Conflict of laws regarding ownership of construction, agricultural and mining equipment

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.