GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 Order in council
Order in council * 19 The provisions of this Act, and the provisions of any Act as enacted by this Act, come into force on a day or days to be fixed by order of the Governor in Council. * [Note: Sections 11 to 18 in force September 28, 2005, see SI/2005-89; section 10 in force April 14, 2008, see SI/2008-36; the heading before section 1, sections 1 to 9.1 and Schedules 1 to 3 in force April 1, 2013, see SI/2013-26.]
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
AWARE of the need to acquire and use mobile equipment of high value or particular economic significance and to facilitate the financing of the acquisition and use of such equipment in an efficient manner,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
RECOGNISING the advantages of asset-based financing and leasing for this purpose and desiring to facilitate these types of transaction by establishing clear rules to govern them,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
MINDFUL of the need to ensure that interests in such equipment are recognised and protected universally,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
DESIRING to provide broad and mutual economic benefits for all interested parties,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
BELIEVING that such rules must reflect the principles underlying asset-based financing and leasing and promote the autonomy of the parties necessary in these transactions,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
CONSCIOUS of the need to establish a legal framework for international interests in such equipment and for that purpose to create an international registration system for their protection,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
TAKING INTO CONSIDERATION the objectives and principles enunciated in existing Conventions relating to such equipment,
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
HAVE AGREED upon the following provisions:
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) agreement means a security agreement, a title reservation agreement or a leasing agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) assignment means a contract which, whether by way of security or otherwise, confers on the assignee associated rights with or without a transfer of the related international interest;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (c)
(c) associated rights means all rights to payment or other performance by a debtor under an agreement which are secured by or associated with the object;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (d)
(d) commencement of the insolvency proceedings means the time at which the insolvency proceedings are deemed to commence under the applicable insolvency law;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (e)
(e) conditional buyer means a buyer under a title reservation agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (f)
(f) conditional seller means a seller under a title reservation agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (g)
(g) contract of sale means a contract for the sale of an object by a seller to a buyer which is not an agreement as defined in (a) above;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (h)
(h) court means a court of law or an administrative or arbitral tribunal established by a Contracting State;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (i)
(i) creditor means a chargee under a security agreement, a conditional seller under a title reservation agreement or a lessor under a leasing agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (j)
(j) debtor means a chargor under a security agreement, a conditional buyer under a title reservation agreement, a lessee under a leasing agreement or a person whose interest in an object is burdened by a registrable non-consensual right or interest;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (k)
(k) insolvency administrator means a person authorised to administer the reorganisation or liquidation, including one authorised on an interim basis, and includes a debtor in possession if permitted by the applicable insolvency law;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (l)
(l) insolvency proceedings means bankruptcy, liquidation or other collective judicial or administrative proceedings, including interim proceedings, in which the assets and affairs of the debtor are subject to control or supervision by a court for the purposes of reorganisation or liquidation;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (m)
(m) interested persons means: (i) the debtor; (ii) any person who, for the purpose of assuring performance of any of the obligations in favour of the creditor, gives or issues a suretyship or demand guarantee or a standby letter of credit or any other form of credit insurance; (iii) any other person having rights in or over the object;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (ii)
(ii) any person who, for the purpose of assuring performance of any of the obligations in favour of the creditor, gives or issues a suretyship or demand guarantee or a standby letter of credit or any other form of credit insurance;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (iii)
(iii) any other person having rights in or over the object;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (n)
(n) internal transaction means a transaction of a type listed in Article 2(2)(a) to (c) where the centre of the main interests of all parties to such transaction is situated, and the relevant object located (as specified in the Protocol), in the same Contracting State at the time of the conclusion of the contract and where the interest created by the transaction has been registered in a national registry in that Contracting State which has made a declaration under Article 50(1);
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (o)
(o) international interest means an interest held by a creditor to which Article 2 applies;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (p)
(p) International Registry means the international registration facilities established for the purposes of this Convention or the Protocol;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (q)
(q) leasing agreement means an agreement by which one person (the lessor) grants a right to possession or control of an object (with or without an option to purchase) to another person (the lessee) in return for a rental or other payment;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (r)
(r) national interest means an interest held by a creditor in an object and created by an internal transaction covered by a declaration under Article 50(1);
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (s)
(s) non-consensual right or interest means a right or interest conferred under the law of a Contracting State which has made a declaration under Article 39 to secure the performance of an obligation, including an obligation to a State, State entity or an intergovernmental or private organisation;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (t)
(t) notice of a national interest means notice registered or to be registered in the International Registry that a national interest has been created;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (u)
(u) object means an object of a category to which Article 2 applies;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (v)
(v) pre-existing right or interest means a right or interest of any kind in or over an object created or arising before the effective date of this Convention as defined by Article 60(2)(a);
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (w)
(w) proceeds means money or non-money proceeds of an object arising from the total or partial loss or physical destruction of the object or its total or partial confiscation, condemnation or requisition;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (x)
(x) prospective assignment means an assignment that is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (y)
(y) prospective international interest means an interest that is intended to be created or provided for in an object as an international interest in the future, upon the occurrence of a stated event (which may include the debtor’s acquisition of an interest in the object), whether or not the occurrence of the event is certain;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (z)
(z) prospective sale means a sale which is intended to be made in the future, upon the occurrence of a stated event, whether or not the occurrence of the event is certain;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (aa)
(aa) Protocol means, in respect of any category of object and associated rights to which this Convention applies, the Protocol in respect of that category of object and associated rights;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (bb)
(bb) registered means registered in the International Registry pursuant to Chapter V;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (cc)
(cc) registered interest means an international interest, a registrable non-consensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (dd)
(dd) registrable non-consensual right or interest means a non-consensual right or interest registrable pursuant to a declaration deposited under Article 40;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (ee)
(ee) Registrar means, in respect of the Protocol, the person or body designated by that Protocol or appointed under Article 17(2)(b);
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (ff)
(ff) regulations means regulations made or approved by the Supervisory Authority pursuant to the Protocol;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (gg)
(gg) sale means a transfer of ownership of an object pursuant to a contract of sale;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (hh)
(hh) secured obligation means an obligation secured by a security interest;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (ii)
(ii) security agreement means an agreement by which a chargor grants or agrees to grant to a chargee an interest (including an ownership interest) in or over an object to secure the performance of any existing or future obligation of the chargor or a third person;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (jj)
(jj) security interest means an interest created by a security agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (kk)
(kk) Supervisory Authority means, in respect of the Protocol, the Supervisory Authority referred to in Article 17(1);
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (ll)
(ll) title reservation agreement means an agreement for the sale of an object on terms that ownership does not pass until fulfilment of the condition or conditions stated in the agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (mm)
(mm) unregistered interest means a consensual interest or non-consensual right or interest (other than an interest to which Article 39 applies) which has not been registered, whether or not it is registrable under this Convention; and
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (nn)
(nn) writing means a record of information (including information communicated by teletransmission) which is in tangible or other form and is capable of being reproduced in tangible form on a subsequent occasion and which indicates by reasonable means a person’s approval of the record.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 This Convention provides for the constitution and effects of an international interest in certain categories of mobile equipment and associated rights.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 For the purposes of this Convention, an international interest in mobile equipment is an interest, constituted under Article 7, in a uniquely identifiable object of a category of such objects listed in paragraph 3 and designated in the Protocol: (a) granted by the chargor under a security agreement; (b) vested in a person who is the conditional seller under a title reservation agreement; or (c) vested in a person who is the lessor under a leasing agreement. An interest falling within sub-paragraph (a) does not also fall within sub-paragraph (b) or (c).
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) granted by the chargor under a security agreement;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) vested in a person who is the conditional seller under a title reservation agreement; or
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (c)
(c) vested in a person who is the lessor under a leasing agreement.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6
An interest falling within sub-paragraph (a) does not also fall within sub-paragraph (b) or (c).
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 3
3 The categories referred to in the preceding paragraphs are: (a) airframes, aircraft engines and helicopters; (b) railway rolling stock; and (c) space assets.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) airframes, aircraft engines and helicopters;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 4
4 The applicable law determines whether an interest to which paragraph 2 applies falls within sub-paragraph (a), (b) or (c) of that paragraph.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 5
5 An international interest in an object extends to proceeds of that object.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 This Convention applies when, at the time of the conclusion of the agreement creating or providing for the international interest, the debtor is situated in a Contracting State.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 The fact that the creditor is situated in a non-Contracting State does not affect the applicability of this Convention.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 For the purposes of Article 3(1), the debtor is situated in any Contracting State: (a) under the law of which it is incorporated or formed; (b) where it has its registered office or statutory seat; (c) where it has its centre of administration; or (d) where it has its place of business.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) under the law of which it is incorporated or formed;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) where it has its registered office or statutory seat;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (c)
(c) where it has its centre of administration; or
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 A reference in sub-paragraph (d) of the preceding paragraph to the debtor’s place of business shall, if it has more than one place of business, mean its principal place of business or, if it has no place of business, its habitual residence.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 In the interpretation of this Convention, regard is to be had to its purposes as set forth in the preamble, to its international character and to the need to promote uniformity and predictability in its application.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 Questions concerning matters governed by this Convention which are not expressly settled in it are to be settled in conformity with the general principles on which it is based or, in the absence of such principles, in conformity with the applicable law.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 3
3 References to the applicable law are to the domestic rules of the law applicable by virtue of the rules of private international law of the forum State.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 4
4 Where a State comprises several territorial units, each of which has its own rules of law in respect of the matter to be decided, and where there is no indication of the relevant territorial unit, the law of that State decides which is the territorial unit whose rules shall govern. In the absence of any such rule, the law of the territorial unit with which the case is most closely connected shall apply.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 This Convention and the Protocol shall be read and interpreted together as a single instrument.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 To the extent of any inconsistency between this Convention and the Protocol, the Protocol shall prevail.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
An interest is constituted as an international interest under this Convention where the agreement creating or providing for the interest: (a) is in writing; (b) relates to an object of which the chargor, conditional seller or lessor has power to dispose; (c) enables the object to be identified in conformity with the Protocol; and (d) in the case of a security agreement, enables the secured obligations to be determined, but without the need to state a sum or maximum sum secured.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) relates to an object of which the chargor, conditional seller or lessor has power to dispose;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (c)
(c) enables the object to be identified in conformity with the Protocol; and
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (d)
(d) in the case of a security agreement, enables the secured obligations to be determined, but without the need to state a sum or maximum sum secured.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 In the event of default as provided in Article 11, the chargee may, to the extent that the chargor has at any time so agreed and subject to any declaration that may be made by a Contracting State under Article 54, exercise any one or more of the following remedies: (a) take possession or control of any object charged to it; (b) sell or grant a lease of any such object; (c) collect or receive any income or profits arising from the management or use of any such object.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) take possession or control of any object charged to it;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) sell or grant a lease of any such object;
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (c)
(c) collect or receive any income or profits arising from the management or use of any such object.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 The chargee may alternatively apply for a court order authorising or directing any of the acts referred to in the preceding paragraph.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 3
3 Any remedy set out in sub-paragraph (a), (b) or (c) of paragraph 1 or by Article 13 shall be exercised in a commercially reasonable manner. A remedy shall be deemed to be exercised in a commercially reasonable manner where it is exercised in conformity with a provision of the security agreement except where such a provision is manifestly unreasonable.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 4
4 A chargee proposing to sell or grant a lease of an object under paragraph 1 shall give reasonable prior notice in writing of the proposed sale or lease to: (a) interested persons specified in Article 1(m)(i) and (ii); and (b) interested persons specified in Article 1(m)(iii) who have given notice of their rights to the chargee within a reasonable time prior to the sale or lease.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (a)
(a) interested persons specified in Article 1(m)(i) and (ii); and
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 (b)
(b) interested persons specified in Article 1(m)(iii) who have given notice of their rights to the chargee within a reasonable time prior to the sale or lease.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 5
5 Any sum collected or received by the chargee as a result of exercise of any of the remedies set out in paragraph 1 or 2 shall be applied towards discharge of the amount of the secured obligations.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 6
6 Where the sums collected or received by the chargee as a result of the exercise of any remedy set out in paragraph 1 or 2 exceed the amount secured by the security interest and any reasonable costs incurred in the exercise of any such remedy, then unless otherwise ordered by the court the chargee shall distribute the surplus among holders of subsequently ranking interests which have been registered or of which the chargee has been given notice, in order of priority, and pay any remaining balance to the chargor.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 1
1 At any time after default as provided in Article 11, the chargee and all the interested persons may agree that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 2
2 The court may on the application of the chargee order that ownership of (or any other interest of the chargor in) any object covered by the security interest shall vest in the chargee in or towards satisfaction of the secured obligations.
International Interests in Mobile Equipment (aircraft equipment) Act — I-19.6 3
3 The court shall grant an application under the preceding paragraph only if the amount of the secured obligations to be satisfied by such vesting is commensurate with the value of the object after taking account of any payment to be made by the chargee to any of the interested persons.