Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title XI - Of Trust - From: Section 1226 to: 1244 Art
COLOMBIAN COMMERCIAL CODE
TITLE XI
THE TRUST
Section 1226 .- The commercial trust is a legal transaction whereby one person, called a settlor or settlor transfers one or more
specified goods to another, called the trustee, who undertakes to manage
or dispose to fulfill a specific purpose by the settlor for the benefit
of this or a third party called the beneficiary or trustee. A person can be both trustee and beneficiary. Only credit institutions and trusts, specifically authorized by the Banking Superintendency will have the quality of trust.
Section 1227 .- The purpose of the trust assets are not part of
the general guarantee of creditors of the trustee and only guarantee
obligations in meeting the intended purpose.
Section 1228 .- The trust established between living persons must be recorded in deed recorded by the nature of the goods. The formed mortis causaShall be by will.
Section 1229 .- The existence of the trustee is not required in
the act of setting up the trust, but it should be possible and made
within the term of the same, so that their ends can have full effect.
Section 1230 .- Banned:
Section 1231 .- At the request of the settlor, the beneficiary or his ancestors, if not yet exist, the judge may impose the fiduciary obligation to make an inventory of the property received in trust, as well as provide a special bond.
1. The beneficiary is unable or refuses to receive benefits in accordance with its constituent instrument;
2. That the trust assets do not yield enough product to meet the stipulated compensation for the trustee, and
3. The settlor, his beneficiaries or beneficiary, if necessary, refuse to pay such compensation.
The resignation of trustee requires prior approval of the Superintendent of Banks.
1. Diligently perform all acts necessary to achieve the purpose of the trust;
2. Maintain the property to a trust separate from their own and those belonging to other trust business;
3. Investing the assets from the trust business in the manner and with the requirements of the constitutive act, unless he has been allowed to work the way you like it best;
4. bring personality to the protection and defense of the trust property against acts of third parties, the recipient and even the same constituent;
5. Seek instructions from the Superintendent of Banks when I have serious doubts about the nature and scope of their duties or be away from the authorizations contained in the constituent, when circumstances require. In these cases previously cited by the Superintendent and the settlor to the beneficiary;
6. Seek higher return on assets subject to the trust business, for which any act of disposal that will always be expensive and make a profit, unless contrary determination of the constituent;
7. Transfer assets to the person entitled to under the constitutive act or law, once the trust business, and
8. To submit audited accounts of his administration to the recipient every six months.
Section 1232 .- The trustee may only waive its management for the reasons expressly stated in the contract.
Where not specified, are presumed proper reasons for resignation include:
Section 1233 .- Sludge legal purposes, the trust assets should be
separated from the remaining assets of the trustee and to those
belonging to other businesses trust and form a trusts subject to the
objectives specified in the constituent.
Section 1234 .- The duties delegated the trustee, in addition to those provided for in the constitutive act, the following:
Section 1235 .- The beneficiary will also have the rights granted to him by the constitutive act and the law, the following:
1. Require the trustee the faithful discharge of their duties and enforce the liability for breach of them;
2.
Challenge acts voidable by the trustee, within five years from the date
on which the beneficiary has been informed of the act giving rise to
the action, and demand the return of the goods given in trust to whom it
may concern;
3.
oppose any preventive or enforcement action taken against the property
given in trust or for obligations not affected, if the trustee fails to
do so, and
4.
Ask the Superintendent of Banking for cause, the removal of the trustee
and as a preventive measure, the appointment of an interim
administrator.
Section 1236 .- As trustee he shall have the following rights:
1. Which has been retained to exercise directly on the trust assets;
2.
Revoke the trust, when that power has been retained in the constitutive
act, request the removal of the trustee and appoint a replacement, when
applicable place;
3.
obtain the return of property on termination of the trust business, if
something different has not been provided for in the act of
incorporation;
4. Demand accountability;
5. Perform an action for damages against the trustee, and
6.
In general, all the rights expressly stipulated and not inconsistent
with the trustee or the beneficiary or the essence of the institution.
Section 1237 .- A business trust shall be remunerated at the rates that purpose by the Superintendency of Banks.
1. If you have conflicting interests with the beneficiary;
2. Incapacity or disability;
3.
If it finds fraud or gross negligence or neglect their duties as
trustee or in any other business for themselves or others, so that
reasonably doubt the success of the entrusted management and
4.
When access to check inventory of the property to the trust, or give
bond or take other measures that would impose conservative judge.
Section 1238 .- The purpose of the trust business assets can not be held by creditors of the settlor, unless their claims are prior to the constitution itself. The beneficiary's creditors may only pursue you report income property.
The business trust held in fraud of third parties may be challenged by interested parties.
Section 1239 .- At the request of an interested party the trustee may be removed from office by the judge when the present one of the following reasons:
1. The trust business secrets;
2. Those in whom the benefit is granted to various persons successively, and
3. Those with a duration exceeding twenty years. If you exceed this term, is only valid up to this limit. Exceptions are made for trusts and charities unable public or common good.
Section 1240 .- Are grounds for terminating the trust business, as well as those established in the Civil Code for the trust, the following:
1. By being complete its goals;
2. For the absolute impossibility of realizing them;
3. On expiry of the period or having completed the maximum term provided by law;
4. For the fulfillment of the conditions precedent to which it is subjected;
5.
For rendered impossible, or not met within the period specified, the
condition precedent whose occurrence depends the existence of the trust;
6.
On the death of the settlor or the beneficiary, when such event has
been mentioned in the act establishing the cause of extinction;
7. Dissolution of the trustee;
8. By action of the creditors before the trust business;
9. For the declaration of nullity of the constitution;
10. by mutual agreement of the settlor and the beneficiary, without prejudice to the rights of the trustee, and
11. Revocation by the settlor, when expressly has reserved that right.
Section 1241 .- Judge will have jurisdiction in disputes concerning the trust business, the domicile of the trustee.
Section 1242 .- Unless otherwise provided in the act establishing the trust business, to its termination for any reason, the trust assets will go back into the domain of the settlor or his heirs.
Section 1243 .- The trustee will respond to the ordinary negligence in the performance of their functions.
Comentarios