Jetrader - Autumn 2016 - 34

Fortunately, the Cape Town Convention has fixed the two major concerns raised by aircraft financiers and lessors by granting a separate legal status to the aircraft engines. Thus the discussion of "whether engines are component parts of the aircraft or not" has come to an end, and consequently it has also become possible to  establish pledges on the aircraft engines. It is encouraging to see that Cape Town Convention's remarkable effects are appearing in subsequent case laws in civil law-governing countries. In several proceedings, the Dutch courts have decided that no accession of aircraft engines take place10 and engines are not considered parts of the airframe to which they are attached and that they can be the objects of separate security interests.11 The above Dutch rulings are obviously influenced by and coincide with the Cape Town Convention's rules, which indeed demonstrate that the Convention and Protocol are answering the purpose of their creation. And luckily, Article XXIII of the Protocol addressed to Geneva Convention states that the Cape Town Convention supersedes the Geneva Convention and its articles as long as they relate aircrafts and aircraft objects.12 Despite the fact that the Cape Town Convention is a remarkable improvement in aircraft financing and it supersedes its processor's provisions in the definition of engines, it is crucial to remember that it still has to be ratified by a significant number of countries. Considering it is ratified by 71 states as of today13, and it cannot apply where a relevant state is not a signatory14, it is important to advocate for its ratification by the rest of the world for the good of the aviation industry. 5. 6. 7. 8. 9. Sources: 1. BF Havel and GS Sanchez, The Principles and Practice of International Aviation Law (1st edn, Cambridge 2014) 351 2. Convention on the International Recognition of Rights in Aircraft signed at Geneva on 19th of June 1948, and came into force on 17th of September 1953 3. Convention on International Interests in Mobile Equipment, and Protocol to the Convention on International Interests in Mobile Equipment signed at Cape Town on 16th of January 2001 and came into force on 1st of March 2006. 4. Article XVI, Geneva Convention. Accessible t hr o u gh: h t t p://w w w.ju s .u io.n o/e n g l i s h/s e r v i c e s/ l ib r a r y/ t r e a t i e s/07/ 7- 01/ 10. 11. 12. 13. 14. recognition-rights-aircraft.xml date accessed: 27 July 2016 Chapter I, Article I/2(c), and Chapter II, Article XIV/3, the Protocol. Accessible through: http://www. unidroit.org/instruments/security-interests/ aircraft-protocol date accessed: 27 July 2016; and Chapter I, Article 2, the Convention. Accessible through: http://www.unidroit.org/instruments/ security-interests/cape-town-convention date accessed: 27 July 2016 Book 5, Title 5.2, Article 5:14, Dutch Civil Code. Accessible through: http://www.dutchcivillaw. com/civilcodebook055.htm date accessed: 27 July 2016 Book 5, Title 5.1, Article 5:3, Dutch Civil Code: http://www.dutchcivillaw.com/civilcodebook055. htm date accessed: 27th July 2016 For background and current info. Accessible through: http://www.awg.aero date accessed: 01 August 2016 MJ Sundahl, The Cape Town Convention: Its Application to Space Assets and Relation to the Law of Outer Space (1st edn, Martinus Nijhoff 2013) 24 AAR Aircraft & Engine Group v Aerowings [15 August 2002] Court of Appeal, Den Bosch Volvo Aero Leasing/AVIA Air, Court of First Instance of Aruba, [25 June 2003] Chapter V, Article XXIII, the Protocol. Accessible through: http://www.unidroit.org/instruments/ security-interests/aircraft-protocol date accessed: 27 July 2016 Accessible through: http://www.unidroit.org/ status-2001capetown last accessed: 27 July 2016 Chapter I, Article 3, the Convention. Accessible through: http://www.unidroit.org/instruments/ security-interests/cape-town-convention date accessed: 27 July 2016 Center Tank Flammability Solutions The ONLY FAA Approved Alternative to 25.981 / 121.1117 SUBSTANTIALLY LOWER Kit Cost / Installation Cost SUBSTANTIALLY SHORTER Down Time / Kit Delivery KITS AVAILABLE NOW B737 / B757 / B767 / A320 Series Phone: 404-346-7175 ext. 224 Sales@jetairegroup.com www.jetairegroup.com 34 823519_Jetaire.indd The official publication of the International Society of Transport Aircraft Trading 1 8/2/16 2:07 PM http://www.unidroit.org/instruments/security-interests/ http://www.unidroit.org/instruments/ http://www.dutchcivillaw.com http://www.dutchcivillaw.com/civilcodebook055.htm http://www.awg.aero http://www.unidroit.org/instruments/ http://www.unidroit.org/ http://www.unidroit.org/instruments/ http://www.jetairegroup.com http://www.jetairegroup.com

Table of Contents for the Digital Edition of Jetrader - Autumn 2016

A Message from the President
Calendar/News
Q&A: Mike Williams, Jetaire Group
Wish Upon a Star
Sunshine, Rain and Mixed Feelings
ISTAT’s 2016 Farnborough Airshow Chalet and Reception Continue to Achieve Record Attendance
Legal Status of Aircraft Engines and Effects on Financing and Leasing Transactions
Survival of the Fittest
Weathering Economic Gusts: Copa Airlines’ Pedro Heilbron Advocates Flexibility and Smart Growth
5 Places to Visit While Attending the ISTAT Latin America Forum
From the ISTAT Photo Archives
From the Jetrader Editorial Archives
Aviation History
Aircraft Appraisals
ISTAT Foundation
Advertiser Index
Advertiser.com
Jetrader - Autumn 2016 - cover1
Jetrader - Autumn 2016 - cover2
Jetrader - Autumn 2016 - 3
Jetrader - Autumn 2016 - 4
Jetrader - Autumn 2016 - 5
Jetrader - Autumn 2016 - 6
Jetrader - Autumn 2016 - A Message from the President
Jetrader - Autumn 2016 - 8
Jetrader - Autumn 2016 - 9
Jetrader - Autumn 2016 - Calendar/News
Jetrader - Autumn 2016 - 11
Jetrader - Autumn 2016 - Q&A: Mike Williams, Jetaire Group
Jetrader - Autumn 2016 - 13
Jetrader - Autumn 2016 - 14
Jetrader - Autumn 2016 - 15
Jetrader - Autumn 2016 - Wish Upon a Star
Jetrader - Autumn 2016 - 17
Jetrader - Autumn 2016 - Sunshine, Rain and Mixed Feelings
Jetrader - Autumn 2016 - 19
Jetrader - Autumn 2016 - 20
Jetrader - Autumn 2016 - 21
Jetrader - Autumn 2016 - 22
Jetrader - Autumn 2016 - 23
Jetrader - Autumn 2016 - ISTAT’s 2016 Farnborough Airshow Chalet and Reception Continue to Achieve Record Attendance
Jetrader - Autumn 2016 - 25
Jetrader - Autumn 2016 - 26
Jetrader - Autumn 2016 - 27
Jetrader - Autumn 2016 - 28
Jetrader - Autumn 2016 - 29
Jetrader - Autumn 2016 - 30
Jetrader - Autumn 2016 - 31
Jetrader - Autumn 2016 - Legal Status of Aircraft Engines and Effects on Financing and Leasing Transactions
Jetrader - Autumn 2016 - 33
Jetrader - Autumn 2016 - 34
Jetrader - Autumn 2016 - 35
Jetrader - Autumn 2016 - 36
Jetrader - Autumn 2016 - 37
Jetrader - Autumn 2016 - Survival of the Fittest
Jetrader - Autumn 2016 - 39
Jetrader - Autumn 2016 - 40
Jetrader - Autumn 2016 - 41
Jetrader - Autumn 2016 - 42
Jetrader - Autumn 2016 - 43
Jetrader - Autumn 2016 - Weathering Economic Gusts: Copa Airlines’ Pedro Heilbron Advocates Flexibility and Smart Growth
Jetrader - Autumn 2016 - 45
Jetrader - Autumn 2016 - 5 Places to Visit While Attending the ISTAT Latin America Forum
Jetrader - Autumn 2016 - 47
Jetrader - Autumn 2016 - 48
Jetrader - Autumn 2016 - 49
Jetrader - Autumn 2016 - From the ISTAT Photo Archives
Jetrader - Autumn 2016 - 51
Jetrader - Autumn 2016 - 52
Jetrader - Autumn 2016 - 53
Jetrader - Autumn 2016 - From the Jetrader Editorial Archives
Jetrader - Autumn 2016 - 55
Jetrader - Autumn 2016 - 56
Jetrader - Autumn 2016 - 57
Jetrader - Autumn 2016 - Aviation History
Jetrader - Autumn 2016 - 59
Jetrader - Autumn 2016 - 60
Jetrader - Autumn 2016 - 61
Jetrader - Autumn 2016 - 62
Jetrader - Autumn 2016 - Aircraft Appraisals
Jetrader - Autumn 2016 - 64
Jetrader - Autumn 2016 - 65
Jetrader - Autumn 2016 - ISTAT Foundation
Jetrader - Autumn 2016 - 67
Jetrader - Autumn 2016 - 68
Jetrader - Autumn 2016 - Advertiser Index
Jetrader - Autumn 2016 - Advertiser.com
Jetrader - Autumn 2016 - cover3
Jetrader - Autumn 2016 - cover4
http://www.nxtbook.com/naylor/ISTS/ISTQ0418
http://www.nxtbook.com/naylor/ISTS/ISTQ0318
http://www.nxtbook.com/naylor/ISTR/ISTR0018
http://www.nxtbook.com/naylor/ISTS/ISTQ0218
http://www.nxtbook.com/naylor/ISTS/ISTQ0118
http://www.nxtbook.com/naylor/ISTS/ISTQ0417
http://www.nxtbook.com/naylor/ISTS/ISTQ0317
http://www.nxtbook.com/naylor/ISTR/ISTR0017
http://www.nxtbook.com/naylor/ISTS/ISTQ0217
http://www.nxtbook.com/naylor/ISTS/ISTQ0117
http://www.nxtbook.com/naylor/ISTS/ISTQ0416
http://www.nxtbook.com/naylor/ISTS/ISTQ0316
http://www.nxtbook.com/naylor/ISTR/ISTR0016
http://www.nxtbook.com/naylor/ISTS/ISTQ0216
http://www.nxtbook.com/naylor/ISTS/ISTQ0116
http://www.nxtbook.com/naylor/ISTS/ISTQ0415
http://www.nxtbook.com/naylor/ISTS/ISTQ0315
http://www.nxtbook.com/naylor/ISTR/ISTR0015
http://www.nxtbook.com/naylor/ISTS/ISTQ0215
http://www.nxtbook.com/naylor/ISTS/ISTQ0115
http://www.nxtbook.com/naylor/ISTS/ISTQ0414
http://www.nxtbook.com/naylor/ISTS/ISTQ0314
http://www.nxtbook.com/naylor/ISTR/ISTR0014
http://www.nxtbook.com/naylor/ISTS/ISTQ0214
http://www.nxtbook.com/naylor/ISTS/ISTQ0114
http://www.nxtbook.com/naylor/ISTS/ISTS0613
http://www.nxtbook.com/naylor/ISTR/ISTR0013
http://www.nxtbook.com/naylor/ISTS/ISTS0513
http://www.nxtbook.com/naylor/ISTS/ISTS0413
http://www.nxtbook.com/naylor/ISTS/ISTS0313
http://www.nxtbook.com/naylor/ISTS/ISTS0213
http://www.nxtbook.com/nxtbooks/naylor/ISTS0113
http://www.nxtbook.com/nxtbooks/naylor/ISTS0612
http://www.nxtbook.com/nxtbooks/naylor/ISTS0512
http://www.nxtbook.com/nxtbooks/naylor/ISTR0012
http://www.nxtbook.com/nxtbooks/naylor/ISTS0412
http://www.nxtbook.com/nxtbooks/naylor/ISTS0312
http://www.nxtbook.com/nxtbooks/naylor/ISTS0212
http://www.nxtbook.com/nxtbooks/naylor/ISTR0011
http://www.nxtbook.com/nxtbooks/naylor/ISTS0112
http://www.nxtbook.com/nxtbooks/naylor/ISTS0611
http://www.nxtbook.com/nxtbooks/naylor/ISTS0511
http://www.nxtbook.com/nxtbooks/naylor/ISTS0411
http://www.nxtbook.com/nxtbooks/naylor/ISTS0311
http://www.nxtbook.com/nxtbooks/naylor/ISTS0211
http://www.nxtbook.com/nxtbooks/naylor/ISTS0111
http://www.nxtbook.com/nxtbooks/naylor/ISTS0610
http://www.nxtbook.com/nxtbooks/naylor/ISTS0510
http://www.nxtbook.com/nxtbooks/naylor/ISTS0410
http://www.nxtbook.com/nxtbooks/naylor/ISTS0310
http://www.nxtbook.com/nxtbooks/naylor/ISTS0210
http://www.nxtbook.com/nxtbooks/naylor/ISTS0110
http://www.nxtbook.com/nxtbooks/naylor/ISTS0609
http://www.nxtbook.com/nxtbooks/naylor/ISTS0509
http://www.nxtbook.com/nxtbooks/naylor/ISTS0409
http://www.nxtbook.com/nxtbooks/naylor/ISTS0309
http://www.nxtbook.com/nxtbooks/naylor/ISTS0209
http://www.nxtbook.com/nxtbooks/naylor/ISTS0109
http://www.nxtbook.com/nxtbooks/naylor/ISTS0608
http://www.nxtbook.com/nxtbooks/naylor/ISTS0508
http://www.nxtbook.com/nxtbooks/naylor/ISTS0408
http://www.nxtbook.com/nxtbooks/naylor/ISTS0308
http://www.nxtbook.com/nxtbooks/naylor/ISTS0208
http://www.nxtbookMEDIA.com