Security Interests over Ships: From the Current Conventions to a Possible Shipping Protocol to the UNIDROIT Convention- Lege Data and Lege Ferenda Articles uri icon

publication date

  • April 2018

start page

  • 239

end page

  • 306

issue

  • 2

volume

  • 49

international standard serial number (ISSN)

  • 0022-2410

abstract

  • This paper aims to tackle the following objectives; (a) toexamine the main problems, both legal and practical that this newinstrument would face in the field of Maritime Law, (e.g. theparticularities of the shipping industry and its financialcounterparts, the financial institutions, as well as the relationshipand conflicts with other Conventions, and international maritime liens v. non-consensual rights or interests); (b) to analyse theproblems that it would have to overcome in the field of consensualsecurity interests (especially those concerning the creation,validity, priority rules, recognition and enforcement, all of whichare markedly domestic in legal nature); and (c) if the dual structuremodel (Convention & Protocol) and the flexibility of the text(reservations and declarations) will solve the main problems thatthe financial industry is facing.

keywords

  • Security interest
    Cape Town Convention
    Shipping Protocol
    Ship finance
    Mortgages and hypotheques
    Secured creditors
    Maritime liens
    Non-consensual rights or interests