Colombian Commercial Code - Decree 410 of 1971 - Book III - Of Commercial Property - Title III - Securities - Chapter VI - Procedures - Section II - Collateral Bond Collection - From: Section 794 By: Art 801

COLOMBIAN COMMERCIAL CODE

Section II 

Collection of bonus pledge

Article 794 .- The pledge bond must be presented for collection before the store in question.

Article 795 .- If not taken timely provision to the store, it must give the bonus annotation of non-payment. Such entry shall have effect in protest.

Article 796 .- If the store refuses to put the score, the protest must be made ​​in the manner provided for bills of exchange.

Article 797 .- The bondholder duly noted or protested may, within eight days following the entry or to protest, demanding the store to proceed with the auction of items left.

Article 798 .- The store will auction the property and its product is applied to the payment of:

1. The expenses of the auction;

2. The tax levied on the things deposited;

3. The credit from the deposit agreement, and

4. The provision added to the pledge bond.

The remainder retained by the storage available to the holder of the certificate of deposit.

Article 799 .- If the store will charge claim the insurance amount and apply it in the previous article or the third paragraph of Article 1189, in his case.Article 800 .- The record store in the bonus amounts paid and the unpaid balance, the holder will exchange action against the holder of the certificate that has been the title loan and against the endorsers and guarantors of the pledge bond.Article 801 .- The shares back from the pledge bond holder will expire:

1. For lack of filing and, where appropriate, of annotation or timely protest and

2. By not requiring the store, within the statutory period, the auction of items left.