MADAGASCAR Law and Practice Contributed by: Claudy Monja and Sarah Razafindrafito, John W Ffooks & Co
detention over a specific asset. Also, Madagascar has made a declaration under Article 40 of the Conven - tion. All non-consensual rights or interests resulting from the seizure of the aircraft ordered by a judgment can be registered as international interests. 3.3.5 Verification of an Aircraft’s Freedom From Encumbrances A potential purchaser of an aircraft should check the Aircraft Register to verify that an aircraft is free of encumbrances. 3.4 Enforcement 3.4.1 Differences Between Enforcing Security Assignments, Loans and Guarantees There are no relevant differences in Madagascar between enforcing a security assignment and enforc - ing a loan or guarantee. 3.4.2 Security Trustees’ Enforcement of Their Rights It would be permitted for a third party (a security trus - tee, etc) to enforce its rights under a security assign - ment pursuant to a notice and acknowledgement executed by the lessor and the lessee, respectively, in connection with that security assignment. 3.4.3 Application of Foreign Laws Courts in Madagascar will uphold a foreign law as the governing law of a finance or security document, as well as the submission to a foreign jurisdiction. 3.4.4 Recognition and Enforcement of Foreign Judgments and Arbitral Awards Malagasy courts will accept and enforce a final judg - ment of a foreign court or an arbitral award, without re-examination of the matter, to the extent that an exequatur order is obtained via a local court and that any such final judgment or exequatur award does not contain provisions that are contrary to public order and morals. 3.4.5 Secured Parties’ Right to Take Possession of Aircraft It would be possible for a secured party to take physi - cal possession of an aircraft to enforce a security
agreement/aircraft mortgage without the lessee 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 It is possible for a secured party to obtain a sum - mary judgment pending a final resolution of judicial proceedings to enforce a security agreement/aircraft mortgage. However, this is only possible if there is urgency and if there is no possibility of the counter - party challenging the request of the lessor. 3.4.8 Judgments in Foreign Currencies It is possible for a secured party under a security agreement/aircraft mortgage to obtain a judgment in a foreign currency. 3.4.9 Taxes/Fees Payable In order to enforce its claims, the secured party is liable to pay court fees, which are nominal in the Mala - gasy judicial court. 3.4.10 Other Relevant Issues There are no other relevant issues of which a lender should be aware 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 issues or court judgments that are relevant to these matters. 4.2 Current Legislative Proposals There are no current legislative proposals that are rel - evant to these matters.
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