ARMENIA Law and Practice Contributed by: Narine Beglaryan, Arianna Adamyan and Anahit Aloyan, Concern Dialog
3.4.5 Secured Parties’ Right to Take Possession of Aircraft A secured party may take physical possession of the aircraft to enforce a security interest without the con - sent of the lessee and the operator. 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions There are no specialised courts in Armenia with exclu - sive jurisdiction over enforcement actions arising from a security assignment or mortgage. 3.4.7 Summary Judgments or Other Relief Armenian law does not provide for a summary judg - ment mechanism. However, in order to ensure the enforcement of a potential judgment, it is common in Armenia to apply for interim measures, such as freezing the defendant’s assets, when filing a lawsuit. Courts may take such measures if the plaintiff proves that without them, the enforcement of the judgment may become difficult or impossible, or that significant damage may result. The threshold of proof for taking such measures is lower than for proving the claim. 3.4.8 Judgments in Foreign Currencies Armenian court judgments are issued in AMD. How - ever, they may specify that the amount payable is the AMD equivalent of a sum denominated in a foreign currency.
3.4.9 Taxes/Fees Payable A tax in a non-nominal amount may arise in connec - tion with the enforcement of a security agreement/ aircraft mortgage. 3.4.10 Other Relevant Issues To enable the extrajudicial enforcement of the pledged asset via auction or direct transfer of ownership rights to the pledgee or the person named by the pledgee, the pledge agreement must be notarised. 4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft In Armenia, there are no such issues at present. 4.2 Current Legislative Proposals There are currently no legislative proposals relating to the purchase, sale, leasing or debt financing of an aircraft in Armenia.
37
CHAMBERS.COM
Powered by FlippingBook