Q. What legislation should I refer to for the mortgage registration of San Marino aircraft?
A. The law concerning the registration of aircraft mortgage is Law n. 125 of 29 July 2014 (article 41) as amended by Delegated Decree n. 153/2015.
Q. Is it possible to register an aircraft mortgage in the Republic of San Marino?
A. Yes, it is possible to register an aircraft mortgage within the CAA Register of Aircraft. The mortgagee’s interest is noted both against the relevant entry of the aircraft on the register itself and on the aircraft’s certificate of registration.
Q. What application form must be completed and accompany the application to register mortgage instrument?
A. The mortgagee must submit completed and signed Form SM 81 accompanied by a copy of the mortgage agreement signed by the parties and appropriate fee.
Q. Is there any fee for registering an Aircraft Mortgage? If so, please let us know the scale of fees and whether the fees are based on MTOW / the amount secured by the Aircraft Mortgage etc.
A. CAA fees are based on MTOW:
– Aircraft above 5700kgs and Turbine Helicopters € 500.00
– Aircraft below 5700kgs and Piston Helicopters € 200.00
Q. Is it possible to search the CAA Register of Aircraft to confirm (i) the current registered owner; and (ii) whether any mortgages are registered against the aircraft? If so, please confirm the fees.
A. Yes, applicant must submit completed and signed Form SM 109 accompanied by an appropriate fee:
– Aircraft above 5700kgs and Turbine Helicopters € 150.00
– Aircraft below 5700kgs and Piston Helicopters € 50.00
The CAA will notify the results of the search, which includes details of the registered owner, any mortgages entered on the Register of Aircraft, the parties involved and the date of entry.
Q. Has the Republic of San Marino adopted the 2001 Cape Town Convention on International Interests in Mobile Equipment and associated Aircraft Protocol?
A. Yes. From and including 1 January 2015 Convention on International Interests in Mobile Equipment (the “Cape Town Convention” or the “Convention”), together with Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the “Aircraft Protocol”), each signed at Cape Town, South Africa, on 16 November 2001, was adopted and entered into force in the Republic of San Marino. The Cape Town Convention offers additional protection to the holders of international interests and facilitates the reduction of costs and risks associated with cross-border aircraft finance and leasing transactions.
Q. What kind of declarations has the Republic of San Marino deposited under the Cape Town Convention and his Aircraft Protocol?”
A. The Republic of San Marino has made all of the “qualifying declarations” under Annex 1 to the OECD 2011 Aircraft Sector Understanding in order to create a more competitive legal framework.
– Pursuant to Article 54(2) of the Cape Town Convention, the Republic of San Marino has opted to allow default remedies without requiring the leave of the Court (i.e. so-called “self-help” remedies are permitted);
– Pursuant to Article X of the Aircraft Protocol, the Republic of San Marino has opted to allow availability of relief pending final determination (i.e. “speedy-relief”) is available to the creditors and has chosen a period of 10 working days for the remedies under art. 13, 1 (a) – (c) and 30 working days for the remedies under art. 13, 1 (d) – (e) ;
– Pursuant to Article XIII of the Aircraft Protocol, the Republic of San Marino has opted in to the mechanism providing for an irrevocable de-registration and export request (i.e. “IDERAs”);
– Pursuant to Article VIII of the Aircraft Protocol the parties are free to choose the contractual law governing the agreement constituting the international interest; and
– Pursuant to Article XI of the Aircraft Protocol, the Republic of San Marino has opted for “Alternative A” insolvency procedure with a waiting period of sixty (60) days in order to provide a more definitive insolvency framework for creditors (Alternative A provided by art. XI of the Protocol).
Q. In case of debtor’s insolvency what protection is offered by the Republic of San Marino to chargees?”
A. The Republic of San Marino opted for a strong protection in favour of the financiers. In case of debtor’s insolvency, the chargee, following the Alternative A – art. XI of the Protocol, is able to recovery the aircraft in a term not exceeding sixty (60) calendar days after obtaining agreement from the CAA of the Republic of San Marino. The de-registration and export of the aircraft can be obtained within five (5) working days. In addition, a charge duly registered on the International Registry enjoys a high priority over all the others interests as provided by the Cape Town Convention.
Q. Is repossession as a “self-help” remedy available in the Republic of San Marino (for San Marino registered aircraft)?
A. Yes. Pursuant to Article 54(2) of the Cape Town Convention and the Republic of San Marino allows creditors to repossess the aircraft and other “aircraft objects” without the leave of the Court.
Q. Will the CAA accept and file an Irrevocable Deregistration and Export Request Authorisation (IDERA)?
A. Yes. Where an IDERA is provided by the registrant of the aircraft in favour of a creditor, it should be addressed to the CAA of the Republic of San Marino.
A copy of the executed IDERA must be submitted to the CAA of the Republic of San Marino before CAA will countersign the IDERA.
Q. Is an English law/NY law mortgage registerable in the CAA Register of Aircraft?”
A. Yes, it is possible to register agreements governed by foreign law.
Q. How long will it take to register an aircraft mortgage?
A. Normally 24/48 hours if everything is properly submitted.