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 ownership (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.
Three protocols to the convention are specific to three types of movable equipment: Aircraft Equipment (aircraft and aircraft engines; signed in 2001), railway equipment (signed in 2007) and space assets (signed in 2012).
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 Convention portion of the treaty came into force on April 1, 2004, and has been signed by 28 countries. The Protocol (which applies specifically to aircraft and aircraft engines ) took effect on March 1, 2006 when it was ratified by 8 countries: Ethiopia, Ireland, Malaysia, Nigeria, Oman, Panama, Pakistan, and the United States.
Read more about Cape Town Treaty: Signatures and Ratifications
Famous quotes containing the words cape, town and/or treaty:
“A solitary traveler whom we saw perambulating in the distance loomed like a giant. He appeared to walk slouchingly, as if held up from above by straps under his shoulders, as much as supported by the plain below. Men and boys would have appeared alike at a little distance, there being no object by which to measure them. Indeed, to an inlander, the Cape landscape is a constant mirage.”
—Henry David Thoreau (1817–1862)
“In the County Tyrone, in the town of Dungannon,”
—Unknown. The Old Orange Flute (l. 1)
“The hand that signed the treaty bred a fever,
And famine grew, and locusts came;
Great is the hand that holds dominion over
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—Dylan Thomas (1914–1953)