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Abstract

[extract] The Convention on International Interests in Mobile Equipment, with its associated Aircraft Equipment Protocol, was concluded at Cape Town in November 2001 and, so far as I am aware, is unique, first, in creating a truly transnational form of real right, the international interest in mobile equipment, and, secondly, in providing for the establishment of an international register to record such interests and dealings in them. The absence in the past of an international substantive law regime for the protection of security interests and title-retention rights in equipment of high unit-value, such as aircraft objects, railway rolling stock and space assets, has seriously inhibited the extension of credit and leasing facilities for the acquisition of such assets and, where such facilities have been extended, has significantly increased the cost.

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