Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 1 : ConventionChapter II : Constitution of an international interestArticle 7 - Formal requirements |
An interest is constituted as an international interest under this Convention where the agreement creating or providing for the interest—
(a) | is in writing; |
(b) | relates to an object of which the chargor, conditional seller or lessor has power to dispose; |
(c) | enables the object to be identified in conformity with the Protocol; and |
(d) | in the case of a security agreement, enables the secured obligations to be determined, but without the need to state a sum or maximum sum secured. |