Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part VI - The Mutual - From: Section 1163 to: 1169 Art

COLOMBIAN COMMERCIAL CODE

TITLE VI

THE MUTUAL

Section 1163 .- Unless expressly agreed otherwise, the borrower must pay the statutory interest mutuante business sums of money or value of things received in another.

Unless a reservation, the paper receipt of interest on a pay period will presumably have been paid earlier.

Section 1164 .- If you do not stipulate a term for a refund, or if it is left to the will or the capabilities of the borrower, will be the setting for the trial judge, taking into consideration the provisions of the contract, the nature of the operation to be has for the loan and the personal circumstances of the lender and the borrower.

The procedure to be followed in these cases will be brief and summary regulated in the Code of Civil Procedure *.

* Modified. Code of Civil Procedure.

Article 427 .- Modified. Decree 2282 of 1989, Article 1. Number 231. Matters covered. Verbal process will be processed in accordance with the procedure set forth in this chapter, the following issues:

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Paragraph 2. Because of its size:

12. Those provided for in Articles 175, 519, 940 second and third paragraphs, 941, 943, 945, 948, 950 (952), 852, 966, 972, 1164, 1170, and 1364 of the Commercial Code and any other matter that the order code resolved by summary proceedings or incidental self processing.

Art. 435 ..- Modified. Decree 2282 of 1989, Article 1. Number 239. Matters covered. Be processed in one instance by the procedure governing this chapter (verbal summary process), the following issues:

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Paragraph 2. Because of its size.

The business of small claims and referred to in paragraph 2. Article 427 which are of the same amount. 

Section 1165 .- When not in the mutual restitution of money and things are notoriously impossible or difficult, for reasons beyond the borrower, it must pay the value of such things at the time and place must be the return.

Section 1166 .- Repealed. Act 45 of 1990, Art 99.

Section 1167 .- The lender must compensate the damage that hidden defects or poor quality of the borrower suffers mutual thing, if it has ignored or been unaware without your fault.

When the mutual stipulated without interest, the lender is obligated only to the compensation indicated if being aware of the poor quality or hidden defects of the thing mutual warned them not to borrower.

Section 1168 .- Prohibens pacts involving the simulation of interest allowed by law.

Section 1169 .- Who can promise to refrain from mutual to fulfill its promise if the other contractor's economic conditions have altered so notoriously difficult to make restitution, unless the borrower promisor offered adequate security.

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