What Does IRMA Cover?

 - May 17, 2008, 4:39 AM

The IRMA relates to airplanes approved for a total of at least eight seats, helicopters with at least five seats and engines rated with a minimum of 1,750 pounds of thrust or 550 hp. The Treaty covers “international [that is, global] interests” in aircraft objects: rights arising under security, lease or title-retention agreements.

The Cape Town Treaty ratifying states are: Afghanistan, Albania, Angola, Cape Verde Islands, Colombia, Ethiopia, Indonesia, Ireland, Kenya, Malaysia, Mongolia, Nigeria, Oman, Pakistan, Panama, Senegal, South Africa, Syria, the U.S. and (most recently) India and Mexico. Canada and, perhaps, Australia are seen as possible future candidates to ratify the treaty. The UK has not ratified the treaty, but many UK parties use IRMA for assets registered in, for example, Ireland or the U.S., since many agreements or transactions have been structured to include some element of the asset in a treaty state.