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The International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 912
- PART 3
- Assignment
- Regulation 32
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Assignee's priority with respect to associated rightsU.K.
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32.—(1) The assignee of associated rights and the related international interest whose assignment has been registered only has priority under regulation 31(1) over another assignee of the associated rights—
(a)if the contract under which the associated rights arise states that they are secured by or associated with the aircraft object; and
(b)to the extent that the associated rights are related to an aircraft object.
(2) For the purposes of paragraph (1)(b), associated rights are related to an aircraft object only to the extent that they consist of rights to payment or performance that relate to—
(a)a sum advanced and utilised for the purchase of the aircraft object;
(b)a sum advanced and utilised for the purchase of another aircraft object in which the assignor held another international interest if the assignor transferred that interest to the assignee and the assignment has been registered;
(c)the price payable for the aircraft object;
(d)the rentals payable in respect of the aircraft object; or
(e)other obligations arising from a transaction referred to in any of sub-paragraphs (a) to (d).
(3) In all other cases, the priority of the competing assignments of the associated rights is to be determined by the applicable law.
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