According to an article in The Monitor, last Thursday the U.S. Ambassador “deposited the instrument of ratification for the treaty and the accompanying aircraft protocol with UNIDROIT, the international organization based in Rome, Italy, that is the depositary of the Cape Town Convention and aircraft protocol”. The treaty is expected to reduce certain risks and provide greater certainty with respect to cross-border sales, financings and leases of large commercial aircraft and aircraft engines.
The treaty went into force on April 1, 2004 and following ratification of the aircraft protocol by 8 countries, it will become effective as applied to aircraft and aircraft engines. Of the 28 countries that have signed the treaty, 5 have completed the ratification process.
More information on the convention is available from UNIDROIT’S
