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Concept
Cape Town Treaty
Summary
The Cape Town Convention on International Interests in Mobile Equipment, or Cape Town Treaty is an international treaty intended to standardize transactions involving movable property. The treaty creates international standards for registration of contracts of sale (including dedicated registration agencies), security interests (liens), leases and conditional sales contracts, and various legal remedies for default in financing agreements, including repossession and the effect of particular states' bankruptcy laws.
Four protocols to the convention are specific to four types of movable equipment: Aircraft Equipment (aircraft and aircraft engines; signed in 2001), railway rolling stock (signed in 2007), space assets (signed in 2012) and "Mining, Agricultural and Construction Equipment" (signed in 2019). The aircraft Protocol entered into force in 2006, while the others are not in effect.
The treaty resulted from a diplomatic conference held in Cape Town, South Africa in 2001. The conference was attended by 68 countries and 14 international organizations. 53 countries signed the resolution proposing the treaty. The treaty came into force on 1 March 2006, and has been ratified by 57 parties. The Aircraft Protocol (which applies specifically to aircraft and aircraft engines) took effect on 1 March 2006 when it was ratified by 9 countries: Ethiopia, Ireland, Malaysia, Nigeria, Oman, Panama, Pakistan, and the United States.
As of 2023, the convention has been ratified by 80 states as well as the European Union. The railway rolling stock and the space protocols have been ratified by respectively three countries (Gabon, Luxembourg and Sweden), as well as the European Union, and no countries and thus have not taken effect. An overview of the status of the treaty and protocols is shown below:
The European Union joined the convention and the Aircraft Protocol as a Regional Economic Integration Organization. On the subject of the convention, both the Member states of the European Union and the Union itself have competence: e.
Official source
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