Colombian Commercial Code - Decree 410 of 1971 - Book III - Of Commercial Property - Title III - Securities - Chapter V - Different species of Securities - Section I - Bill of Exchange - Subsection II - Acceptance - From: Art . 680 By: Art 690

COLOMBIAN COMMERCIAL CODE

Subsection II

Acceptance

Article 680 .- Points due to a certain day after the hearing must be submitted for acceptance within the year following its date, unless the drawer extends that time limit or prohibit its presentation before a certain time. Either shorten the period required and consigning them to the letter.

Article 681 .- The presentation for the acceptance of bills drawn on a certain day after the date will be facultative, but the spinner tells you to in the title, you can make it mandatory and signal a time for it to do. The drawer may also prohibit the presentation before a certain time, if I state so in the letter. When authority is presentation of the bill, the holder may make more than the last business day prior to maturity.

Article 682 .- The letter must be presented for acceptance at the designated location and address on it. In the absence of indication, the presentation will be made in the establishment or residence of the drawee. If you point out several places, the holder may choose any of them.

Article 683 .- If the spinner indicates a different payment to the address of the drawee, to accept it must indicate the name of the person who will make the payment. If it indicates, means accepting that the same will be required to make payment at the designated place.

Article 684 .- If a bill is payable at the domicile of the drawee, the latter may, by accepting it, an address within the same plaza that there was this letter for payment, unless the drawer has expressly stated a different direction.

Article 685 .- The acceptance shall be stated in the letter itself through the word "accept" or equivalent, and the signature of the drawee. A signature alone will be enough for the letter have been accepted.

Article 686 .- If a bill is payable on a certain day after the hearing or, under special instructions, must be filed within a specified period, the acceptor must indicate the date agreed and, if omit may be entered fork.

Article 687 .- The acceptance must be unconditional, but may be limited to fewer that expressed in the letter. Any other modality introduced by the acceptor, equivalent to a refusal of acceptance, but the drawee will be bound under the common law, in terms of the statement to be signed.

Article 688 .- Refused acceptance is considered the drawee tache before returning the bill to the fork.

Article 689 .- The agreement in principal becomes bound to the acceptor. The acceptor will be bound to change even the drawer, and lack of exchange action against it and against the other signatories of the letter, except as provided in Article 639.

Article 690 .- The obligation of the acceptor is not altered by (bankruptcy) *, interdiction or death of the drawer, even if it has happened before acceptance. * Mandatory Settlement.