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The National Report for the USA provides an overview of secured transactions law generally, primarily Article 9 of the Uniform Commercial Code (“UCC”). Article 9 has been enacted in substantially the uniform version in every state of the USA. The Report summarizes the relationship between the Cape Town Convention, including the Aircraft Protocol (together, “CTC”), and non-Convention law. Of particular interest and significance, registrations with the international registry must be made through the Federal Aviation Administration (“FAA”) as a mandatory (except for engines) entry point and registration is also conditioned on FAA authorization. Under the CTC it is the international registration—not the filing for recordation of relevant transaction documents in the FAA registry—that controls issues of third-party effectiveness and priority. However, USA federal law requires compliance with both regimes. This structure was thought necessary to obtain the support and cooperation of the FAA and local interests (such as attorneys and title companies) in the process of obtaining USA ratification of the CTC. This redundant registration structure is difficult to justify based on the costs and meager (if any) benefits of the system. It should be reconsidered.
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Goode, Roy. 2013. The convention on international interests in mobile equipment and protocol thereto on matters specific to aircraft objects: Official commentary, 3rd ed. Rome: UNDROIT.
Mooney Jr., Charles W. 2015. The Cape Town Convention’s improbable-but-possible progeny part two: Bilateral investment treaty-like enforcement mechanism. Virginia Journal of International Law 55: 451.
Saunders, Anthony, Anand Srinivasan, Ingo Walter, and Jeffrey Wool. 1999. The economic implications of international secured transactions law reform: A case study. University of Pennsylvania Journal of International Economic Law 20: 309.
Wool, Jeffrey. 2012. Treaty design, implementation, and compliance benchmarking economic benefit—A framework as applied to the Cape Town Convention. Uniform Law Review 17: 633. CrossRef
Wool, Jeffrey. 2015. Compliance with transnational commercial law treaties—A framework as applied to the Cape Town Convention. Cape Town Convention Journal 3.
- United States of America: Reconsidering the Transaction Document Filing Requirement for National Registry
Charles W. Mooney Jr.
- Chapter 11
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