¹ The Contracting States undertake to recognise:

A.

The right to property on aircraft,

B.

The right of the holder of an aircraft to acquire the property by way of purchase,

C.

The right to use an aircraft in performance of a tenancy contract for at least six months,

D.

The mortgage, the "mortgage" and any similar right on an aircraft created under contract as security for the payment of a debt, provided that such rights are

I.

Constituted in accordance with the law of the Contracting State in which the aircraft is registered at the time of their incorporation, and

Ii.

Regularly entered on the public register of the Contracting State in which the aircraft is registered. The regularity of successive entries in different Contracting States shall be determined according to the law of the Contracting State in which the aircraft is registered at the time of each entry.

² Nothing in this Convention prohibits Contracting States from recognizing, by virtue of their national law, the validity of other rights encumbering an aircraft. However, no right preferable to those listed in paragraph 1 of this Article shall be admitted or recognized by the Contracting States.

¹ All entries relating to an aircraft shall be made on the same register.

² Except as otherwise provided in this Convention, the effects in respect of third parties of the recording of one of the rights listed in paragraph 1 of Article I shall be determined in accordance with the law of the Contracting State in which that right is recorded.

³ Any Contracting State may prohibit the entry of a right on an aircraft which could not be validly constituted under its national law.

¹ The address of the service responsible for maintaining the register shall be indicated on the registration certificate of any aircraft.

² Any person may be issued by this service certified shipments, copies or extracts which are authentic until proven otherwise by the particulars of the register.

³ If the law of a Contracting State provides that the placing on file of a document shall be the place of registration, that application shall have the same effect as registration for the purposes of the Convention. In this case, all provisions are made for the document to be made available to the public.

⁴ Reasonable taxes may be levied on the occasion of all operations carried out by the service responsible for the maintenance of the register.

¹ The Contracting States acknowledge that the related claims:

A.

Compensation for the rescue of the aircraft,

B.

The extraordinary costs necessary for the preservation of the aircraft,

Are preferable to any other rights and claims on the aircraft, provided that they are privileged and have a resale right in accordance with the law of the Contracting State in which the rescue or conservation operations have ceased.

² The claims listed in paragraph 1 of this Article shall take precedence in the reverse chronological order of the events which gave rise to them.

³ They may be mentioned in the Register within three months of the completion of the operations which gave rise to them.

⁴ The Contracting States shall prohibit the expiration of the three-month period referred to above in recognition of the security rights concerned, unless, during the said time limit:

A.

The preferential claim shall not be mentioned in the register in accordance with paragraph 3,

B.

The amount of the claim is not validly fixed or a legal action in respect of that claim is introduced. In this case, the law of the court seised determines the causes of the interruption or suspension of the time limit.

⁵ The provisions of this Article shall apply notwithstanding the provisions of paragraph 2 of Article I.

The priority attached to the rights referred to in paragraph 1 (d) of Article I shall extend to all amounts guaranteed. However, as far as interest is concerned, priority shall be given only to those expired in the three years prior to the opening of the enforcement procedure and in the course of that procedure.

In the event of the seizure or forced sale of an aircraft or of an aircraft right, the Contracting States shall not be obliged to recognize the damage either of the creditor entering or prosecuting, or of the purchaser, the constitution or the transfer of one of the The rights listed in Article I, paragraph 1, by the right against which the procedure for the sale or execution of the proceedings is to be continued, even though it was aware thereof.

¹ The procedures for the forced sale of an aircraft shall be those provided for by the law of the Contracting State in which the sale is made.

² The following provisions must, however, be observed:

A.

The date and place of sale shall be fixed at least six weeks in advance;

B.

The striking creditor shall deliver to the court or other competent authority a certified extract in accordance with the markings on the aircraft. It shall, at least one month before the day fixed for sale, make the announcement at the place where the aircraft is registered in accordance with the provisions of the Local Law and prevent, by registered letter sent, if possible by air mail, to the addresses Carried on the register, the owner and holders of rights or preferential claims referred to in the Register in accordance with Article IV, paragraph 3.

³ The consequences of failure to comply with the provisions of paragraph 2 shall be those provided for by the law of the Contracting State in which the sale is made. Nevertheless, any sale made contrary to the rules laid down in that paragraph may be cancelled on request made within six months from the date of sale by any person who has suffered damage as a result of such non-compliance.

⁴ No forced sale may be made if the rights to which it is justified before the competent authority and which are preferable under this Convention to those of the seizing creditor cannot be extinguished by the price of the sale or Are not supported by the purchaser.

⁵ Where, in the territory of the Contracting State in which the sale is made, damage is caused to the surface by an aircraft charged, as a guarantee of a claim, of one of the rights provided for in Article I, the national law of that Contracting State may have, In the case of seizure of that aircraft or of any other aircraft having the same owner and charged with similar rights to the same creditor:

A.

That the provisions of paragraph 4 above have no effect on the victims or their beneficial creditors;

B.

That the rights provided for in Article I to guarantee a receivable and encumbrate the seized aircraft shall be enforceable against the victims or their successors in title only at a rate of 80 per cent of its selling price.

However, the above provisions of this paragraph shall not apply where the damage caused to the surface is suitably and sufficiently insured by or on behalf of the operator of a State or an insurance undertaking of a State Any.

In the absence of any other limitation provided for by the law of the Contracting State in which the sale is made on the seizure of an aircraft, the damage shall be deemed to be sufficiently insured within the meaning of this paragraph if the amount of the insurance corresponds to the Value to nine of the aircraft seized.

⁶ Fees legally payable under the law of the Contracting State in which the sale is made, and incurred in the course of the execution for sale and in the common interest of the creditors, shall be refunded on the price before any other Claims, even those favoured under Article IV.

The forced sale of an aircraft in accordance with the provisions of Article VII shall transfer ownership of the aircraft free of all rights not taken up by the acquirer.

Except in the case of forced sales pursued in accordance with the provisions of Article VII, no transfer of registration or registration of an aircraft from the register of a Contracting State to that of another Contracting State may be effected without Pre-release of registered rights or without the consent of their owners.

¹ If, according to the law of the Contracting State in which an aircraft is registered, one of the rights provided for in Article I, regularly entered on an aircraft and constituted as a guarantee of a debt, extends to spare parts stored in one or more Specified locations, this extension shall be recognised by all the Contracting States, provided that the said rooms are kept at the said locations and that an appropriate publicity, carried out on the spot by means of display, shall be duly notified Third of the nature and extent of the right of which those parts are encumbered, and shall indicate the Register where it is registered and the name and address of its holder.

² An inventory showing the nature and approximate number of such documents shall be annexed to the registered document. These parts may be replaced by similar parts without affecting the creditor's right.

³ The provisions of Article VII, 1 and 4 and Article VIII shall apply to the sale on the seizure of spare parts. However, if the claim for the seizure is not accompanied by any real security interest, the provisions of Article VII (4) shall be regarded as permitting the tender on an auction of two-thirds of the value of spare parts such as That it is determined by experts appointed by the sales authority. In addition, during the distribution of the price, the selling authority may limit, for the benefit of the seizing creditor, the amount payable to the higher-ranking creditors, to two-thirds of the proceeds of the sale after deduction of the Article VII, paragraph 6.

⁴ For the purposes of this Article, the term "spare parts" applies to parts of aircraft, engines, propellers, radio apparatus, instruments, equipment, toppings, parts thereof, and more generally to all other parts Objects, of any nature, preserved for the purpose of replacing parts of the aircraft.

¹ The provisions of this Convention shall apply in each Contracting State only to aircraft registered in another Contracting State.

² However, the Contracting States shall apply to aircraft registered in their territory:

A.

The provisions of Articles II, III, IX, and

B.

The provisions of Article IV, unless the rescue or protective operations have ceased on their own territory.

The provisions of this Convention shall in no way affect the right of Contracting States to proceed with respect of an aircraft to the implementing measures provided for in their national laws relating to immigration, customs or air navigation.

This Convention shall not apply to aircraft assigned to military, customs or police services.

For the purposes of this Convention, the competent judicial and administrative authorities of the Contracting States may, unless otherwise provided by their national law, correspond directly with each other.

The Contracting States undertake to take the necessary measures to ensure the implementation of the provisions of this Convention and to make them known without delay to the Secretary-General of the International Civil Aviation Organization.

For the purposes of this Convention, "the aircraft" includes the airframe, engines, propellers, radio apparatus and all parts intended for the service of the aircraft, whether or not temporarily separated from the aircraft.

If a territory represented by a Contracting State in its external relations maintains a separate register of registration, any reference made in this Convention to the law of the Contracting State shall be construed as a reference to the law of that Contracting State Territory.

This Convention shall remain open for signature until such time as it enters into force under the conditions laid down in Article XX.

¹ This Convention shall be ratified by the signatory States.

² The instruments of ratification shall be deposited in the archives of the International Civil Aviation Organization, which shall notify the date of deposit to each of the signatory and acceding States.

¹ Where two signatory States have deposited their instruments of ratification on this Convention, the Convention shall enter into force between them on the ninetieth day after the deposit of the second instrument of ratification. It shall enter into force in respect of each State which deposits its instrument of ratification after that date, the ninetieth day after the deposit of that instrument.

² The International Civil Aviation Organization shall notify each signatory State of the date on which this Convention entered into force.

³ This Convention shall, from its entry into force, be registered with the United Nations by the Secretary-General of the International Civil Aviation Organization.

¹ This Convention shall, after its entry into force, be open for accession by non-signatory States.

² Accession shall be effected by the deposit in the archives of the International Civil Aviation Organisation of an instrument of accession. The Organization shall notify the date of this deposit to each of the signatory and acceding States.

³ Accession shall take effect on the ninetieth day after the deposit of the instrument of accession in the archives of the International Civil Aviation Organisation.

¹ Each Contracting State may denounce this Convention by notifying this denunciation to the International Civil Aviation Organisation, which shall inform each of the signatory States and members of the date of receipt of that notification.

² Denunciation shall take effect six months after the date of receipt by the Organization of the notification of denunciation.

¹ Any State may, at the time of the deposit of its instrument of ratification or accession, declare that its acceptance of this Convention does not apply to one or more of the territories it represents in external relations.

² The International Civil Aviation Organization shall notify such a declaration to each of the signatory or acceding States.

³ With the exception of the territories in respect of which a declaration has been made in accordance with paragraph 1 of this Article, the Convention shall apply to all territories which a Contracting State represents in external relations.

⁴ Any State may accede to this Convention separately on behalf of all or any of the territories in respect of which it has made a declaration in accordance with paragraph 1 of this Article; in that case, the provisions of paragraphs 2 Article XXI shall apply to that accession.

⁵ Any Contracting State may denounce this Convention, in accordance with the provisions of Article XXII, separately for all or for any of the territories which that State represents in external relations.

In witness whereof, The undersigned Plenipotentiaries, duly authorized, have signed this Convention.

Done at Geneva on the nineteenth day of the month of June of the year thousand nine hundred and forty-eight, in English, French and Spanish, each of these texts being equally authentic.

This Convention shall be deposited in the archives of the International Civil Aviation Organization where, in accordance with Article XVIII, it shall remain open for signature.

(Suivent signatures)