Uzbek Senate yesterday passed the Accession of the Republic of Uzbekistan to the Convention on International Interests in Mobile Equipment (Cape Town, November 16, 2001) and to the Protocol on Aviation Equipment to the Convention on International Interests in Mobile Equipment (Cape Town, 16 November 2001) Bill.
It was noted that these international legal instruments were adopted in Cape Town on 16 November 2001 and entered into force on 1 March 2006, with 73 contracting states.
The Cape Town Convention and the Aviation Protocol are intended to standardize transactions involving movable property, for registration of contracts of sale, 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 for aircrafts, and aircraft engines.
According to the senators, the accession of the Republic of Uzbekistan to the said international treaties will allow to save public money for acquisition of expensive aircraft, which will ultimately improve flights safety degree.
