Mortgagor or Mortgagee? Liability for Damage caused to Space Assets where a Right of Forfeiture Goes Wrong in Outer Space.
| dc.contributor.author | Olatinwo Khafayat Yetunde | |
| dc.date.accessioned | 2023-08-10T12:13:29Z | |
| dc.date.available | 2023-08-10T12:13:29Z | |
| dc.date.issued | 2022 | |
| dc.description.abstract | It is safe to conclude that parties are involved in contract almost every hour and on daily basis of human existence. Whatever the nature of such contract is or whatever the form it takes; the fact is that it is not strange for parties, be it private individuals, corporations, government agencies, NGOs and International organisations, to require certain obligations in return for certain benefits on both sides. The obligation is extended with series of covenants and conditions to the fulfillment of the terms of the agreement, the breach of which can entitle the injured party to seek variety of reliefs depending on the terms of agreement and lex situs. This concept is not strange in space related activities in spite of its unique nature and legal regimes upholding the environment as common heritage. As long as parties conform to the provisions of the regimes, outer space is free for exploration and exploitation therefore open to man’s quest. Because of the huge financial commitment and obligations involved in space exploration, it would not be farfetched to see space actors seeking financial assistance from financial institution of other states and entering into a mortgage agreement to borrow huge capital to finance a particular space activity. This can take the form of finance lease or agreement to finance the launch, manufacture, maintenance or purchase satellite in orbit and almost always, the space asset/object as the security/collateral. In such cases a breach on the term of contract on the payment after several demands may entitle the mortgagee/creditor to exercise its forfeiture right, in this case, removal of the satellite from orbit. Because of the increase in satellite launch and the finite nature of the Geo Stationary causing satellites to cluster and collide, there is the possibility that the removal of a satellite may cause damage to another space object. The question is what happens when another space object or satellite belonging to another state or entity is damaged in the process of removing a satellite, subject matter of forfeiture? Who is liable for such damage, the mortgagor or mortgagee? The intention of this paper is not to discuss a contract of mortgage on space asset/object but rather to discuss the liability for damage that may be occasioned where the act of removal of a space asset/object for breach of contract caused damage to another satellite in orbit or even the forfeited satellite. The paper intends to examine the attitude of the space regimes on who is liable between the mortgagee, who is only observing his right to forfeiture or the launching party, who may not necessarily be the mortgagor, but is legally liable for damage caused to other space object through it space activity. KEY WORDS: mortgage, space asset, forfeiture, damage, liability | |
| dc.identifier.citation | Cov.LJ. 27(2) | |
| dc.identifier.issn | ISSN1758-2512 | |
| dc.identifier.uri | https://kwasuspace.kwasu.edu.ng/handle/123456789/838 | |
| dc.publisher | Coventry Law Journal. 27(2): ISSN1758-2512: 25-36 | |
| dc.title | Mortgagor or Mortgagee? Liability for Damage caused to Space Assets where a Right of Forfeiture Goes Wrong in Outer Space. |
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