UNIDROIT System of Asset Based Financing for Space Activities - Need to Plug the Loopholes
- Paper number
IAC-07-E6.2.15
- Author
Prof. Ishwara Bhat, University of Mysore, India
- Coauthor
Mr. Sandeepa Bhat, The WB National University of Juridical Sciences, India
- Year
2007
- Abstract
The UNIDROIT has developed a unique system of basic convention and area specific protocols to protect the interests in the mobile equipment of different categories. Space assets, being one such category of mobile equipment, are being attempted to bring under the purview of the UNIDROIT system. The entry into force of the system in the field of outer space is waiting for the adoption of the Space Protocol, which is in the draft stage. However the draft Space Protocol and the UNIDROIT Convention suffer from several inherent loopholes. The idea of clubbing all the categories of mobile equipment and having a uniform convention has resulted in a complicated system. The system consists of provisions conflicting with the space treaties as well as the municipal laws of different states. In addition, the provisions of the Space Protocol conflict with that of the basic Convention. These loopholes have an important bearing on the notion of state responsibility/liability, state jurisdiction and control, benefit and interests of all countries, concept of common heritage of mankind as well as on the intellectual property rights. Therefore an attempt to plug these loopholes is necessary before adopting the Space Protocol. A strong facilitative legal framework will especially help the developing countries to meet their financial needs in the course of their space exploration.
- Abstract document
- Manuscript document
IAC-07-E6.2.15.pdf (🔒 authorized access only).
To get the manuscript, please contact IAF Secretariat.