SPAIN Law and Practice Contributed by: Alfonso López-Ibor and Olivia López-Ibor, Lopez-Ibor Abogados
3.4.2 Security Trustees’ Enforcement of Their Rights If the enforcement of the security is to be undertaken by the security trustee, the security trustee must be so authorised through a notarised and apostilled (or legalised) power of attorney; ie, the security assign - ment alone will not suffice for this purpose. Enforce - ment always requires court action; “self-help” is not allowed. The Spanish courts would recognise con - tractual effects (not creating a true security) to the relationships between the lessor, security trustee and the counterparty. 3.4.3 Application of Foreign Laws A choice of a foreign law to govern a finance or secu - rity document will be upheld as a valid choice of law by the Spanish law courts subject and pursuant to Article 3 of Regulation (EU) No 595/2008 of 17 June 2008 (Rome I). 3.4.4 Recognition and Enforcement of Foreign Judgments and Arbitral Awards A foreign arbitral award (eg, a US award) would be recognised and enforced in Spain. 3.4.5 Secured Parties’ Right to Take Possession of Aircraft “Self-help” is not allowed under Spanish law. There - fore, if a Spanish lessee does not co-operate during the repossession, a secured party would have to seek court assistance to enforce its rights. 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions Enforcement actions under a security agreement/air - craft mortgage will be processed through the Spanish court system.
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, but this is only possi - ble if the relevant security document has been duly notarised before a local notary, or if the conditions for injunctive relief are met (see 2.6.2 Lessor Taking Possession of the Aircraft ). 3.4.8 Judgments in Foreign Currencies The judgment may be expressed in a foreign currency; however, for enforcement purposes it has to be con - verted into euros. The conversion is dated at the time of the Spanish enforcement order. 3.4.9 Taxes/Fees Payable The secured party has to pay court fees, court agent fees, lawyers’ fees in order to enforce its claim with a court. Enforcement does not attract Spanish taxes. Court fees are determined in accordance with an offi - cial schedule, and lawyer fees are based on the ad valorem guidelines of the local bar associations. 3.4.10 Other Relevant Issues There are no other relevant issues. 4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft There are no other relevant issues. 4.2 Current Legislative Proposals The Council of Ministers has given the green light to a draft law updating the existing laws that regulate air navigation and air safety, which will be sent to the Spanish Parliament for processing and approval.
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