Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Part II - Aeronautics - Chapter XV - mortgages, liens and Kidnapping - From: Section 1904 By: Art . 1909

CHAPTER XV

Mortgage, and sequestration

Section 1904 .- Aircraft registered in Colombia can be taxed with a mortgage. Those who are in danger of construction may also be mortgaged, provided in the deed that the mortgage constitutes setting forth necessary specifications for aircraft registration.
The mortgage deed of an aircraft must contain the characteristics of this and the hallmarks of its parts.
Section 1905 .- The mortgage include the airframe, powerplant units, electronic equipment and any other articles intended for use in the aircraft, built it in permanently, even if temporarily separated from the aircraft, insurance and compensation to partially or completely replace the thing taxed and prefer any other debt, except the following:

1. The taxes for the IRS levied on the aircraft;

2. The wages of the crew of the aircraft for the last month;

3. Remuneration and compensation payable for assistance or rescue caused during the existence of the lien;

4. Expenditure on conservation of the aircraft during the respective trial and the costs of this common benefit of creditors, and

5. The claims established in this title for damages caused the aircraft during the past year, to persons or property during a flight and are not covered by insurance or guarantee.

Section 1906 .- The debtor can not be separated from an aircraft mortgaged without permission from the lender, the parties thereto to extend the tax as the previous article but momentarily for repair or improvement.
Section 1907 .- The debtor can not modify the characteristics of construction or operation of the aircraft mortgaged without the written permission of the creditor, which will be necessary to carry out the recording of changes in the aircraft log.
Section 1908 .- The seizure of an aircraft, even in road construction should be logged in the aircraft.
But the kidnapping of a public transport aircraft registered in Colombia passengers may not be enforceable until after the decision to order carry out the execution, unless the aircraft is down for a period longer than a month.
Section 1909 .- And sequestration an aircraft, you can obtain the lifting of replevin and bond paying real kidnapping, bank or insurance company, credit equal to twice the defendant, without interest or costs, or in any case exceed the limits in this Part .
If the bond referred to in the preceding paragraph shall be constituted within the diligence of kidnapping, the judge shall order the replevin plane and the lifting of sequestration.
The court orders that this article was issued outright. Against the decision to accept the replevin bond and order the seizure and removal of only the remedy of appeal, which shall have the effect of execution.