Aviation Finance & Leasing 2021

Last Updated July 30, 2021

Serbia

Law and Practice

Authors



Bojović Drašković Popović & Partners is a leading full-service business law firm providing legal services in both Serbia and Montenegro. Clients have consistent access to partners and a responsive team of legal experts to guide them through the challenges of doing business in south-east Europe. Bojović Drašković Popović & Partners has an extensive regional reach through SELA – the South East Legal Alliance, a regional network of independent law firms advising clients on their operations across south-east Europe. All partners at Bojović Drašković Popović & Partners are members of the Serbian Bar Association and the International Bar Association. BD2P’s clients include internationals such as the Walt Disney Company, the European Bank for Reconstruction and Development (EBRD), AC Nielsen, adidas, Philips, Samsung, Pepco, and Colgate-Palmolive Adria.

Upon the execution of the sale-and-purchase agreement, the seller is required to pay the absolute rights transfer tax. The relevant tax rate amounts to 2.5% of the purchase price.

From the Serbian law perspective, a sale-and-purchase agreement does need to be notarised in order for it to be enforceable against a domestic party; however, translation of the sale-and-purchase agreement would only be necessary if it were to be used before the authorities in Serbia, including, but not limited to, the courts. If the sale-and-purchase agreement were to be governed by foreign law, its validity would be assessed from the perspective of the governing law.

Under Serbian law, a duly executed sale-and-purchase agreement would present a basis for transferring the title over the aircraft from one party to the other. Transfer of the aircraft would be perfected through inscription in the aircraft Register. If the sale-and-purchase agreement concerned the sale of the entire aircraft, that agreement would automatically entail the sale of all of its integral parts, including engines. The sale-and-purchase agreement may also have as its subject solely the sale and purchase of an individual part of an aircraft such as, eg, an engine.

Further, the sale of ownership interest in an entity that owns an aircraft or engine will not effectively be recognised as a sale of that aircraft or engine itself, as long as the selling entity remains the owner.

Serbian law would in principle recognise the transfer of title to an aircraft that is registered in the foreign Register if that transfer of title were governed by English or New York law.

A bill of sale does not need to be translated, certified, notarised or legalised in order for it to be enforceable against the domestic party; however, a translation of the bill of sale would be necessary if it were to be used before the authorities in Serbia, including, but not limited to, the courts.

If a bill of sale were to be registered in the Serbian Register, the following steps would be required.

Firstly, an aircraft can be registered in the Serbian Register if it is not registered with the foreign Aircraft Register and if one of the following conditions is met:

  • the aircraft owner (in whole or in part) is the Republic of Serbia, a legal entity or entrepreneur registered in the Republic of Serbia;
  • the aircraft owner (in whole or in part) is a citizen of the Republic of Serbia, with a permanent residence in the Republic of Serbia or abroad, if the home airport of the aircraft is in the Republic of Serbia;
  • the aircraft operator is a legal entity, entrepreneur or natural person whose corporate seat or permanent residence is in the Republic of Serbia; or
  • the aircraft owner or operator is a foreign natural or legal entity, with the consent of the Ministry of Construction, Transport and Infrastructure.

The process of registering aircraft with the Aircraft Register consists of the following two phases:

  • applying to the Commercial Court in Belgrade for a resolution on the registration of aircraft (documentation needed: a Bill of Sale, excerpts from the relevant registers and any other document that could be requested by the judge, based on his or her own discretion);
  • filling out an application form and submitting it to the Civil Aviation Directorate, along with the Court Resolution.

There is no legally prescribed deadline, but it is to be expected that the whole process would take about one month.

Upon the execution of the sale-and-purchase agreement, the seller is required to pay the absolute rights transfer tax. The relevant tax rate amounts to 2.5% of the purchase price.

All types of operating/wet/finance leases or leases concerning only engines or parts are generally permissible and recognised.

Contractual obligations between the parties from the lease agreement may be governed by a foreign law. However, issues of ownership over the aircraft and other proprietary rights are governed by the law of the land in which the aircraft is registered, and while the contractual obligations (such as those stemming from the lease agreement) can be governed by a foreign law, certain potential disputes which could stem from the lease agreement could be governed by Serbian law, if the aircraft is registered in Serbia (disputes revolving around insolvency proceedings over the lessee, disputes over ownership over the aircraft and the like).

Rent payments may be made in US dollars.

There are no specific exchange-control rules that would prevent rent payments under a lease or any repatriation of realisation proceeds.

The registration of the  lease of an aircraft is optional; however, if it is registered, the fee for registration of the lessee with the Aircraft Register will cost from RSD4,210 (approximately EUR36) up to RSD16,750 (approximately EUR140), depending on the category of the aircraft.

The lessor does not have to be licensed or otherwise qualified in Serbia to do business with a domestic lessee.

In principle, there are no mandatory terms required to be in a lease governed by English or New York law.

Tax and other withholding gross-up provisions are, in principle, permissible and enforceable.

The concluded lease can cover parts that are installed or replaced on an aircraft or engine after its execution.

There is no specific risk of title-annexation in respect of aircraft engines installed on an airframe.

The concept of trust/trustee of an owner is not recognised under Serbian law.

The lease of the aircraft may be registered in the Aircraft Register. Registration is optional, but advisable, since in so doing the existence of the lease becomes a matter of public record.

The Aircraft Register contains information on both the owner and the operator of the aircraft, hence, both the owner and the operator of the aircraft may be registered.

Information concerning leases are registered in the Aircraft Register. There is no separate engine-specific register in Serbia.

Registration of the lease with the Aircraft Register is optional, but preferable. Specifically, if the lease is registered with the Aircraft Register it would be considered that third parties are familiar with the existence of the lease.

Registration of the lease of an aircraft may be initiated by the lessor or the lessee through submission of the request of registration of the lease to the Aircraft Register along with the lease agreement, the certificate of airworthiness, the corporate documentation and the court decision on registration of the aircraft. If the lessee is a foreign person/entity, a consent of the Ministry of Traffic is required. Additional documentation may be requested by the Aircraft Register. 

The estimated period for completion is one month.

A lease needs to be concluded in the form envisaged under its governing law. When it comes to Serbian law, no additional requirements are needed. If the lease agreement were to be used before the Serbian authorities, certified translation of the agreement would be needed.

The fee for registration of the lessee in the Aircraft Register costs from RSD4,210 (approximately EUR36) up to RSD16,750 (approximately EUR140), depending on the category of the aircraft.

There are no popular alternative countries in which aircraft habitually based in Serbia are typically registered.

All documents submitted to the authorities (including, but not limited to, the bill of sale or the lease agreement) have to be provided in the original or certified copy and provided with the certified translation.

A foreign lessor is required to pay income tax on the income it gains through a permanent business unit in the territory of the Republic of Serbia, unless otherwise stipulated in a tax treaty.

In other words, unless a foreign lessor has a permanent establishment in the Republic of Serbia, it is not required to pay income tax.

A foreign lessor may not be deemed resident, domiciled, carrying on business or subject to any taxes as a result of it being a party to, or its enforcement of, the lease.

Generally speaking, liabilities in respect of aircraft or engine maintenance and operations may not be imposed on a foreign lessor under a lease as a result of its being a party to that lease.

The lessee is liable for any damage that is caused by the aircraft to the property or health of third persons.

Creditors of a lessee may not in principle attach an aircraft leased to the lessee but owned by a different entity.

Under very limited conditions, it is possible that some third-party rights would take priority over a lessor’s rights over an aircraft through the legal institute of “right of retention”, whereby the third party would retain the aircraft as a guarantee of due payment of, eg, repair and maintenance costs, warehousing, depository costs and the like.

There are no mandatory Serbian regulations which would dictate that it is mandatory for insurance to be placed with a domestic insurance company.

Current insurance limitations are aligned with the Montreal Convention and presently amount to SDR113,100 for injury and death, SDR4,694 for delay, SDR1,131 for baggage and SDR19 for cargo.

The issue of reinsurance of the aircraft abroad is not regulated under Serbian law; however, from a general legal regime, one might conclude that such a practice would not be against the applicable regulation.

“Cut-through” clauses are not valid in Serbian regulation, due to the limitations posed by the mandatory Foreign exchange (FX) regulations.

Assignment of insurance/reinsurance is in principle allowed.

Pursuant to Serbian law, there are no specific restrictions on a lessor’s ability to terminate an aircraft lease, re-export the aircraft and/or sell the aircraft following such a termination.

What is more, it is not mandatory for an aircraft to be physically in Serbia for either of the above-mentioned operations.

A court order would be required in order for a lessor to take possession of the aircraft from the lessee.

There are no specific courts for aviation disputes. If a dispute in relation to the aircraft were to arise, and if Serbian courts were competent to decide on such a dispute, the subject dispute would be adjudicated by the competent commercial court.

A lessor may request the establishment of an interim injunction prior to the final resolution of the judicial proceedings. As a result of that interim injunction, the aircraft could be taken away from the lessee until the completion of the proceedings.

In order for the court to render the interim injunction, the lessor would have to prove to the court both the existence of its claim and the endangerment to the subject claim in the absence of the interim injunction. In practice, it usually takes around one month for a court to decide on such a request.

Serbian courts would in general uphold (i) a foreign law as the governing law of an aircraft lease, (ii) the submission to a foreign jurisdiction and (iii) a waiver of immunity by the parties of that lease.

Serbian courts would recognise and enforce a final judgment of a foreign court or an arbitral award without re-examination of the matter if the procedural prerequisites for enforcement of the subject judgment/award were met.

A lessor under the aircraft lease may obtain a judgment in foreign currency. Enforcement of such a judgment in Serbia, however, would have to be made in the local currency (RSD).

There are no statutory limitations on a lessor’s ability to recover default interest. A lessor may charge additional rent following termination of the lease for default if such a course of action is in line with the governing law and the concluded agreement.

A lessor under an aircraft lease is not required to pay taxes or fees in a significant (ie, non-nominal) amount in connection with the recognition and enforcement of that lease in Serbia.

If Serbian courts were to deliberate in a case that involves the application of Serbian law, the judge might potentially declare null and void the mandatory notice period if it was too short or if it created an imbalance between the parties.

Under Serbian law, the lessee does not have any legal instrument with which it would be entitled to claim sovereign or other immunity from suit in the sense that the legal instrument would prevent it from being a party in the court or arbitral proceedings.

Serbia has adopted the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) and Serbian courts in principle do recognise and enforce foreign arbitral decisions. Grounds for refusal of recognition of a foreign arbitral award correspond to those listed in Article V of the New York Convention, and they are not country-specific.

There are no other relevant issues that a lessor should be aware of in relation to the enforcement of its rights.

Serbian regulation does recognise contractual assignment and novation.

Pursuant to Serbian law (assuming that a lessor transferring its rights under an aircraft lease is assigning or novating its rights under that lease to a new lessor), the lessor would be obliged to notify the lessee of that assignment. No consent of the lessee would be necessary in this regard. If the lessee were to intend to assign its rights to the other entity, it would need to notify the lessor of its intention and obtain the lessor’s consent. There are no jurisdiction-specific clauses that would be mandatory to be included in such an assignment.

It is not necessary for an aircraft and/or engine lease assignment and assumption/novation to be translated, certified, notarised or legalised to be enforceable against a domestic party; however, translation of the assignment agreement would be necessary if it were to be used before the authorities in Serbia including, but not limited to, the courts.

Registration of the lease in the Aircraft Register is not mandatory; however, if the lease is registered in the Aircraft Register, any assignment of the rights and obligations from that lease should also be registered in the Register. The procedure of registering the assignment of the lease is rather simple and involves submitting the assignment agreement and notifying the relevant authorities of the conducted assignment. No government applications or consents are required as a prerequisite to the execution and delivery of an aircraft and/or engine lease assignment and assumption/novation.

The fee for registration of the assignment in the Aircraft Registry costs RSD4,210 (approximately EUR36).

Sole change of the ownership interest of the entity that owns an aircraft would not warrant notification to the Aircraft Register. 

A request for deregistration of the aircraft may be submitted by either the owner or the operator of an aircraft.

If such a request for deregistration is submitted by the operator, a certified written statement of consent of the owner must be submitted along with the request for deletion. If that request for deregistration is submitted by the owner, a certified written statement of consent of the operator must be submitted along with the request for deletion.

The Register deletes the aircraft from the Register ex officio if the aircraft is destroyed, permanently unusable, missing, or completely unavailable or whose certificate of airworthiness is not valid for more than ten years.

Once the Register decides on the request for deregistration, it issues the resolution on deletion, along with a confirmation on deletion and, if the aircraft is airworthy, the Civil Aviation Directorate issues an export certificate of airworthiness, based on which the aircraft may be registered with another register of aircraft.

The aircraft owner may apply for deregistration of the aircraft only with the prior consent of the lessee. 

In order for the aircraft to be deregistered from the Register, the owner or an operator would have to provide: (i) a request for deregistration, and (ii) a statement of consent of the other party (the owner/operator).

There is no statutory deadline on the duration of the deregistration process; however, one could expect that the process would be completed in several business days.

The aviation authority is not authorised to issue any advance assurances to an aircraft owner, mortgagee or lessor as to the prompt deregistration of the aircraft.

The fee for deregistration of an aircraft amounts RSD5,020 (approximately EUR43).

A deregistration power of attorney does not represent a necessary legal document under the Serbian law (and Serbia is not signatory to the Cape Town Convention); however, in practice it is usually issued alongside with the lease. A deregistration power of attorney does not need to be translated, certified, notarised or legalised to be enforceable against a domestic party; however, translation of the subject document would be necessary if it were to be used before the authorities in Serbia, including, but not limited to, the courts.

Since a deregistration power of attorney is not mandatory/necessary on its own, there are no additional documents required in order to assure its validity.

A deregistration power of attorney may be governed by a foreign law.

Since a deregistration power of attorney is not statutorily regulated, there is accordingly no regulation on the possibility on revocation of the deregistration power of attorney. It follows that it may be revoked at any time, in the same way as any other power of attorney.

The lessee’s consent would be necessary in order for the aircraft to be exported. A mortgagee is not entitled to export the aircraft under Serbian law.

An asset does not need to be located in Serbia at the time of deregistration and/or export.

Upon request, the Aircraft Register will issue the resolution on deletion, along with a confirmation on deregistration. In practice, it takes several business days in order for the subject documents to be obtained. When issued, the confirmation of deregistration (ie, an export certificate) is valid for an unlimited period of time. Therefore, it can be obtained at any time before the termination of the lease. In practice, since the confirmation on deregistration contains the exact time of deregistration from the Serbian Register, it is usually obtained in advance so that it would be possible to commence with the procedure of registration of an aircraft in another foreign register.

If the aircraft is registered in the Aircraft Register, before the export of the aircraft, it is required for the subject aircraft to be deregistered. In such a scenario, the following fees are applicable:

  • the fee for the Resolution on Deletion amounts to RSD5,020 (approximately EUR43);
  • the fee for the export certificate on airworthiness (required for the foreign registry where the aircraft will be registered) amounts to RSD4,210 (approximately EUR36).

There are no significant practical difficulties involved in deregistration as such, however, it should be highlighted that deregistration from the Aircraft Register and the registration with another register of aircraft must be punctually co-ordinated. In other words, the exact date and time of deregistration must coincide completely with the registration in a new register, so that any potential time gap between two registrations is avoided.

Serbian regulation recognises two types of reorganisation/restructuring/insolvency/liquidation proceedings:

  • corporate liquidation, which is regulated under the Company Law (Zakon o privrednim društvima, “Official Gazette of RS“ Nos 36/2011, 99/2011, 83/2014, 5/2015, 44/2018, 95/2018 and 91/2019); and
  • insolvency proceedings, which is regulated under the Law on Insolvency (Zakon o stečaju, “Official Gazette of RS” Nos 104/2009, 99/2011, 71/2012, 83/2014, 113/2017, 44/2018 and 95/2018).

Serbian regulation recognises two types of reorganisation/restructuring/insolvency/liquidation proceedings:

  • corporate liquidation - proceedings that may be initiated if the company is solvent and wants to terminate itself. This procedure is initiated by the company before the Business Register and in it the creditors are called upon to register their claims. From an operational standpoint, the company appoints the liquidation administrator who represents the company in the corporate liquidation proceedings. When the company provides proof that it has settled all creditor claims, it may request from the Business Register the deletion of the company (liquidation); and
  • insolvency proceedings, proceedings that may be initiated:
    1. if the company has extended monetary difficulties;
    2. if there is a danger that the company will become insolvent;
    3. if the company is over indebted; or
    4. if the company does not act in accordance with the reorganisation plan. The insolvency proceedings are court proceedings in which the appointed insolvency administrator represents the insolvency debtor. Insolvency proceedings may lead to the reorganisation of the company or dissolution of its assets and subsequent liquidation.

In the case of parallel insolvency proceedings before the Serbian courts and the courts of foreign jurisdiction, Serbian courts are statutorily obliged to co-operate with the foreign courts. Subject co-operation may entail:

  • appointment of the person that will take actions pursuant to the court’s instructions;
  • exchange of data;
  • co-ordination of managing of the assets of the debtor;
  • conclusion of the agreement on co-ordination between the courts;
  • co-ordination of the proceedings.

A deregistration power of attorney is not regulated under Serbian law; however, from a general legal regime perspective, even if it is issued, the opening of insolvency proceedings would not have any effect on it.

When the insolvency proceedings are opened, the insolvency administrator is appointed and it is the insolvency administrator who, from that point onwards, manages the debtor. At the time when the insolvency is opened, the insolvency administrator is entitled to choose which contracts will remain in force and which will be terminated and this includes the existing leases. If, for any reason, the lease is continued as of the time of the opening of the insolvency proceedings, the insolvency estate would continue to be a party to the lease agreement and would be obliged to settle the rent.

In the case that the lease agreement is terminated, the lessor is entitled to issue a request for the removal of the aircraft from the estate of the lessee and the hand-over of the aircraft to the lessor.

The main risk for a lender if a borrower, a guarantor or an entity providing security becomes insolvent is that it would not be able to collect its receivable.

In the case of the opening of the insolvency proceedings, there is a moratorium imposed in connection with insolvency proceedings, and that moratorium lasts for the duration of the insolvency proceedings and encompasses all obligations of the insolvency debtor, apart from the obligations undertaken by the insolvency estate. 

In Serbia, a lessee may be liquidated or placed in administration or receivership, either at its own request or at the request of a third party (liquidator or a creditor).

Ipso facto default clauses are valid under Serbian law and appear very often in practice. In the case that the subject clause is activated, the lessor is entitled to issue a request for the removal of the aircraft from the estate of the lessee and the hand-over of the aircraft to the lessor.

If a domestic lessee is liquidated by a Serbian court ruling, the following generally occurs:

  • the aircraft may be repossessed only if the lessor fails to take action in order to remove the subject aircraft from the insolvency estate;
  • the lessor must register its debt to the insolvency administrator for rentals and other costs (if any) that became due before the opening of the insolvency proceedings;
  • the lease security deposit will remain with the lessee for as long as the lease is in force; and
  • the maintenance reserves paid to the lessor (whether classified as reserves or supplemental rent) will remain with the lessor as long as the lease is in force.

The Cape Town Convention is not recognised in Serbia.

The Cape Town Convention is not recognised in Serbia.

The Cape Town Convention is not recognised in Serbia.

The Cape Town Convention is not recognised in Serbia.

Serbia has ratified the 1948 Geneva Convention on the International Recognition of Rights in Aircraft; however, it has not ratified the 1933 Rome Convention on the Unification of Certain Rules relating to the Precautionary Arrest of Aircraft.

In accordance with Serbian regulation, only banks are entitled to issue finance loans. The borrowers are entitled to use the loan in line with agreed terms of the subject loan.

In certain cases envisaged under the FX rules, the National Bank of Serbia should be notified on the financing or repatriation of realisation proceeds under a loan, guarantee or security document.

Borrowers are permitted to grant security to foreign lenders, subject to certain FX restrictions.

Downstream, upstream and/or cross-stream guarantees are permitted in favour of lenders when they are made in line with the FX regulation. In certain cases envisaged under the FX rules, the National Bank of Serbia should be notified of the issued subject guarantees. 

It is a business decision whether a lender should take share security over a domestic special-purpose vehicle that owns the financed aircraft; however, generally speaking, such an action would be advisable. A pledge of shares is recognised under Serbian law.

Negative pledges are recognised under Serbian law.

Inter-creditor arrangements may be made; however, these arrangements produce effects solely between the creditors that concluded such arrangements.

The concept of agency and the role of an agent (such as the facility agent) under a syndicated loan is recognised in Serbia.

All valid methods of debt subordination are permissible and recognised.

It is in principle possible to transfer or assign all or part of an outstanding debt under an English or New York law-governed loan.

There is no specific limit as to the amount of contractual interest that may be envisaged, however, the court is entitled to lower the amount of interest per the parties’ request if it assesses it to be exceedingly high. Subject assessment is performed on a case-by-case basis.

Typical forms of security and recourse granted in an aviation finance transaction in Serbia include promissory notes, pledges and bank guarantees.

All security types existent under the law may be taken over an aircraft or related collateral such as engines, warranties or insurances.

The concept of a security trustee is existent under Serbian law; however, any such trustee should be registered as a security trustee in the relevant register.

The assignment of rights and obligations under the lease of an aircraft is possible; however, any change on the side of the lessor would have to be reflected in the lease agreement (ie, the lease agreement should be annexed to reflect any such change). If the lease agreement is registered with the Aircraft Register, a change to the data in the Register would be necessary.

The assignment of the rights and benefits only, without also assigning the attendant obligations of the lessor under an aircraft lease, would be in line with Serbian law.

Pursuant to Serbian law, a security assignment or a guarantee may be governed by English or New York law.

Since securities present ancillary obligations in relation to the main contract, they can be assigned to the other party solely through assignment of the entire agreement for which they provide security. If the security is registered with the Register in Serbia, the subject Register should be notified of the assignment. If the Serbian Register is notified of the assignment, a translation of the assignment agreement would be obligatory. 

If an English or New York law-governed security assignment is taken in respect of an aircraft registered domestically, it would be advisable for that security to be transferred to the domestic Aircraft Register.

In Serbia, there is no regulation that explicitly prohibits an aircraft, used in the Republic of Serbia, to be encumbered by a security established in the foreign country in accordance with the foreign law. The security on the aircraft that is registered in a foreign country can be “transferred” to the domestic Aircraft Register through registration of the aircraft itself.

The transfer of security interest is generally recognised under Serbian law.

If there are any changes in the identity of the secured parties, those changes should be reflected in the contractual documentation.

“Parallel debt” structures are not recognised under Serbian law.

A secured party under a security assignment would not be deemed to be resident, domiciled, carrying on business or subject to any taxes as a result of its being a party to, or its enforcement of, any such security assignment.

A domestic law mortgage over an aircraft is perfected by its registration with the Aircraft Register.

Security taken over the spare engines is perfected through registration in the Pledge Register held by the Business Registers Agency.

Security of the pledge over bank accounts is perfected through registration in the Pledge Register held by the Business Registers Agency.

Third-party liens in relation to unpaid airport fees, navigation charges, customs duties, and the like are not registered.

  • in the case of repairers’ costs and similar liens, the creditor would, under very limited conditions, be entitled to the right of retention of the aircraft until his or her due debt was settled;
  • a fleet lien is not envisaged under Serbian law;
  • a subject right of retention is a statutory right and no specific legal action is needed in that regard.

Discharge of a lien or mortgage can be made within a day.

Serbia does not have a separate register of mortgages. Mortgages on the aircraft would be inscribed in the Aircraft Register. Inscription of the mortgage in the relevant Register is a necessary prerequisite for perfection of the mortgage. Serbia does not have a Register of charges.

There are no statutory rights or non-consensual preferential liens on a fleet-wide basis.

A potential purchaser of an aircraft should search the Aircraft Register to verify that the aircraft is free of mortgages.

There are no significant differences in enforcing a security assignment as opposed to a loan or guarantee.

If a security trustee is registered as such in the relevant register, it may enforce its rights under an aircraft lease.

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.

Serbian courts will, if other procedural criteria for enforcement of the foreign arbitral award are met, recognise and enforce a foreign arbitral award without re-examination of the merits of the dispute. 

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.

Serbian courts are competent to decide enforcement actions under a security agreement/aircraft mortgage.

It is possible for a secured party to obtain an interim injunction, which would present a form of security. In order for the court to render any such interim injunction, the secured party would have to prove to the court both the existence of its claim and the endangerment to the subject claim in the absence of the interim injunction. The issuance of bonds or similar guarantees in connection with the interim injunction would not be necessary.

A secured party under a security agreement/aircraft mortgage may obtain a judgment in a foreign currency.

A secured party would not be required to pay taxes or fees in a non-nominal amount in connection with the enforcement of a security agreement/aircraft mortgage.

There are no other relevant issues that a lender should be aware of in relation to the enforcement of its rights.

There are no other material issues and/or any material court judgments that are relevant to the purchase, sale, lease or debt finance of an aircraft registered domestically and/or involving a Serbian party.

Presently, there are no proposals in relation to the issues covered by this chapter.

Bojović Drašković Popović & Partners

Francuska 27
Belgrade
Serbia

+381 11 7850 336

+381 11 7850 337

office@bd2p.com www.bd2p.com
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Law and Practice

Authors



Bojović Drašković Popović & Partners is a leading full-service business law firm providing legal services in both Serbia and Montenegro. Clients have consistent access to partners and a responsive team of legal experts to guide them through the challenges of doing business in south-east Europe. Bojović Drašković Popović & Partners has an extensive regional reach through SELA – the South East Legal Alliance, a regional network of independent law firms advising clients on their operations across south-east Europe. All partners at Bojović Drašković Popović & Partners are members of the Serbian Bar Association and the International Bar Association. BD2P’s clients include internationals such as the Walt Disney Company, the European Bank for Reconstruction and Development (EBRD), AC Nielsen, adidas, Philips, Samsung, Pepco, and Colgate-Palmolive Adria.

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