The word ‘equivalent’ requires that the
interest under that State’s law must have a
meaning under that law that is equivalent to
a registered international interest. How does
one determine if an interest is equivalent to
an international interest when an international
interest can be constituted and described in
Article 2(2) pursuant to one of three different
agreements: (1) a security agreement, (2) a
title reservation agreement or (3) a leasing
agreement? Article 2(4) answers this when it
says that the applicable law determines whether
an interest to which Article 2(2) applies falls
within one of the three interests under the
respective types of agreements that constitute
an international interest. This is the very
important characterization that is to be used by
the parties and, if needed, by courts as to which
type of international interest is applicable whenconsidering remedies under the Convention