SERBIA Law and Practice Contributed by: Uroš Popović and Stefan Golubović, Drašković Popović & Partners
3.3.3 Register of Mortgages and Charges Serbia does not have a separate register of mort - gages. Mortgages on aircraft will be inscribed in the Aircraft Register. The inscription of the mortgage in the relevant register is a necessary prerequisite for the perfection of the mortgage. Serbia does not have a register of charges. 3.3.4 Statutory Rights of Detention or Non- Consensual Preferential Liens There are no statutory rights or non-consensual pref - erential liens on a “fleet-wide” basis. 3.3.5 Verification of an Aircraft’s Freedom From Encumbrances A potential purchaser of an aircraft should search the Aircraft Register to verify that an aircraft is free of mortgages. 3.4 Enforcement 3.4.1 Differences Between Enforcing Security Assignments, Loans and Guarantees There are no significant differences in enforcing a security assignment as opposed to a loan or a guar - antee. 3.4.2 Security Trustees’ Enforcement of Their Rights A security trustee who is registered in the relevant register may enforce its rights under an aircraft lease. 3.4.3 Application of Foreign Laws In principle, Serbian 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 Serbian courts will, if other procedural criteria for enforcement of the foreign arbitral award are met, rec - ognise and enforce a foreign arbitral award without re-examination of the merits of the dispute.
3.4.5 Secured Parties’ Right to Take Possession of Aircraft The secured party cannot take physical possession of the aircraft to enforce a security agreement/aircraft mortgage without the lessee’s or operator’s consent. 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions Serbian courts have competence to decide enforce - ment actions under a security agreement/aircraft mortgage. 3.4.7 Summary Judgments or Other Relief It is possible for a secured party to obtain an interim injunction, which will present a form of security. In order for the court to render an interim injunction, the lessor will have to prove to the court it has a claim and this will be damaged if the interim injunction were not enacted. The issuance of bonds or similar guarantees in connection with the interim injunction will not be necessary. 3.4.8 Judgments in Foreign Currencies A secured party under a security agreement/aircraft mortgage may obtain a judgment in a foreign currency. 3.4.9 Taxes/Fees Payable A secured party will not have to pay taxes or fees in a non-nominal amount in connection with the enforce - ment of a security agreement/aircraft mortgage. 3.4.10 Other Relevant Issues There are no other relevant issues 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 Serbian party. 4.2 Current Legislative Proposals There are currently no proposals before the legislature in relation to the issues covered in this guide.
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