CÔTE D’IVOIRE Law and Practice Contributed by: Samirah Mogony and Mialy Solofohery, John W Ffooks & Co
3.3.5 Verification of an Aircraft’s Freedom From Encumbrances To verify that an aircraft is free of encumbrances, the potential purchaser should carry out searches on the Aircraft Register of the ANAC. 3.4 Enforcement 3.4.1 Differences Between Enforcing Security Assignments, Loans and Guarantees There are no relevant differences in enforcing a secu - rity assignment as opposed to a loan or a guarantee. 3.4.2 Security Trustees’ Enforcement of Their Rights Pursuant to the Uniform Act on Securities, the instru - ment appointing the security agent must provide the following information: • a description of the secured obligation(s), or, if they are in the future, elements enabling their individu - alisation, such as the identification of the debtors, the place of payment, debt amount and maturity date; • identification of the secured creditors as of the date of appointment of the security agent; • identification of the security agent and its regis - tered office; • the duration of the security agent’s mandate and a description of the scope of the security agent’s management and disposal powers; and • the conditions under which the security agent reports its activities to the secured creditors. Failure to provide the information above will result in the security instrument being null and void. The Uniform Act on Securities also provides that dur - ing the security agent’s mandate, when they act for the benefit of the secured creditors, it shall expressly state so, and any registration of a security made dur - ing their mandate must state their name and role as a security agent. In this regard, a notice and an acknowledgement are not sufficient from a purely legal perspective.
3.4.3 Application of Foreign Laws The domestic courts should uphold: • a foreign law as the governing law of a finance document; and • the submission to a foreign jurisdiction. However, the security document must be governed by Ivorian law and submitted to the Ivorian courts. 3.4.4 Recognition and Enforcement of Foreign Judgments and Arbitral Awards The enforcement of foreign judgments (either a foreign court judgment or an arbitral award) in Côte d’Ivoire is subject to obtaining an exequatur duly issued by the courts of Côte d’Ivoire. 3.4.5 Secured Parties’ Right to Take Possession of Aircraft The Civil Aviation Code is silent on whether a secured party can take physical possession of the aircraft to enforce a security agreement/aircraft mortgage with - out the lessee’s or operator’s consent. 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions Commercial courts are generally competent to decide enforcement actions under a security agreement/air - craft mortgage. 3.4.7 Summary Judgments or Other Relief See 2.6.4 Summary Judgment or Other Relief . 3.4.8 Judgments in Foreign Currencies The law is silent on whether a secured party under a security agreement/aircraft mortgage can obtain a judgment in a foreign currency. 3.4.9 Taxes/Fees Payable A secured party would not be required to pay taxes or fees in a non-nominal amount in connection with the enforcement of a security agreement/aircraft mort - gage.
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