GREECE Law and Practice Contributed by: Betty Smyrniou, Bahas, Gramatidis & Partners
2.5.3 Placement of Insurance Outside of Jurisdiction Greek law does not restrict the portion of reinsurance coverage that can be taken out abroad. 2.5.4 Enforceability of “Cut-Through” Clauses “Cut-through” clauses in the insurance/reinsurance documents are enforceable. 2.5.5 Assignment of Insurance/Reinsurance Assignments of insurances/reinsurances are permit - ted. 2.6 Lease Enforcement 2.6.1 Restrictions on Lessors’ Abilities There are no restrictions on a lessor’s ability to termi - nate an aircraft lease, re-export the aircraft and/or sell the aircraft following such termination. In certain cases (third-country origin), the aircraft may need to be physically located in Greece before expor - tation. 2.6.2 Lessor Taking Possession of the Aircraft In situations where the lessee opposes the lessor’s possession, the lessor is prohibited from obtaining physical possession of the aircraft without a court order. A court order is therefore necessary in this case. In certain cases, a deregistration power of attorney (DerPoA) may be of practical use in cases of repos - session. 2.6.3 Specific Courts for Aviation Disputes Greece does not have specialised courts dedicated to aviation disputes. However, commercial courts or other competent courts ‒ such as those for lease dis - putes – hold the jurisdiction to settle disagreements between commercial entities, whether they are Greek or foreign. 2.6.4 Summary Judgment or Other Relief A lessor could obtain a summary judgment, equitable or other injunctive relief pending a final resolution of judicial proceedings to enforce an aircraft lease, par - ticularly when there is an imminent risk concerning the aircraft, such as the necessity for maintenance or
do not apply if the damages are due to intentional or gross negligence. The lessor would have no other liability under Greek law. 2.4.5 Attachment by Creditors Creditors of a domestic lessee could not attach an aircraft leased to it but owned by a different entity, except in the case of liens. 2.4.6 Priority of Third Parties’ Rights Whether or not a lease/lessor is registered in the aircraft register, Greek aviation law gives priority to certain preferential rights such as expenses and fees for salvage, any necessary maintenance charges and handling fees as well as other aviation and airport taxes, relating to air navigation/landing, air navigation facilities, use of airports, EUROCONTROL, etc, which are chargeable on the aircraft. The obligations of the lessee, in terms of priority and security, rank at least equally and pari passu with all other unsecured and unsubordinated obligations of the lessee, save and except in a winding-up (where there are preferential creditors – ie, creditors secured by a lien over real estate or by a pledge, and employ - ees’ claims relating to their salaries). 2.5 Insurance and Reinsurance 2.5.1 Requirement to Engage Domestic Insurance Companies It is not a mandatory requirement that either all or part There are mandatory insurance coverage require - ments (third-party liability to cover damage to aircraft, passengers and cargo, as well as third parties on the ground). Commercial air carriers must be insured for damage caused to passengers, luggage, freight and third par - ties, with mandatory minimum coverage. The manda - tory insurance coverage requirements are imposed by European regulations. of the insurance be placed in Greece. 2.5.2 Mandatory Insurance Coverage Requirements
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