On 16 November 2001, at Cape Town, the Convention on International Interests in Mobile Equipment was signed. The diplomatic conference, 29 October–16 November, under the auspices of UNIDROIT and ICAO. Six equally authentic texts: English, Arabic, Chinese, French, Russian, Spanish. Depositary: UNIDROIT. It is not the Luxembourg Protocol on railway rolling stock (2007) and not the Pretoria MAC Protocol (2019).

The preamble: the need to acquire and use mobile equipment of high value or particular economic significance; asset-based financing and leasing; universal recognition of interests; an international registration system. Article 2: an international interest, constituted under Article 7, in a uniquely identifiable object of a category designated in the Protocol: (a) granted by the chargor under a security agreement; (b) vested in the conditional seller under a title reservation agreement; or (c) vested in the lessor under a leasing agreement. The categories in Article 2(3): (a) airframes, aircraft engines and helicopters; (b) railway rolling stock; and (c) space assets. The interest extends to proceeds of the object. Article 3: the Convention applies when, at the conclusion of the agreement, the debtor is situated in a Contracting State; a creditor in a non-Contracting State does not affect applicability.

Article 6: the Convention and the Protocol shall be read as a single instrument; to the extent of any inconsistency, the Protocol prevails. Article 7: the agreement is in writing; the object is identifiable in conformity with the Protocol; in the case of a security agreement, the secured obligations can be determined, without a stated maximum sum. Article 8: in the event of default, the chargee, if so agreed and subject to declarations under Article 54, may take possession or control, sell or grant a lease, collect income; alternatively, a court order; exercise in a commercially reasonable manner. Article 10: the conditional seller or lessor may terminate and take possession. Article 13: speedy relief pending final determination — preservation, possession, immobilisation, management.

Article 16: an International Registry for international interests, prospective international interests, registrable non-consensual rights, assignments, subrogations, notices of national interests and subordinations; different registries for different categories. Article 17: a Supervisory Authority and a Registrar; a notice-based electronic registration system. Article 29: a registered interest has priority over any subsequently registered interest and over an unregistered interest, even with actual knowledge of the other; a buyer takes subject to interests registered at acquisition and free from unregistered interests. Article 30: in insolvency proceedings against the debtor, an international interest is effective if registered before commencement of those proceedings.

Article 47: open for signature at Cape Town by States participating in the conference; thereafter at UNIDROIT Headquarters in Rome until entry into force. Article 48: Regional Economic Integration Organisations. Article 49: entry into force on the first day of the month following the expiration of three months after the third instrument, but only as regards a category of objects to which a Protocol applies, from the time that Protocol enters into force and as between States Parties to both. The United Nations Treaty Series records 1 March 2006, No. 41143, volume 2307, p. 285, together with the Aircraft Protocol, opened the same day. Article 51: future Protocols for other categories of high-value mobile equipment. Article 56: no reservations; authorised declarations. Article 62: depositary UNIDROIT.

Cape Town, seen from the slopes of Table Mountain. The city of the diplomatic conference, not the confirmed signing hall. Wikimedia Commons, CC BY-SA 3.0.

For context: Cape Town Treaty. The text: UNIDROIT, Convention on International Interests in Mobile Equipment.