportunities, 2019.

For instance, the Portuguese state-owned airline TAP was intended to become totally privatized in June 2015. However, these plans did not materialize due to local political reasons. It is one of the few commercial carriers in the Member States of the European Union in which a national government still had a controlling stake.

Unfortunately, the fundamental legal and practical differences between the financing and leasing of ‘engines’ on the one side and ‘spare engines’ on the other are not understood by all legal practitioners. See B.P. Honnebier, The merits and pitfalls of the Handbook ‘Aviation Financing and Leasing 2014’, Zeitschrift für Luft- und Weltraumrecht/German Journal of Air and Space Law (ZLW), 2014–4, p. 559, at p. 577.

In this publication the term ‘proprietary interest’ or ‘property right’ includes all the interests and the right of ownership.

For example, well-known ‘Flag-States of Choice’ where the needed SPV’s are purposely established are Aruba, the Caribbean Netherlands, the Cayman Islands and Bermuda. See B.P. Honnebier and A.P. Berkhout, The Caribbean Netherlands is the Flag-State of Choice for cross-border aircraft lease transactions, Tax Planning International Review (TPIR), 2014–10, p. 30; The new legal and fiscal regimes that facilitate the financing and leasing of aircraft in the Netherlands and Dutch Caribbean, TPIR, 2012–6, p. 18; The new legal and fiscal aviation finance and lease opportunities in the Kingdom of the Netherlands, Journaal LuchtRecht/Netherlands Journal of Air Law (JLR), 2012–2, p. 38; B.P. Honnebier, Comparing the property laws of the aircraft registries of choice the (Caribbean) Netherlands, Bermuda, Ireland and Malta, JLR, 2014–3, p 55.

This publication submits in Chapter 21.3 that not only the rights of the owners and financiers of aircraft must be secured. It is argued that also the proprietary interests of the commercial and private operator-lessees of aircraft must be guaranteed in the event that the lessor is in default or becomes insolvent. The author personally presented this view at the annual meeting of the American Bar Association (ABA), Aircraft Finance Subcommittee, August 2004 in Atlanta. See B.P. Honnebier, New Protocols and the financing of aircraft engines, published in the ABA Forum on Air and Space Law’s journal The Air &Space Lawyer (TASL), 2006–1, p. 15.

R.M. Goode, The Cape Town Convention on International Interests in Mobile Equipment, ULR, 2002–1, p. 4.

Similar issues occur in relation to the finance and lease of trains and space assets. However, this article concentrates on aircraft and engines.

B.P. Honnebier, JLR, 2014–3, p 55.

B.P. Honnebier and J.M. Milo, The Convention of Cape Town: the creation of international interests in mobile equipment, European Review of Private Law (ERPL), 2004–1, p. 3.

See for example the English cases in which the transfer of title to the aircraft was disputed: Blue Sky One Limited & O’rs v Mahan Air [2009] EWHC 3314 (Comm); Blue Sky One Limited & O’rs v Mahan Air & Ano’r [2010] EWHC 631 (Comm); Air Foyle Ltd v Center Capital Ltd [2002] EWHC 2535 (Comm), 2 Lloyds Rep 753. The rights of the mortgagee could not be enforced in the latter case.

B.P. Honnebier, The devastating ‘Blue Sky’ judgment compels the member states of the European Union to adopt the Cape Town convention, The Aviation & Space Journal, 2012–2, p. 10; The English Blue Sky case shows that the aircraft finance practice needs uniform international substantive mortgage laws as the existing conflict rules fail, Tijdschrift Vervoer en Recht (TVR), 2011–2, 70; The Rectified contribution to Contemporary Issues and Future Challenges in Air and Space Law, November 2011; ZLW, 2011–1, p. 47.

B.P. Honnebier, The need for clear rules to facilitate the international financing of the acquisition and use of aircraft, Notarius International, 2000–4, p. 146; The European air transport sector requires an international solid regime facilitating aircraft financing: the Cape Town Convention, TVR, 2007–5, p. 151.

Due to the scope of this book, in this contribution the five topics can only be discussed summarily. For more extensive publications concerning the intent, need and effects of the Cape Town Convention, see the Introduction and country-specific chapters of this book, as well as the related earlier publications. See for example B.P. Honnebier, The Convention on International Interests in Mobile Equipment and the Aircraft Equipment Protocol Encourage European Property Law Reform, Edinburgh Law Review (ELR), 2004–1, p. 115; The fully-Computerized International Registry for Security Interests in aircraft and Aircraft Protocol that will be effective toward the beginning of 2006, Journal of Air Law and Commerce (JALC), 2006–1, p. 63. See also the Special Issue concerning the Cape Town Convention and the three different Protocols thereto, ERPL, 2004–1.

The significance of the instruments is evident as currently, and in a very short time, 66 states have adopted the Convention and 58 of them the Protocol. These countries are representative of economically developed and developing regions. In addition, they represent aircraft objects manufacturing as well as purchasing countries.

R.M. Goode, The Official Commentary on the Convention on International interests in Mobile Equipment and Protocol Thereto on Matters Specific to Aircraft Equipment, 2013; B.P. Honnebier, Review of the Official Commentary, International and Comparative Law Quarterly, 2005–1, p. 268; ASL, 2003–6, p. 334. For the text of the Convention and Protocol in several languages see www.unidroit.org

For the tremendous financial impact of the Cape Town Convention see for example V. Linetsky, Economic benefits of the Cape Town Treaty, 18 October 2009; A. Saunders and I. Walter, The proposed Convention: an economic impact assessment, 1988.

See for erroneous interpretations of the regime of the Geneva Convention B.J.H. Crans, How Many Engines on a Boeing 737, Air & Space Law (ASL), 2013–3, p. 229; M.L. Jakobsen and L.B. Gabelgaard, The Aircraft Engine Dispute in Denmark, ASL 2014–3, p. 214.

B.P. Honnebier, The Cape Town Convention and the Aircraft Equipment Protocol: Protecting the registered secured interests of airline lessees, Air and Space Law (ASL), 2005–1, p. 27; The new international regimen proposed by UNIDROIT as a means of safeguarding rights in rem of the holder of an aircraft under Netherlands law, Uniform Law Review (ULR), 2001–1, p. 5.

See article 2A Uniform Commercial Code (UCC) of the United States for the definition of a ‘true lease agreement’.

It is noted that the legal systems of all the territorial units of the Kingdom of the Netherlands do not provide for special operational or financial lease law (lex specialis). B.P. Honnebier, De (internationale) leasing transactie als financieringsmethode van roerende kapitaalgoederen, in: Dossier, 2007, p. 59; Een internationale uniforme materiële regeling voor het eigendomsvoorbehoud is tot stand gekomen. De conventie van Kaapstad, in: Nederlands Tijdschrift Burgerlijk Recht (NTBR), 2002–6, 233; De internationale financieringspraktijk heeft wederom behoefte aan de uitbreiding van het bestaande pakket van Nederlandse zakelijke rechten, Weekblad voor Privaatrecht, Notariaat Registratie (WPNR), 2000, 914.

B.P. Honnebier, The Cape Town Convention and the Aircraft Equipment Protocol: Protecting the registered secured interests of airline lessees, in: ASL, 2005–1, 27; The Dutch real rights of airlines can be the basis of international interests under the Convention of Cape Town, just like their equivalent American security interest, ERPL, 2004–1, 46;The new international regimen proposed by UNIDROIT as a means of safeguarding rights in rem of the holder of an aircraft under Netherlands law, in: ULR, 2001–1, 5.

See articles 8:1308 and 8:1309 Civil Code of all the territorial units of the Kingdom of the Netherlands and article 9 Uniform Commercial Code (UCC) of the United States. See B.P. Honnebier, ERPL, 2004–1, p. 46.

“The Contracting States undertake to recognise …: (b) rights to acquire aircraft by purchase coupled with possession of the aircraft; (c) rights of possession of aircraft under leases of six months or more”. (article I (1)(b-c) Geneva Convention).

For the situation in the United States see G. Gilmore, Security Interests in Personal Property (2 volumes), 1965; G. Gilmore, Security law, formalism and Art. 9, 47 Nebraska Law Review, 1987, p. 21; Repossession of Collateral and Foreclosure of Security Interests in Leveraged Lease Aircraft Finance Transactions, ASL-10, 1995, p. 9; O. Shrank, Commercial Concerns in Prepaid Rent Deals, Leader’s Equipment Leasing Newsletter, June 1996, p. 6; J. Honnold, The Law of Sales and Sales Financing, 4th edition 1976, p. 30; R.E. Speidel, Advance Payments in Contracts for Sale of Manufactured Goods: a Look at the Uniform Commercial Code, 52 California Law Review, 1964, p. 281; F.R. Kennedy, The Trustee in Bankruptcy under the Uniform Commercial Code: Some Problems Suggested by Art. 2 and 9, 37 Rutgers Law Review, 1960, p. 518; W.E. Hogan, The Marriage of Sales to Chattel Security in the UCC, Massachusetts Variety, Boston University Law Review, 1958, p. 571.

For example, most of the Canadian Provinces and Territories, Australia, New Zealand, Serbia and Surinam have similar laws. See for Canada’s applicable law M. Deschamps, Les regles de propriété de la Convention du Cap, ULR, 2002–1, pp. 22–24.

R.M. Goode, The Official Commentary, 2013. See articles 29(1)(4)(5), 30 Convention and XVI(1) Protocol. www.unidroit.org

Particularly India is notorious for the amount of unnecessary Court cases which have recently occurred. See for example the SpiceJet cases, Court Asks DGCA Not to De-register SpiceJet Planes till April 6 (March 26, 2015), http://profit.ndtv.com/news/industries/article-court-asks-dgca-not-to-de-register-spicejet-planes-till-april-6-7495452015; Corporate Aircraft Funding v. Union of India & ORS, W.P. (C) 792/2012, March 14, 2013; Directorate of Revenue Intelligence v. Corporate Air Craft Funding Co., LPA 226/2013 ¶ 22 (May 10, 2013) (Del.) [India] which concerned a private aircraft which was grounded for four years; Kingfisher Airlines cases DVB Aviation Finance Asia PTE Ltd v. Directorate General of Civil Aviation, et al., WP (C) 7661/2012 and CM No. 4208/2013 (8 April 2013)., 2013. All these cases, and more, which involved governmental agencies of India.

N. Downs, Taking Flight from Cape Town: Increasing Access to Aircraft Financing, University of Pennsylvania Journal of International Law, 2014–4, p 863; D.N. Gerber and D.R. Walton, De-registration and Export Remedies under the Cape Town Convention, Cape Town Convention Journal, November 2014, p. 49.

B.P. Honnebier, Collecting EUROCONTROL air navigation charges by precautionary arresting the aviation fuel of aircraft in the European Netherlands, JLR, 2013, no. 2–3, p. 33.

Reg. 4 Civil Aviation (Chargeable Air Services Detention and Sale of Aircraft for EUROCONTROL) Regulations 2001.

See the Irish Air Navigation and Transport (Amendment) Act 1998.

See for example the unreported English case Irish Aerospace (Belgium) N.V. v. EUROCONTROL and CAA, Queens Bench Division, Commercial Court, 10 June 1991. For a more detailed review of EUROCONTROL liens and this case see T. Christopher and J.H. Bax, Air Law, 1992–1, p. 2.

The primary goal of the AWG is to facilitate aviation financing and leasing and to address issues which hinder this intent. www.aero.com

See www.unidroit.org/status-2001capetown?id=1887

J.F. Pritchard and D.L. Lloyd, Analysis of Non-Consensual Rights and Interests under Article 39 of the Cape Town Convention, 2013; M. Scott, Liens in aircraft: priorities, JALC, 1958, Volume XXV, p. 193; B.P. Honnebier, JLR, 2014–3, p. 29.

For the United States Declaration under article 39 Convention see the UNIDROIT website www.unidroit.org.

ABA, Annual Meeting, Aircraft Financing Subcommittee, FATCA, Ex-Im Bank Reauthorization and Fuel Liens, presented by Chubbuck and Draz, Chicago,12 September 2014.

See www.unidroit.org/status-2001capetown?id = 1 584

F. Sanders, Loophole in aircraft mortgages poses threat to lawyers and financiers, 8 November, 2011; G. Hill, Financing and Investing in Engines, 31 March 2011, p. 7; E. Lawless, Enforcement of security over an aircraft, February 2010, p. 4; C.A. Gee, Choice of law after England’s Blue Sky One Case, June 2011; M. Hamilton, Aviation law areas of practice, 2011.

See the treatise on chattel mortgages by G. Gilmore, Security interests in personal property, Vol. I–II, 1965, p. 422. This author has been described as the ‘intellectual father’ of the Uniform Commercial Code (UCC) which is implemented (differently) in the legal systems of all the states of the United States.

Th.A. Zimmer and D. Pearson, Aircraft mortgages-English law or New York law?, see Aviation financing and leasing 2014, p. 6 The authors point out that a selection of New York or English law merely covers ‘the contractual relations’ between the parties to a mortgage agreement! See also Cheshire and North, Private International Law, 1999, p. 941.

Blue Sky One Limited & O’rs v Mahan Air & Ano’r [2010] EWHC 631 (Comm).

Blue Sky under paragraph 156. See also Glencore International AG v Metrotrading International Inc [2001] 1 Lloyds Rep 284.

B.P. Honnebier, The devastating ‘Blue Sky’ judgment compels the member states of the European Union to adopt the Cape Town convention, The Aviation & Space Journal, 2012–2, p. 10; The English Blue Sky case shows that the aircraft finance practice needs uniform international substantive mortgage laws as the existing conflict rules fail, TVR, 2011–2, 70; Rectified contribution to Contemporary Issues and Future Challenges in Air and Space Law, November 2011; ZLW, 2011–1, p. 47.

G.M. McBain, Anglo-American conflict of law rules relating to the conveyance of aircraft, 1991, p. 3.

A. Schlüter, Der Eigentumsvorbehalt im europäischen und internationalen Recht, Internationales Handelsrecht, 2001–4, p. 142; J.A. van der Weide, Mobiliteit van goederen in het IPR, pp. 181–184; B.P. Honnebier, ZLW, 2011–1, p. 61.

B.P. Honnebier, Collecting EUROCONTROL air navigation charges by precautionary arresting the aviation fuel of aircraft in the European Netherlands, JLR, 2013-2/3, p. 33, at p. 40.

As per 1 January 2012, article 10:127, sub 4 of the Civil Code of the European Netherlands prohibits that the parties to an agreement choose the applicable law as far as property rights in aircraft are concerned. It dictates that the lex registrii conflict of laws rule applies to both voluntarily and non-voluntarily established interests in aircraft. The substantive property law of the state where the aircraft is registered as to nationality or is recorded (teboekgesteld) decides the existing issues. This rule is appropriate to cover consensual rights in aircraft. However, the new law makes an elementary legal mistake by applying it to non-consensual rights in aircraft. See B.P. Honnebier, JLR, 2013-2/3, p. 33, at p. 40; JLR, 2011–2, p. 34.

See the comments to the draft CITEJA Conventions which refer to borrowed aircraft engines. It is stated that the legal accession of an engine is: … un acte illicite et même susceptible de repression pénale”, “… un vol…”. Compte Rendu, Doc. 162, 1931, p. 40.

R.M. Goode, The Official Commentary, 2013; The international interest as an autonomous property interest, 12 European Review of Private Law, 1/2004; International interests in mobile equipment and the Cape Town Convention and Aircraft Protocol: adding a new dimension to international law-making; The Cape Town Convention and Protocols and the Conflict of Laws, A commitment to private international law, 2013, p. 221; B.P. Honnebier, Bookreview, ICLQ, 2005, p. 268. See also www.unidroit.org /status -2001capetown-aircraft under Select Bibliography.

See the comments to the draft CITEJA Conventions which refer to borrowed aircraft engines. It is stated that the legal accession of an engine is: “… un acte illicite et même susceptible de repression pénale”. “… un vol…”. Compte Rendu, Doc. 162, 31 October, 1931, pp. 40–41. e

See for example G. Elbing, Sind Triebwerke wesentliche Bestandteile von Flugzeugen?, ZLW, 1995, p. 387, V. Sagaert,De UNIDROIT Conventiebetreffende international zakelijke rechten op roerend uitrustingsmaterieel, 2002–1; De UNIDROIT Conventie, Een laatste strohalm voor de Belgische luchtvaartindustrie, Rechtskundig Weekblad, 2002, 1367.H. Schlegel, Eigentumserwerb, 1938, pp. 60–64. See also the Court ruling Urteil des Hanseatischen Oberlandesgericht, Hamburg, 8 October 1931, Zivilsenat Bf. II 299/31.

See for example the special legal regime covering the possibility of accession of the parts to the certain aircraft, which is provided by Article 8:3a(2) of the Civil Code of all the territorial units of the Kingdom of the Netherlands. This provision dictates that no accession of engines takes place and that they are not component parts of the (particular) aircraft. Nevertheless, a few practitioners in the European Netherlands keep insisting the opposite while their view clearly hinders the finance and lease of aircraft engines. See further below.

N. Matteesco-Matte, Treatise on Air-Aeronautical law, 1981, p. 566 (emphasis added).

“The Contracting States undertake to recognise: (a) rights of property in aircraft; (b) rights to acquire aircraft by purchase coupled with possession of the aircraft; (c) rights of possession of aircraft under leases of six months or more; (d) mortgages, hypotheques and similar rights in aircraft which are contractually created as security for payment of an indebtness” (article I (1) (a-d) Geneva Convention).

Article XVI of the Geneva Convention describes the aircraft as follows: “For the purpose of this Convention the term ‘aircraft’ shall include the airframe, engines, propellers, radio apparatus, and all other articles intended for use in the aircraft whether installed therein or temporarily separated there from”. It is noted that this is not a legal definition.

B.P. Honnebier and A.P. Berkhout, TPIR, 2014–10, p. 30; 2012–6, 15; JLR, 2012–2, 38. Honnebier, Clarifying the alleged issues concerning the financing of aircraft engines, ZLW, 2007–3, 383; A. van de Velde, TVR, 2005, 44.

See minutes and documents of the ICAO Legal Committee regarding the realisation of the Geneva Convention, ICAO Doc, 4635, March 1948, pp. 35–37 119–120.

See Blade engine securitization, Private placement memorandum, p. 30, December 2006.It is noted that this document also refers to some other jurisdictions. However, these countries have adopted the Cape Town Convention which means that the aircraft engines dispute no longer exists there. See also Irish Stock Exchange, 2006.

The Cimber Sterling ruling by the Bankruptcy Court of Sønderborg in Denmark, cases BS SKSk-1292/2012, 1301/2012, 1302/2012, 1303/2012, 1304/2012 and 1306/2012. The Danish Court wrongfully applied article XVI Geneva Convention. Its ruling had a devastating impact on the global aviation community. See B.P. Honnebier, JLR, 2014–3, p. 61. It is noted that Denmark has adopted the Cape Town Convention in 2015. See the UNIDROIT website. However, this instrument does not govern the mortgage, lease and other agreements which were entered into before it entered intio force in this country.

See for example First National Bank of South Georgia v. Ayers Aviation Holdings, Inc. v. GATX, General Electric (GE) Company, United States Bankruptcy Court, Middle District of Georgia, Albany Division, Case 00–11881, 25 July, 2002. The ruling regarded, inter alia, the (wrongful) interpretation, validity and priority of the liens in the aircraft and engines. After much debate and other decisions, it finally ruled that based on the Geneva Convention the local law of the Czech Republic was the controlling law.

In the Kingdom of the Netherlands there should be no issue concerning the question whether aircraft engines are component parts of the certain aircraft. All the Courts, special aviation finance laws and prevailing legal opinion as formulated by the Legal Department of KLM conclude that there is no accession of aircraft engines. See the Supreme Court of the Netherlands (Hoge Raad), 26 March, 1936, Nederlandse Jurisprudentie (NJ), 1936, 757; Supreme Court of the Netherlands, NDS Provider, C06/082, 2008, 177; AAR Aircraft & Engine Group/Aerowings, Court of Appeals Den Bosch 2003–56; Volvo Aero Leasing/AVIA Air, Court of First Instance of Aruba, 25 June, 2003, no. 121. www.rechtspraak.nl The view of the combined Courts of First Instance of the European Netherlands is stated in their ‘Handbook for precautionary arrests’ (Beslagsyllabus), January 2016: no accession of engines occurs! This book is written by and for the judges and their view creates uniformity in cases concerning the dispute whether engines can be precautionary attached. See also B.P. Honnebier, TVR, ZLW, 2007–3, pp. 383–390; J.W. Wichers, 2002, pp. 13, 36, 37, 38, 48, 78, 102, 103, 104; C.H. Sieburgh, Toerekening van een onrechtmatige daad, 2000, pp. 202, 208; R.J.C. Flach, Scheepsvoorrechten, 2001, p. 206; B.G.P. Rogmans, Verkeersopvattingen, 2007, pp. 22, 28, 46; F.A. van Zoest, TVR 2002–6, pp. 183 and188; een fout van de wetgever?, TVR 2002–6, pp. 183 and188; E.B. Rank-Berenschot, Het luchtvaartuig als object van het vermogensrecht, WPNR, no. 6198, 1995, pp. 691, 695.

M.H. ten Wolde and H.B. Reehuis, Zekerheid in de wolken?, Liber Amicorum Wim Reehuis, 2014, p. 489.

For a more detailed analysis of the former and present different territorial units of the Kingdom of the Netherlands and the application therein of the Cape Town Convention, see the contribution to this book by S. van Erp. See also the documents which were lodged by the Kingdom of the Netherlands and deposited at the Secretariat of UNIDROIT. www.unidroit.org/nationalinfo-2001capetown

B.P. Honnebier and A.P. Berkhout, TPIR, 2012–6, p. 15; JLR, 2012–2, p. 38.

J. Balfour and R. Ricketts, Aircraft use, registration and leasing in the EC, ASL, 1993–1, p. 25.

ABA, Annual Meeting, Aircraft Financing Subcommittee, FATCA, Ex-Im Bank Reauthorization and Fuel Liens, presented by Chubbuck and Draz, Chicago,12 September 2014.

Airbus Global Market Forecast 2015–2035. Available at http://www.airbus.com/company/market/forecast/

Balfour, J., and R. Ricketts. 1993. Aircraft use, registration and leasing in the EC. Air & Space Law 18(1):25.

Boeing’s forecast. http://www.boeing.com/boeing/commercial/cmo/.

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Downs, N. 2014. Taking flight from Cape Town: Increasing access to aircraft financing. University of Pennsylvania Journal of International Law 35(4): 863.

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Titel: Analysing the Effects of the Cape Town Convention on Four Selected Issues That Hinder the International Financing and Leasing of Aircraft and Engines
verfasst von: B. Patrick Honnebier
Verlag: Springer International Publishing
Buch: Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions
Print ISBN: 978-3-319-46468-8

Electronic ISBN: 978-3-319-46470-1

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-46470-1_21