San Marino Aircraft Registry's ratification to Cape Town Convention

The Cape Town Convention is one of the most important and innovative international conventions to have been concluded in the field of transactional commercial law and has already secured nearly 50 ratifications.
 
The Convention is intended to give parties involved in such transactions greater confidence and predictability, principally through the establishment of a uniform set of rules guiding the constitution, protection, prioritisation, and enforcement of certain rights in aircraft and aircraft engines. It alters the rules governing aircraft sales, leases and financing on a jurisdiction-by-jurisdiction basis by establishing a new international framework and providing for the creation of an International Registry ("The International Registry") to be supervised by the International Civil Aviation Organization ("ICAO").
 
David Colindres ,president of the San Marino Aircraft Registry said: "This ratification is very important as it gives value added and confidence to banks and leasing companies. The Registration of interest in an asset such as an aircraft is considered to be best practice for owners, creditors, debtors, lessors, lessees, agents and others in protecting their financial interest in such an asset."