Abstract
The purpose of this article is to analyze the features of legal regulation of property rights, enshrined in the text of the new Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to mining, agricultural, and construction equipment. Methodology: In order to analyze the legal regulation of property rights enshrined in the text of the new Protocol to the Convention the provisions of the Protocol and their relationship with the provisions of the Convention (the Cape Town Convention) were examined in detail. Results: The priority of the real rights of the buyer and holders of other real rights is considered differently in the texts of Protocols. The Protocol to the Convention on mining, agricultural and construction equipment establishes an approach similar to the Protocol on Railway Transport. The means and mechanisms used to achieve this differ depending on the economic conditions prevailing in the market where the security transactions are concluded in respect of this type of equipment. Conclusions: The main purpose of the Convention and the Protocol concerning mining, agricultural, and construction equipment is to reduce the cost of credit used to purchase high-value equipment and to increase the availability of credit.
Highlights
[1] This is due to the phenomenon of digitalization of the economy and the development of international trade via the Internet, which greatly facilitates the conclusion of transactions with foreign participation and reduces the time required to conclude transactions for which the title is transferred
[3] The creation of this protocol is aimed at ensuring favorable conditions for the implementation of commercial activities with foreign participation in comparison with the way these legal relations are settled in the absence of international legal regulation
The means and mechanisms used to achieve this differ depending on the type of equipment in respect of which the security interest arises, and depending on the economic conditions prevailing in the market where the security transactions are concluded in respect of this equipment
Summary
[1] This is due to the phenomenon of digitalization of the economy and the development of international trade via the Internet, which greatly facilitates the conclusion of transactions with foreign participation and reduces the time required to conclude transactions for which the title is transferred. These changes in public relations led to the fact that the legal regulation of ownership of machinery and equipment in the field of international trade attracted the attention of the international community. A new Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to mining, agricultural, and construction equipment was created. [2] It was signed on November 22, 2019, but has not yet entered into force, since it has not received the required number of ratifications. [3] The creation of this protocol is aimed at ensuring favorable conditions for the implementation of commercial activities with foreign participation in comparison with the way these legal relations are settled in the absence of international legal regulation. [4] At the same time, the Convention does not apply to security transactions related to movable property, which cannot be classified in these categories, and often moves from one state to another. [5]
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