Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title IX - Garment - Chapter II - Pledge without Tenure Creditor - From: Section 1207 to: 1220 Art

CHAPTER II

Pledge without possession of the creditor

Section 1207 .- Unless the statutory exceptions may be encumbered with a pledge by the debtor retaining possession of the thing, all kinds of furniture needed for economic exploitation and for her or that result from the same farm. All pledge without possession of the creditor shall be governed by commercial law.

Section 1208 .- The pledge agreement referred to in this Chapter may be established by private instrument, but only have effect in relation to third on the day of registration.
Section 1209 .- The document evidencing a contract of pledge without possession must contain at least the following specifications:
Section 1210 .- The pledge contract shall be entered in the commercial register office for the place where, under the contract, must remain the pledged assets, and whether they should remain in various places, registration will be in the record corresponding to each them, but the pledge of vehicles be registered with the official and in the manner determined by the relevant statutory provisions.
The register shall contain, under penalty of inefficiency, the requirements in Article 1209.
Section 1211 .- When the same thing on several pieces are formed is determined by their priority registration date.
Section 1212 .- The debtor will have on the conservation of the encumbered assets, obligations and responsibilities of the depositary.
Section 1213 .- The debtor can not change the place of location of the pledged property without prior written agreement with the creditor, which will be noted in both the original record or records as in the corresponding to the new location.
The violation of that prohibition or any obligations of the debtor, the creditor shall be entitled to seek and obtain immediate delivery of the item or the payment of the principal obligation, but within it is not found due, without prejudice to the penalties penal responsibilities.
Section 1214 .- For the constitution of pledge on movable and immovable reputed by the Civil Code, if any mortgage on the property they are incorporated, requires the consent of the mortgagee.
Section 1215 .- The sale of properties whose fruits or products are subject to a pledge pending properly registered, does not include the tradition of the same, unless the creditor consents or the purchaser pays the credit guarantee such property.
Section 1216 .- Pledged goods may be sold by the debtor, but only verify their tradition to the buyer, the creditor authorized or covered in full credit, must be noted this fact in the respective document, note signed by the creditor.
If the creditor's authorization, the buyer is obliged to respect the pledge agreement.
Section 1217 .- The debtor is required to permit the creditor to inspect, according to custom, the status of the property subject to the pledge, made under penalty of ipso facto enforceable obligation in case of default.
Section 1218 .- The contract shall regulate the manner of disposition or use of taxable goods and products.
The pledge will cover the things pledged goods and the price of men and women.
Section 1219 .- The garment referred to in this Chapter may also be established to ensure future obligations to an amount and for a clearly defined term in the contract.
Section 1220 .- The action resulting from this kind of garment prescribed after two years, counted from the expiration of the obligation it guarantees.

1. The name and address of the debtor;

2. The name and address of the creditor;

3. The date, nature, value of the obligation is guaranteed and the agreed interest, if any;

4. The expiration date of the obligation;

5. Details of species subject to a pledge indicating their number and all other conditions used for their

identification, such as make, model, serial number or brand and quantity, in the case of machinery, quantity, class, gender marks, color, race, approximate age and weight, if they are animals, quality, number of plants or seeds planted and production time, whether it is fruit or crops, the establishment or industry, class, brand and quantity of products, in the case of industrial products, etc.;

6. The place where things should remain taxable, including whether the owner of these is owner, lessee, tenant or creditor of the company anticrético, farm or place where they are.

Real estate can also be identified by indicating the number of enrollment;

7. If things are taxed to the debtor or a third party has consented to the assessment, and

8. The indication of the date and value of insurance contracts and the name of the insurer, in the case of encumbered assets are secured.