19. Security Interests in Transport Vehicles: The Cape Town Convention and Portuguese Law

M.H. Brito, “A Convenção da Cidade do Cabo relativa a garantias internacionais sobre equipamento móvel e o Protocolo Anexo sobre questões específicas relativas a equipamento aeronáutico”, Nos 20 anos do Código das Sociedades Comerciais, Vol. III, Coimbra, 2007, p. 447 ff (p. 455); L.M. Leitão, “A Convenção do Cabo e o Protocolo sobre equipamento aeronáutico. Registo internacional de aeronaves”, Estudos de Direito Aéreo, Coimbra, 2012, p. 617 ff (p. 618).

Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (Cape Town, 16.11.2001).

Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Railway Rolling Stock (Luxembourg, 23.02.2007).

Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Space Assets (Berlin, 9.03.2012).

Some systems of Private International Law adopt a special connecting factor for certain categories of objects. This is the case of Portuguese law. Article 46(3) of the Civil Code (hereafter CC) sets up that: “The creation and transfer of rights in rem pertaining to means of transport subject to a matriculation are ruled by the law of the country where the matriculation has been effected”. See D. Moura Vicente, “O estatuto jurídico da aeronave”, Estudos de Direito Aéreo, p. 571 ff (p. 583 f).

The 1948 Geneva Convention on the International Recognition of Rights in Aircraft is in force in Portugal since 12.03.1986.

About the law applicable to “title reservation agreement”, L. Lima Pinheiro, A venda com reserva da propriedade em direito internacional privado, Lisboa, 1991, specially, p. 87 ff.

Article III of the Aircraft Equipment Protocol; Article IV of the Space Assets Protocol.

Article 4 of Decreto-Lei 54/75, 12.02.1975.

Articles 205 and 206 of Regulation on Air Navigation (“Regulamento de Navegação Aérea”), approved by Decreto 20.062, 25.10.1930.

Articles 584 ff of Portuguese Commercial Code. About mortgage over ships, S. Aires, “Hipoteca sobre navios”, Estudos em Homenagem ao Prof. Doutor José Lebre de Freitas, Vol. II, Coimbra, 2013, p. 447 ff.

The most important is the pledge over tangible assets in favour of credit institutions (Decreto-Lei 29.833, 17.08.1939). For more examples and details, M.J. Almeida Costa, Direito das Obrigações, 11th ed., Coimbra, 2008, p. 926.

A. Cristas & M.F. Gouveia, “Transmissão da propriedade de coisas móveis e contrato de compra e venda. Estudo comparado dos Direitos Português, Espanhol e Inglês”, Transmissão da propriedade e contrato, Coimbra, 2001, p. 15 ff (p. 56 ff).

About that problem: G.F. Dias, “Reserva de propriedade”, Comemorações dos 35 Anos do Código Civil e dos 25 Anos da Reforma de 1977, Vol. III, Coimbra, 2007, p. 417 ff (p. 425 ff); L. Carvalho Fernandes, “Notas breves sobre a cláusula de reserva da propriedade”, Estudos em Homenagem ao Professor Doutor Carlos Ferreira de Almeida, Vol. II, Coimbra, 2011, p. 321 ff (p. 334 ff).

R.P. Duarte, Curso de direitos reais, 3rd ed., Cascais, 2013, p. 305 ff; L.P. Vasconcelos, Direito das garantias, Coimbra, 2010, p. 358 ff (p. 359, 363, 377 ff); L.L. Pinheiro, A cláusula de reserva de propriedade, Coimbra, 1988, p. 109 ff; G.F. Dias, “Reserva de propriedade”, p. 436 ff. In the same sense, in recent decisions of Portuguese Courts: STJ, 07.07.2010; STJ, 09.10.2008; TRL, 28.02.2013; TRP, 29.04.2013; TRC, 19.12.2012; TRG, 21.05.2009; TRE, 07.10.2009.

Article 1(1) of Decreto-Lei 149/95, 24.06.1995. See also Article 1 of the UNIDROIT Convention on International Financial Leasing.

Article 3(5) of Decreto-Lei 149/95.

R.P. Duarte, “A locação financeira (Estudo jurídico do leasing financeiro)” (1981), Escritos sobre leasing e factoring, Estoril, 2001, p. 9 ff (p. 85 ff); Id., “Aspectos contratuais do aluguer, da locação financeira e de outros contratos afins à face da lei portuguesa” (1992), Escritos…, p. 161 ff (p. 164 ff); Id., Curso de direitos reais, p. 265. In the same sense, in recent decisions of Portuguese Courts: TRL, 10.04-2008; TRL, 20.01.2011; TRL, 09.06.2011; TRL, 03.11.2011.

J.P. Remédio Marques, “Locação financeira restitutiva (sale and lease back) e a proibição dos pactos comissórios – negócio fiduciário, mútuo e acção executiva”, BFDUC, 2001, p. 575 ff (p. 604); A.F. Morais Antunes, O contrato de locação financeira restitutiva. Do diálogo difícil com a proibição legal do pacto comissório, Lisboa, 2008, p. 23, 57. In the same sense, in recent decisions of Portuguese Courts: STJ, 28.10.1999; TRL, 24.01.2012.

OJ L 168, 27.06.2002, p. 43–50.

Decreto-Lei 105/2004 was modified by Decreto-Lei 85/2011, 29.06.2011. Its new version takes into account Directive 2009/44/EC of the European Parliament and of the Council amending, among others, Directive 2002/47/EC (OJ L 146, 10.6.2009, p. 37–43).

The Portuguese version includes a word – “fiduciária”, equivalent to “fiduciary” – without correspondence in the English text of the Directive.

P. Pais Vasconcelos, Contratos atípicos, 2nd ed., Coimbra, 2009, p. 277 ff (p. 282 ff); L.C. Fernandes, “A admissibilidade do negócio fiduciário no direito português”, Estudos sobre simulação, Lisboa, 2004, p. 243 ff (p. 269 ff); Id, Teoria Geral do Direito Civil, Vol. II, 5th ed., Lisboa, 2010, p. 347 ff (p. 354 f); V.P. Neves, A cessão de créditos em garantia, Lisboa, 2005, p. 157 ff; L.P. Vasconcelos, A cessão de créditos em garantia e a insolvência, Coimbra, 2007, p. 83 ff. Against this view, C. Ferreira de Almeida, Contratos III, Coimbra, 2012, p. 176 ff (with other references).

In the same sense, Article IV of the Space Assets Protocol in what concerns “contracts of sale” and “prospective sales” of space assets. In this aspect, the system of the Railway Rolling Stock Protocol seems to be different (Article XVII).

Comparing to the system created by Article 9 of the Uniform Commercial Code, L.M. Leitão, “A Convenção do Cabo…”, p. 622.

This regime does not apply in its terms to “aircraft equipment”, to “space assets” and to “railway rolling stock”, because the relevant Protocols create special priority rules (Article XIV of the Aircraft Equipment Protocol; Article XXIII of the Space Assets Protocol; Article VIII of the Railway Rolling Stock Protocol).

That is, an item not included in the categories “aircraft object”, “railway rolling stock” or “space asset”, as defined in the relevant Protocol.

About the constitutive nature of the registration of the mortgage in Portuguese law: L.C. Fernandes, Lições de direitos reais, 6th ed., Lisboa, 2009, p. 133 f; L.M. Leitão, Direitos reais, Coimbra, 2009, p. 467 f.

Although the differences in the opinion of the Authors and in Court decisions about the notion of “third parties” for the purposes of registration rules, Portuguese Supreme Court, in a non-unanimous “uniformity ruling” (No. 3/99, 18.05.1999), adopted the traditional meaning: “«third parties» for the purposes of Article 5 CRPred are the acquirers, in good faith, from the same common transferor, of incompatible rights over the same asset”. So, Article 5 CRPred was modified by Decreto-Lei 533/99, 11.12.1999, by means of the addition of paragraph 4, as follows: “«third parties», for the purposes of registration rules, are the acquirers, from the same common transferor, of incompatible rights among them”. See an overview on this question in STJ, 30.06.2011.

INAC was established by Decreto-Lei 133/98, 15.05.1998, and is now ruled in Decreto-Lei 145/2007, 27.04.2007. Its Regulation was approved by Portaria 543/2007, 30.04.2007.

The Convention on International Civil Aviation, signed in Chicago on 7.12.1944, entered into force on 4.04.1947. Portugal is bound by this Convention from the beginning.

This is the case in Portuguese law, in what concerns the execution of mortgage: L.C. Fernandes, Lições de direitos reais, p. 159; R.P. Duarte, Curso de direitos reais, p. 249 f; L.M. Leitão, Direitos reais, p. 480.

For developments on this matter: A. Menezes Cordeiro, Tratado de Direito Civil Português, Vol. II – Direito das Obrigações, Tomo IV – Cumprimento e não cumprimento, transmissão, modificação e extinção, garantias, Coimbra 2010, p. 103 ff; M. Lima Rego & C.F. Almeida, “Contract Law”, Portuguese Law. An Overview, Coimbra, 2007, p. 187 ff (p. 191 ff).

About “penalty clause”: A. Pinto Monteiro, Cláusula penal e indemnização, Coimbra, 1990; N. Pinto Oliveira, Cláusulas acessórias ao contrato: Cláusulas de exclusão e de limitação do dever de indemnizar e cláusulas penais, 3rd ed., Coimbra, 2008, p. 71 ff.

Even if the credit guaranteed by a mortgage is not yet due (Articles 788(7) and 791(3) of the Portuguese Civil Procedure Code, Código de Processo Civil, hereafter CPC).

According to the Portuguese Insolvency and Recovery Code (Código da Insolvência e da Recuperação de Empresas, approved by Decreto-Lei 53/2004, 18.03.2004, as amended, hereafter CIRE), the declaration of insolvency determines the maturity of all the obligations of the debtor, which are not subject to a condition precedent (Article 91(1)).

Articles 752(1) and 788(1) CPC and Article 128(1)(c) CIRE.

The law also forbids the prohibition of selling the mortgaged objects – Article 695 CC.

About pactum comissorium: J. Vieira Gomes, “Sobre o âmbito da proibição do pacto comissório, o pacto comissório autónomo e o pacto marciano – Acórdão do STJ de 30.1.2003, Rec. 3896/02”, Cadernos de direito privado, No. 8, 2004, p. 57 ff; I. Andrade Matos, O pacto comissório. Contributo para o estudo do âmbito da sua proibição, Coimbra, 2006, in special, p. 107 ff.

Article 11 of Decreto-Lei 105/2004, as amended by Decreto-Lei 85/2011, 29.06.2011, under the epigraph “Enforcement of contacts of financial pledge”: “(1) In the context of financial pledge, the beneficiary of the collateral may enforce it, by appropriating the object provided as financial collateral, through sale or taking its possession, either setting-off its value or applying it to pay the guaranteed financial obligations: (a) if the parties have so agreed; (b) if the parties have agreed on the valuation of the financial instruments and of the credits over third parties provided as collateral. (2) The beneficiary of the collateral is obliged to reimburse the guarantor of an amount corresponding to the difference between the value of the object of the collateral and the value of the guaranteed financial obligations. (3) The provision of sub-paragraph (b) of paragraph (1) shall not affect any legal obligation under which the realisation or valuation of financial collateral and the calculation of the relevant financial obligations must be conducted in a commercially reasonable manner […].”

In this sense, STJ, 16.03.2011.

V.P. Neves, A cessão de créditos em garantia, p. 499.

See also: Article XXI of the Space Assets Protocol; Article IX of the Railway Rolling Stock Protocol.

For developments about insolvency in Portuguese law: Novo Direito da Insolvência, Themis, special edition, 2005; C. Serra, O Regime Português da Insolvência, 5th ed., Coimbra, 2012; L.M. Leitão, Direito da insolvência, 5th ed., Coimbra, 2013.

R.P. Duarte, “Efeitos da declaração de insolvência quanto à pessoa do devedor”, Themis, special edition, 2005, p. 131 ff.

The administration of the insolvency is also assigned to the debtor if the creditors so agree in the assembly where the report was examined, in the conditions laid down in Article 224(3) CIRE.

J. Oliveira Ascensão, “Insolvência: efeitos sobre os negócios em curso”, Themis, special edition, 2005, p. 105 ff.

By Lei 16/2012, 20.04.2012.