In November 2001 the Convention on Interests in Mobile Equipment (CIME) and the Aircraft Equipment Protocol (AEP) have been concluded. The CIME is a framework convention incorporating general provisions. The regime relates only to certain categories of mobile equipment, which are defined in separate protocols. The AEP is the first protocol that has been introduced. It relates exclusively to aircraft, aircraft engines and helicopters. The Railway Rolling Stock Protocol and Space Assets Protocol are to follow in due course. Furthermore, protocols for oilrigs, containers and trucks may follow. The CIME/AEP is an ambitious project from a legal point of view. This document contains uniform substantive provisions relating to property law. Furthermore, it introduces rules in respect of the enforcement and priority of interests in aircraft objects in case of and outside the bankruptcy of the debtor. Previous attempts at codifying these areas of the law at the international level have been unsuccessful. Particularly, the complexity and diversity of European property rights account for this fact. The creation of uniform law regarding security interests in movables requires by far the most drastic change in European national laws. The past has proved how extremely difficult it is to transcend the parochialism that exists in the property regimes of European states. The CIME/AEP provides for the creation of an international interest. Furthermore, the convention establishes an International Registry at which an international interest may be entered. Additionally the CIME/AEP regime lays down the remedies of the holder of an international interest. Following international registration, and depending on its priority status the holder can exercise its international interest in respect of the debtor in any contracting state. Finally, the CIME provides that a Regional Economic Integration Organisation also may sign it. Consequently, if the European Union accepts the convention, it has the rights and obligations of a contracting state.
European Review of Private Law