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Notarial bonds

6 May 2004

The Security by Means of Movable Property Act, 57 of 1993 allows for a notarial bond to be registered in respect of corporeal, moveable property only. Therefore a notarial bond over a short-term lease agreement is not capable of being registered as it is incorporeal.

The Convention on the International Recognition of Rights to Aircraft Act, 59 of 1993 prohibits the registration of a notarial bond over an aircraft or a share in it in a deeds registry. However where the aircraft is mortgaged, the bond must be registered with the Department of Transport: Civil Aviation Authority. But the act is not applicable to the following:
* Hang glider;
* Paraglider;
* Unmanned free balloon;
* Captive balloon;
* Kite;
* Model aircraft;
* Foreign registered aircraft;
* Parachute;
* Powered glider;
* Hot-air balloon; or
* Unmanned radio-controlled aircraft.

So, notarial bonds can be registered with the above movable assets serving as security.

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