Moveable Transactions (Scotland) Act 2023 Explanatory Notes

Moveable Transactions (Scotland) Act 2023

2023 asp 3

Commentary on Sections

Part 1 – Assignation

Chapter 1 – Assignation of claims, protection of debtors and related matters

Saving

Section 18 – Saving as respects International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015

102. This is a saving provision which relates to certain rights (known as “associated rights”) which are governed by the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (S.I. 2015/912).

103. The 2015 Regulations implement the 2001 Convention on International Interests in Mobile Equipment (the “Cape Town Convention”). The Cape Town Convention makes provision, amongst other things, for an international security right in respect of aircraft objects (as defined in the Convention). There are special rules in relation to the assignment (assignation) of such a right, and the effect of this section is that these rules take precedence over the provisions in Part 1 of the Act. For example, regulation 27 of the 2015 Regulations deals with the effect of the assignment of “associated rights” (rights to payment or to other performance) on the related international interest.