The regulation of secured transactions under the future UNIDROIT Convention: a Hungarian point of view

Harmathy, Attila

doi:10.1093/ulr/4.2.433

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“…126 As Harmanthy as pointed out: 'Continental law generally regards this approach as one-sided and seeks to protect the debtor's interests not only ex post, by means of a possible obligation to pay damages, but also ex ante, by preventing abuse deriving from unilateral enforcement of rights.' 127 Similarly the application of the international security regime to aircraft engines 128 is not compatible with the civilian concept that component parts of one asset (in this case an aircraft) cannot be made subject to a separate security right 129 if such a component part is considered an integral and indispensable part of that other object. Nevertheless, the purpose of the Convention and the Aircraft Protocol is to facilitate secured financing and it is increasingly common for airframes to be financed separately from aircraft engines.…”

Section: The Aircraft Protocolmentioning

confidence: 99%

The NewLex Mercatoria:International Interests in Mobile Equipment

Davies

2003

ICLQ

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Historically, the trend towards the harmonisation of commercial laws has been concerned either with the creation of a regime dealing with international transactions while preserving the identity of national laws or alternatively the emergence of supranational entities where the focus has been upon progressing a common market or political or economic grouping. The legal instruments that have promoted harmonisation1 have mainly revolved around a model law such as the UNCITRAL Model Law on International Commercial Arbitration (1985) or those instruments that deal with international commercial contracts and depend for their application on incorporation into contracts. Clearly there are limits on the effectiveness of international proposals for contractual incorporation. By definition, they are not mandatory and for them to have any realistic effect there must exist a considerable degree of homogeneity in commercial practice as seen, for example, with documentary letters of credit.2 In addition, contractual mechanisms have mainly an inter-partes dimension3 and are not therefore apt to deal with third party rights including the recognition and enforcement of international security interests.

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Section: The Aircraft Protocolmentioning

confidence: 99%

The NewLex Mercatoria:International Interests in Mobile Equipment

Davies

2003

ICLQ

View full text Add to dashboard Cite

show abstract

The regulation of secured transactions under the future UNIDROIT Convention: a Hungarian point of view

Cited by 1 publication

References 0 publications

The NewLex Mercatoria:International Interests in Mobile Equipment

The NewLex Mercatoria:International Interests in Mobile Equipment

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