Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part I - From Corporate Obligations - Title I - General Obligations - Chapter V - Payment - From: Section 873 to: Article 886
COLOMBIAN COMMERCIAL CODE
CHAPTER V
Payment
Article 873 .- The creditor of an obligation to term, whether express, clear liquid, is entitled to demand sufficient
security to ensure compliance, where the debtor flees his home,
dissipate their assets or ventures recklessly, or is in a state of
insolvency apparent.
The deadline the judge points to the debtor to establish the bond referred to in the preceding paragraph without the has been provided, the obligation in question shall be immediately payable.
In contracts for continuous or sequential execution, the obligation will only be payable in proportion to the consideration, subject to the surety covers the total obligation.
Article 874 .- When not otherwise stated, the amounts stipulated in the legal business will be in Colombian pesos. The national currency having legal tender at the time of payment shall be deemed equivalent to the agreed upon when it is not in circulation at the time of payment.
The obligations contracted in currencies or foreign currency will be covered in the coin or currency stipulated, if legally possible, otherwise, will be covered in Colombian currency, according to government regulations at the time of payment.
Article 875 .- To fix the amount of compensation for pure gold are mentioned in this Code, the Bank of the Republic shall certify its corresponding value in Colombian pesos, excluding applicable taxes.
Article 876 .- Unless otherwise provided, the obligation must be for a sum of money to be delivered in the home rather than having the creditor at the time of maturity. If this place is different to the address that the creditor had an obligation to contract and therefore its implementation is more burdensome, the debtor may make payment at the place of your own home, notice to the creditor.
Article 877 .- A debtor who pays the right to require a receipt and will not be obliged to content himself with simply returning the title, but the possession of it will assume the payment.
Article 878 .- When the payment constitutes a legal, will be challenged for the same reasons as other legal business.
Article 879 .- The settlement of an account will assume the payment of the above, when the dealer who issued it manages its accounts in fixed periods.
Article 880 .- The merchant who receives a pay or quit claim has not forfeit the right to request correction of errors, omissions, or other vices duplicate items of the account.
Article 881 .- Unless otherwise agreed, the imputation is done according to the following rules:
If different debts payable, unsecured, the debtor may allocate the payment to the chosen, if one of debts have security real or personal, the debtor can not charge the payment to it without the consent of the creditor.
The creditor who has guaranteed several loans due and specifically may charge the payment to that offers less security.
Article 882 .- The delivery of letters, checks, promissory notes and other securities credit content, by a previous obligation, it shall be considered as payment unless otherwise stated, but will imply the condition subsequent of payment, if the instrument is rejected or is not discharged in any way.
Fulfilled the condition subsequent, the creditor may enforce payment of the original or fundamental duty, returning the instrument or giving bail to the satisfaction of the judge, to compensate the debtor for any damages cause not returned it.
If the creditor makes the instrument expires or require the original or fundamental obligation likewise be extinguished, however, may take action against anyone who has been unjust enrichment as a result of the forfeiture or limitation. This action is barred in one year.
Article 883 .- Repealed. Act 45 of 1990, Art 99.
Article 884 .- When commercial business revenues be paid a lump sum without specifying the interest by agreement, this is the current bank, if the parties have not stipulated the penalty interest will be doubled, and in any of these amounts exceeds the creditor loses all interest *.
Be tested with the current bank rate certificate issued by the Banking Superintendency.
* Law 45 of 1990.
Article 72 .- Penalty for charging interest in excess. When charging interest in excess of the limits set by law or by the monetary authority, the creditor will lose all interest charged in excess, remunerative, moratorium or both, depending on whether, increased by an equal amount. In such cases, the debtor may request the immediate return of the amounts you have paid on account of the respective interests, plus an amount equal to the excess, by way of penalty.
Paragraph .- Without prejudice to administrative sanctions that may apply in the case of entities supervised by the Banking Superintendency, the Authority shall ensure that they comply with the obligation to deliver the amounts in accordance with this Article must be returned.
Article 885 .- A merchant may require legal commercial interests of the supplies or sales made on credit, without stipulation of the payment deadline, a month after passing the bill.
Article 886 .- The outstanding interest bear interest not only from the date of the lawsuit from the creditor, or by agreement after the expiration, provided that in either case it is of interest due a year earlier, at least.
The deadline the judge points to the debtor to establish the bond referred to in the preceding paragraph without the has been provided, the obligation in question shall be immediately payable.
In contracts for continuous or sequential execution, the obligation will only be payable in proportion to the consideration, subject to the surety covers the total obligation.
Article 874 .- When not otherwise stated, the amounts stipulated in the legal business will be in Colombian pesos. The national currency having legal tender at the time of payment shall be deemed equivalent to the agreed upon when it is not in circulation at the time of payment.
The obligations contracted in currencies or foreign currency will be covered in the coin or currency stipulated, if legally possible, otherwise, will be covered in Colombian currency, according to government regulations at the time of payment.
Article 875 .- To fix the amount of compensation for pure gold are mentioned in this Code, the Bank of the Republic shall certify its corresponding value in Colombian pesos, excluding applicable taxes.
Article 876 .- Unless otherwise provided, the obligation must be for a sum of money to be delivered in the home rather than having the creditor at the time of maturity. If this place is different to the address that the creditor had an obligation to contract and therefore its implementation is more burdensome, the debtor may make payment at the place of your own home, notice to the creditor.
Article 877 .- A debtor who pays the right to require a receipt and will not be obliged to content himself with simply returning the title, but the possession of it will assume the payment.
Article 878 .- When the payment constitutes a legal, will be challenged for the same reasons as other legal business.
Article 879 .- The settlement of an account will assume the payment of the above, when the dealer who issued it manages its accounts in fixed periods.
Article 880 .- The merchant who receives a pay or quit claim has not forfeit the right to request correction of errors, omissions, or other vices duplicate items of the account.
Article 881 .- Unless otherwise agreed, the imputation is done according to the following rules:
If different debts payable, unsecured, the debtor may allocate the payment to the chosen, if one of debts have security real or personal, the debtor can not charge the payment to it without the consent of the creditor.
The creditor who has guaranteed several loans due and specifically may charge the payment to that offers less security.
Article 882 .- The delivery of letters, checks, promissory notes and other securities credit content, by a previous obligation, it shall be considered as payment unless otherwise stated, but will imply the condition subsequent of payment, if the instrument is rejected or is not discharged in any way.
Fulfilled the condition subsequent, the creditor may enforce payment of the original or fundamental duty, returning the instrument or giving bail to the satisfaction of the judge, to compensate the debtor for any damages cause not returned it.
If the creditor makes the instrument expires or require the original or fundamental obligation likewise be extinguished, however, may take action against anyone who has been unjust enrichment as a result of the forfeiture or limitation. This action is barred in one year.
Article 883 .- Repealed. Act 45 of 1990, Art 99.
Article 884 .- When commercial business revenues be paid a lump sum without specifying the interest by agreement, this is the current bank, if the parties have not stipulated the penalty interest will be doubled, and in any of these amounts exceeds the creditor loses all interest *.
Be tested with the current bank rate certificate issued by the Banking Superintendency.
* Law 45 of 1990.
Article 72 .- Penalty for charging interest in excess. When charging interest in excess of the limits set by law or by the monetary authority, the creditor will lose all interest charged in excess, remunerative, moratorium or both, depending on whether, increased by an equal amount. In such cases, the debtor may request the immediate return of the amounts you have paid on account of the respective interests, plus an amount equal to the excess, by way of penalty.
Paragraph .- Without prejudice to administrative sanctions that may apply in the case of entities supervised by the Banking Superintendency, the Authority shall ensure that they comply with the obligation to deliver the amounts in accordance with this Article must be returned.
Article 885 .- A merchant may require legal commercial interests of the supplies or sales made on credit, without stipulation of the payment deadline, a month after passing the bill.
Article 886 .- The outstanding interest bear interest not only from the date of the lawsuit from the creditor, or by agreement after the expiration, provided that in either case it is of interest due a year earlier, at least.
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