GREECE Law and Practice Contributed by: Betty Smyrniou, Bahas, Gramatidis & Partners
3.3.3 Register of Mortgages and Charges The mortgage is registered in the book of mortgages. The mortgage has to be registered in order to be per - fected and to give priority to the mortgagee. 3.3.4 Statutory Rights of Detention or Non- Consensual Preferential Liens Rights of detention can be applied for liens, such as obligations to handlers, the HCAA, airport authorities and EUROCONTROL. 3.3.5 Verification of an Aircraft’s Freedom From Encumbrances The aircraft registry of the HCAA is the relevant source for any aircraft search to verify that an aircraft is free of encumbrances. 3.4 Enforcement 3.4.1 Differences Between Enforcing Security Assignments, Loans and Guarantees Enforcement will depend on the terms of each such instrument. Governing law shall be applicable. 3.4.2 Security Trustees’ Enforcement of Their Rights Security trustees’ enforcement of their rights will be governed by applicable law. 3.4.3 Application of Foreign Laws Domestic courts will uphold: • a foreign law as the governing law of a finance or security document; and • the submission to a foreign jurisdiction. 3.4.4 Recognition and Enforcement of Foreign Judgments and Arbitral Awards Greek courts will recognise and enforce the final judg - ment of a foreign court or an arbitral award without re-examining the merits of the case.
3.4.5 Secured Parties’ Right to Take Possession of Aircraft A secured party cannot take physical possession of an aircraft to enforce a security agreement/aircraft mort - gage without the consent of the lessee or operator. 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions There are no special courts competent to decide enforcement actions under a security assignment or mortgage. 3.4.7 Summary Judgments or Other Relief A secured party can obtain a summary judgment, equitable or other injunctive relief pending final res - olution of judicial proceedings to enforce a security agreement/aircraft mortgage. A bond would probably need to be granted. 3.4.8 Judgments in Foreign Currencies Greek judgments are in euros. However, they can be converted from a foreign currency. 3.4.9 Taxes/Fees Payable The secured party needs to pay judicial expenses for
the enforcement of a decision. 3.4.10 Other Relevant Issues
There are no other relevant issues that a lender should be aware of in relation to the enforcement of its rights.
4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft There are no other material issues and/or any mate - rial court judgments that are relevant to the purchase, sale, lease or debt finance of an aircraft registered domestically and/or involving a domestic party. 4.2 Current Legislative Proposals There are no current proposals before the legislature relating to the foregoing items that alter them or that are worth noting.
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