Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title XIII - The Mandate - Chapter III - Termination of mandate - From: Section 1287 to: 1311 Art

CHAPTER IV

Commission

Section I

Overview

Section 1287 .- The commission is a sort of mandate which is entrusted to a person engaged professionally to, the execution of one or more business on their own behalf but on behalf of others.

Section 1288 .- Accepted a commission will be presumed when people publicly confers bearing the character of commissioners, by the mere fact that the refuse within three days from the date they received the respective proposal.

When no legal grounds to notify the commission fails to refuse the commission, or serve expressly or tacitly accepted, the customer will be responsible for any damage that befalls him why.

Although the Commission refused the commission but to be given will not be excused from practice the steps

necessary for the preservation of the principal effects that referred you, until it provides new manager, but by practicing these steps and implied accepted the commission.

Section 1289 .- The commission may be granted by others, and in this case, the effects it produces only affect the third party and the commission.

Section 1290 .- The Commission may sell in bags or hammer effects that you have recorded:

1. When having advised the client to refuse the commission, within three days following the date he received such notice fails to appoint a new manager who receives the effect has subsided;

2. When the presumed value of these not enough to cover the expenses to be made by the transportation and receipt of them, and

3. If such effects occur a change such that the sale is necessary to save part of their value.

The proceeds of the effects will be sold and available to the principal deposited in a bank in the same place and, failing that, the closest one.

Paragraph .- In the case of ordinal 2nd. and 3. client must be consulted where possible and any time for it.

Section 1291 .- The commission shall be held personally by the agent, who may not delegate his duties without express permission.

Under his responsibility may, in the performance of the commission, employees in operations, according to custom, be entrusted to them.

Section 1292 .- Commission will be borne by the loss of the things in his possession by reason of the commission. But if the return it observes the commission of the principal directions, it will bear the loss.

Section 1293 .- The commission will respond to other property, according to data contained in the shipment document, unless upon receipt stating the differences in certification of a public accountant or, failing that, two traders.

Section 1294 .- Not answer the commission of damage or loss of existing goods in his possession, whether by accident should occur or inherent vice in the same goods.

It is the duty of the commission with the authority to state policing of the place of its occurrence, damage or loss and give notice to his principal, without any delay.

Section 1295 .- It is the duty of the commission to ensure the goods they send an employee, having order and provision for it, or give prompt notice to his principal, if you can not carry insurance on price and terms that designate their instructions.

The commission which is to send goods to another must arrange transportation and fulfill the obligations imposed on the sender.

Section 1296 .- The commission shall not alter the marks of the effects that have bought or sold by others, nor have effects under a single brand of the same species belonging to different owners, without distinguishing a countermark to appoint the respective property of each client.

Section 1297 .- They are charged to the loan broker, leads and sales on credit, where appropriate without the permission of his principal, and if so, will it require immediately give you the amounts loaned, advanced or credit, leaving the commission in favor of benefits arising from their contracts.

But the broker may sell to the terms commonly used in the respective location, unless you prohibit their instructions.

Section 1298 .- Although the commission tacitly or expressly authorized to sell term may be granted only to persons known to be solvent.

Sold in installments, shall state in the accounts rendered the names of purchasers, and not doing it, means that sales have been verified in cash.

Even those that do in this form, must state the names of the buyers if the client demands it.

Section 1299 .- The accounts rendered by the commission must agree with the entries in his books.

Section 1300 .- The broker who fails to verify the timely collection of loans or do not use legal means to obtain payment, shall be liable for damages caused its omission or delay.

Section 1301 .- Being delinquent in paying the broker's account, may not charge interest from the date incurred in default.

Section 1302 .- Commission also has the right to withhold the goods deposited or your product, so that preferably the other creditors of the client, they pay their anticipations, interest, costs and commission, if these circumstances concur:

There are virtual delivery, if before the goods have reached the hands of the commission, it could prove that they have been issued with a consignment note or knowledge to order or to bearer.

Section 1303 .- The commission terminated by death or inability of the commission, death or disability of the customer not terminated even though they may revoke their heirs.

Section 1304 .- Only members of a stock exchange may be brokers for the purchase and sale of securities listed on them.

Section 1305 .- Repealed. Decree 1172 of 1980, Article 30 

Section 1306 .- Repealed. Decree 1172 of 1980, Section 30.

Section 1307 .- Repealed. Decree 1172 of 1980, Section 30.

Section 1308 .- Apply to the commission rules do not mandate in conflict with nature.

Section 1309 .- The commission shall maintain separate accounts when negotiating on behalf of different principals and shall indicate on the invoices or written evidence of the goods or effects belonging to each client, to make the allocation of payments consistent with such indications.

Section 1310 .- In the absence or in case of deficiency of the entries prescribed in the preceding article, the allocation of payments will be subject to the following rules:
1. That the goods have been referred from one place to another, and

2. They have been delivered to the commission real or virtual.

Actual delivery takes place when the goods are available to the commission in its warehouses, or others, or any other public or private.

1. If the credit comes from a single operation executed on behalf of different people, deliveries made by the debtor will be distributed among creditors, in proportion to the value of their goods or effects;

2. If credits are from different transactions executed a single person, payment shall be charged to credit indicating the debtor, if none is expired or if they have all expired simultaneously, and

3. If only some of the loans are due at the time of payment, apply the amounts paid by the debtor-performing loans and the remainder, if any, are distributed among the credits due proportion to their values.

Section 1311 .- When the committee is for the purchase or sale of securities, the broker liable for the authenticity of the last endorsement thereof, except as stakeholders negotiate directly with each other.