Mexico Enacts Cape Town Treaty and Protocol Relating to International Guaranties for Air Transport Equipment.

September 24, 2007
Mexico Enacts Cape Town Treaty and Protocol Relating to International Guaranties for Air Transport Equipment.

On September 5 and 6, 2007 decrees promulgating the Treaty relating to International Guaranties on Air Transport Equipment adopted in CapeTown on November 16, 2001 were published in the Official Journal of the Federation, which will take effect on November 1, 2007. Thepurpose of such treaty is to provide security and certainty in international aircraft finance transactions involving the purchase of aeronauticalequipment (airplanes, engines and helicopters), railroad rolling stock and other specialized equipment. The treaty provides for recognition andassurance at the national level of its member countries regarding guaranties granted to finance the acquisition of said movable equipment. Theresult of this development is to confer recognition of a creditor’s rights, and potential control and enforcement of guaranties, with respect toloans made for the acquisition of these types of movable assets.

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