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.
Cape Town Treaty
The system developed under the Cape Town Treaty to clarify ownership of aircraft and equipment is being made easier to use. Two years’ customer experience has driven changes aimed at improving International Registry of Mobile Assets (IRMA) processes used in recording individual financial interests.
The FAA is inviting comments on final changes to U.S. aircraft registry rules that are to take effect later this year under the Cape Town Treaty. The treaty clears the way for a new international registry and covers all fixed-wing aircraft certified to carry eight or more people (including crew) and helicopters carrying at least five people, as well as aircraft engines of at least 550 hp.
Operators who own a share of a fractional aircraft are to be given the same Cape Town Treaty protection as sole owners have had since March 2006. They are to be included in the International Registry of Mobile Assets (IRMA), which provides a single universal point of reference and record, and was set up under the treaty (which comprises the Cape Town Convention and the related Protocol on Aircraft Assets).
Operators who own a share of an aircraft are to be included in the International Registry of Mobile Assets (IRMA), giving them the same Cape Town Treaty protection sole owners have had since March 2006. IRMA management company Aviareto plans to announce this month that it will permit registration of multiple owners in a single aircraft.
Anyone who has purchased an aircraft or airplane engine knows the process is complicated, especially when you consider the mountain of paperwork through which buyers and sellers are often required to navigate. Add in changes in the registration process and you’re sure to find more than one confused aircraft seller, buyer or broker.
Beginning March 1, aircraft purchasers, sellers and lenders in the U.S. will be required to comply with the Cape Town Convention on International Interests in Mobile Equipment and the Aircraft Protocol. Covered under the treaty are airplanes certified with eight or more total seats and helicopters certified with at least five seats and with engines rated at 550 horsepower or more.
Since its Web site opened for aircraft registrations on March 1, the new International Registry of Mobile Assets, more commonly referred to as the Cape Town Treaty, has found few supporters within the business aviation community. Now Sen.
Aviareto, which manages a new global electronic database identifying parties with a financial interest in civil aircraft, has made its system more user-friendly following processing delays after it came on line two months ago. The Dublin-based agency told EBACE Convention News that it has ramped up its operation to reduce a growing backlog in applications to register information.
Activity on the Web-based International Registry (IR) of Mobile Assets has been high since it opened for business on March 1, according to Aviareto of Dublin, Ireland, which operates it. But business-aviation users of the IR–variously known as Cape Town, the Cape Town Treaty and the Cape Town Convention–say its benefits are neither altogether clear nor widely accepted.
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