Accessions and Non-Accessions under the Cape Town Convention: Special Focus on MAC Equipment
This article examines the application of the Cape Town Convention and its Protocols to assets that may be affixed to objects, so as to become ‘accessions’. The analysis focuses on Article 29(7) of the Cape Town Convention and the definitions of objects in the relevant Protocols. It examines the approach of the Cape Town regime with respect to accessions in various situations, which are likely to arise under the future Protocol on Matters Specific to Mining, Agricultural and Construction Equipment (MAC Protocol). It draws a distinction between accessions that are affected by the international interest in an object to which the asset is affixed and items that are accessories, referred to in the article as non-accessions. These distinct notions are contrasted with the treatment of accessions under some domestic secured transactions laws. Finally, the article provides some guidance especially to creditors, on how to ensure that their international interest is not compromised by the uncertainties of the applicable domestic law, which determines whether the rights of the person in an item continue after the installation.