The 2001 Cape Town Convention on International Interests in Mobile Equipment,
with its associated Protocols relating to aircraft objects, railway rolling stock and
space assets, is undoubtedly one of the most important private commercial law conventions
of recent times. The Convention has now received 72 ratifications and the
Aircraft Protocol (the only one currently in force) 65 ratifications, an astonishing
achievement in under 15 years. Now a new Protocol, devoted to agricultural, mining
and construction equipment, is on the horizon, and the first meeting of a UNIDROIT
Committee of governmental experts is to be held in the first half of 2017.
There has been a growing amount of literature devoted to the analysis of the
Convention and its economic impact, including numerous doctoral theses, but relatively
little has been written on the mode and adequacy of its implementation in the
legislation of Contracting States. The appearance of this volume, which is based on
the general report and national reports presented at the XIXth International Congress
of Comparative Law held at Vienna in July 2014, is therefore most timely. An opening
chapter by Professor Jeffrey Wool, who himself played a leading role in the
development of these instruments, notes the importance of ensuring that they are
properly implemented and given priority over domestic law, a point which he has
previously developed in a series of articles. Skilfully introduced and edited by
Professor Souichirou Kozuka, who was also heavily involved in the Cape Town
project, Implementing the Cape Town Convention and the Domestic Laws of Secured
Transactions contains an incisive general report by Professor Kozuka outlining the
key features of the Convention and Protocols. This is followed by contributions
from leading scholars, government lawyers and legal practitioners in private practice,
which examine the existing national laws governing security and title-retention
interests in nine Contracting and nine non-Contracting States, the impact of the
Convention on the existing laws of Contracting States and the techniques adopted to
implement the Convention and Aircraft Protocol.