Newsletter -February 2011
Seventeenth Congress of the International Academy
of Comparative Law
The Department of International
Law participated in the development of a joint study
with the International Institute for the Unification
of Private Law (UNIDROT), with a view to unifying
criteria for financial leasing and its relationship
to mobile guarantees, including the related
international instruments adopted by the OAS. The
study was presented at the Eighteenth Congress of
the International Academy of Comparative Law, held
at Washington, D. C, on July 25- 31, 2010, on which
occasion Dr. Herbert Kronke, the former Secretary
General of UNIDROIT, was appointed Rapporteur
General for this subject matter area.
Aware of the need for such
reforms, both the OAS and UNIDROIT have undertaken
specific efforts to help the States reform their
legal frameworks. With respect to the leasing of
movable goods, UNIDROIT adopted the Convention on
International Financial Leasing in Ottawa (1988) and
the Model Law on Leasing (2008). With respect to the
area of secured transactions involving movable
goods, UNIDROIT adopted the Cape Town Convention on
International Interests in Mobile Equipment and its
Protocol on specific issues related to aeronautical
equipment (2001), and the Luxembourg Protocol on
International Rail Equipment (2007). Likewise, the
OAS adopted the Inter-American Model Law on Secured
Transactions (2002), and its Model Registry
Regulations (2009). The United Nations Commission on
International Trade Law (UNCITRAL) also adopted the
Secure Transactions in 2008, and is currently
considering other work in this area.
The main objective of the study,
which is to be published in the Uniform Law Review
in 2011, is to identify how UNIDROIT and the OAS
member states can go about reforming their systems
in such a way as to create a legal mechanism of
modern financial leasing that would permit the
development of such a mechanism in their economies.
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