The Cape Town Treaty and International Registry of Mobile Assets ("IR") went into effect March 1, 2006. The Cape Town Treaty modified existing law and created new law by establishing "international interests" with respect to specified financing instruments that affect designated classes of aircraft called "aircraft objects."
Aircraft objects include:
1. An airframe that is type certified to transport at least eight (8) persons including crew, or goods in excess of 2,750 kilograms (6,063 pounds).
2. A helicopter that is type certified to transport at least five (5) persons including crew, or goods in excess of 450 kilograms (990 pounds).
3. Jet propulsion aircraft engines with at least 1,750 pounds of thrust or its equivalent.
4. Turbine-powered or piston-powered aircraft engines with at least 550 rated take-off shaft horsepower or its equivalent.
The IR was created as an online database to establish the priority of international interests in aircraft objects. Priority of the interests is determined on a first-to-file basis and it is important to note that no interest is truly perfected by any party without proper registration with the IR. International interests in applicable aircraft objects should be registered with the IR regardless of whether the aircraft will be flying domestically or internationally.
Our company can act as an administrator on behalf of entities wishing to register their interests with the IR. We will act as the Professional User Entity (PUE) making IR transactions much easier for the client.
Click Here to contact Aero-Space Reports with any questions relating to the International Registry or the Cape Town Treaty.
