Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to Mining, Agricultural and Construction Equipment: Official Commentary

The Pretoria Protocol to the 2001 Cape Town Convention on international interests in mobile equipment is the fourth Protocol to this hugely successful convention, which has now been ratified by 82 States and its associated Aircraft Protocol by 79 States, together in each case with what is now the European Union.

The Pretoria Protocol, adopted in Pretoria in November 2019, covers mining, agricultural and construction equipment. An economic impact assessment has projected that adoption of the Protocol, which with the Convention provides an international legal regime covering the creation, registration and priority of international interests in MAC equipment, with strong protection for the creditor in the event of the debtor’s insolvency, will result in an increase MAC equipment stock by USD 10 billion over a 10-year period in both developing and exporting economies.

Professor Sir Roy Goode, who has prepared this new Official Commentary on the Convention and Pretoria Protocol, is uniquely qualified for this task, being the author of all the preceding Official Commentaries as mandated to him by successive Diplomatic Conference, at which he was either Chairman of the Drafting Committee or Rapporteur. The first of these Official Commentaries, covering aircraft objects, is now in its fourth edition (May 2019). The Pretoria Official Commentary, which builds on this, has been enriched by new analysis. It consists of narrative text, annotations to the two instruments containing 77 illustrative examples and several appendices, together running to some 790 pages. It provides a comprehensive and authoritative guide which is indispensable for all manufacturers, financiers, lessors and their legal advisors involved in transactions relating to MAC equipment.