Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part II - Sale and Swap - Chapter VI - Deadline for Sale and Payment of the Price and Reserve Domain - From: Article 951 When: Article 967
COLOMBIAN COMMERCIAL CODE
CHAPTER VI
Sale time to pay the price, and subject domain.
Article 951 .- The contract for the sale of a movable body else and not singled out and identifiable fungible, the price is payable in whole or in part, term, payment may be secured by a pledge of the thing sold but the buyer retaining possession of it.
These contracts are governed by the provisions of Chapter II of Title IX of this Book, without prejudice to Articles 948 and 948.
Article 952 .- The seller may retain the ownership of the thing sold, real or personal property until the buyer has paid the full price.
The buyer will acquire ownership of the property by paying the last installment of the price, which is required to be paid in installments, but shall be entitled to reimbursement for the paid amount, as provided in Articles 948 and 949 in case the seller obtain the restitution of the thing.
The risks of this will weigh on the buyer from its physical delivery.
* Modified. Code of Civil Procedure.
Article 427 .- Modified. Decree 2282 of 1989, Article 1. Number 231. Matters covered. Verbal process will be processed in accordance with the procedure set forth in this chapter, the following issues:
...
Paragraph 2. Because of its size:
...
12. Those provided for in Articles 175, 519, 940 second and third paragraphs, 941, 943, 945, 948, 950 (952), 852, 966, 972, 1164, 1170, and 1364 of the Commercial Code and any other matter that the order code resolved by summary proceedings or incidental self processing.
Art. 435 ..- Modified. Decree 2282 of 1989, Article 1. Number 239. Matters covered. Be processed in one instance by the procedure governing this chapter (verbal summary process), the following issues:
...
Paragraph 2. Because of its size.
The business of small claims and referred to in paragraph 2. Article 427 which are of the same amount.
Article 953 .- The reservation of the domain of property shall only have effect in relation to third after the entry of the respective contract in the office of registration of public and private.
The backup domain furniture singled and identifiable and non-expendable, have effect only in relation to third from its registration in the trade register of the place where such goods are to remain, but the record book the automotive domain is governed for the same purpose, the rules governing this area.
Article 953 .- The reservation of the domain of property shall only have effect in relation to third after the entry of the respective contract in the office of registration of public and private.
The backup domain furniture singled and identifiable and non-expendable, have effect only in relation to third from its registration in the trade register of the place where such goods are to remain, but the record book the automotive domain is governed for the same purpose, the rules governing this area.
Article 954 .- They may be sold with reservation of the movable domain specifically intended for resale nor may they be independent of the site to access the things that consistently form an integral part of a property and can not be separated without serious damage to it.
Article 955 .- The buyer may not, without the consent of the seller change the site location of the abnormal thing or use it.
Article 956 .- The buyer must notify the seller of any change of address or residence within ten days of the date made. This should involve implementing any preventive measure that you try on things sold subject to the domain as soon as it learned of it. Failure to comply with any of these obligations shall entitle the seller to request immediate execution of the obligation under the provisions of this Code.
Article 957 .- The buyer may not perform acts of disposal of movable property acquired with the backup domain, so long as that reservation, unless authorized by the owner. If they perform, he may claim the third thing or sue the buyer immediate payment of the full purchase price. In addition, such purchaser shall be punished as guilty of the offense under (Article 412) * of the Criminal Code.
* Criminal Code, Article 358.
Article 958 .- Without prejudice to any conventional functioning guarantee the seller will during the term of the agreement reserve of existence in the market for spare parts and technical services and maintenance required.
Article 959 .- Where, by reason of payment or other lawful cause acquired by the buyer remain the property of the thing sold, the seller must give the record of the case. A lack of this record the last receipt or payment will take effect.
Article 960 .- Who in good faith free of guilt in fair or market purchase, by public auction or judicial sale things that have been sold under reservation of title shall only be obliged to return them when they are reimbursed for expenses made in the acquisition.
Article 961 .- If the thing sold subject domain is insured, the amounts owed by insurers are subrogated to that thing to enforce the obligation of the buyer.
Article 962 .- When the price of the subject domain sale has been agreed to pay by installments, the failure to pay one or more installments not exceeding in the whole of the eighth of the total price of the thing, will only lead to charging the fee or fees and unpaid default interest, keeping the buyer the benefit of the term with respect to successive installments, subject to the provisions of Article 966.
Any stipulation to the contrary shall be null and void.
Article 963 .- The increase in value acquired by the thing will be for the benefit of the seller, if the refund is due to failure of the buyer.
Article 964 .- The seller may oppose the seizure of the thing sold subject domain, enacted at the request of the creditors of the purchaser or a third party, presenting the sales contract that meets the requirements of Article 953 of this Code.
Article 965 .- The buyer may object to the seizure of the thing, enacted at the request of the creditors of the seller or a third party, presenting the contract in the preceding article. But in his case, the judge admitted the opposition of the arrest of credit to the seller and prevent the buyer on how to make payment of unpaid dues.
Article 966 .- Failure to comply with its obligations of the buyer the seller may resort to judicial action enshrined in Article 948, but the buyer may recover the thing within three months after the return, paying all the installments due, with interest if the seller does not have alienated or otherwise disposed of it *.
* Modified. Code of Civil Procedure.
Article 427 .- Modified. Decree 2282 of 1989, Article 1. Number 231. Matters covered. Verbal process will be processed in accordance with the procedure set forth in this chapter, the following issues:
...
Paragraph 2. Because of its size:
...
12. Those provided for in Articles 175, 519, 940 second and third paragraphs, 941, 943, 945, 948, 950 (952), 852, 966, 972, 1164, 1170, and 1364 of the Commercial Code and any other matter that the order code resolved by summary proceedings or incidental self processing.
Art. 435 ..- Modified. Decree 2282 of 1989, Article 1. Number 239. Matters covered. Be processed in one instance by the procedure governing this chapter (verbal summary process), the following issues:
...
Paragraph 2. Because of its size.
The business of small claims and referred to in paragraph 2. Article 427 which are of the same amount.
Article 967 .- Paid the full price, the buyer shall be entitled to cancel the registration mentioned in Article 953 and compensation of damages if the seller does not fulfill this obligation.
In this case, the buyer may resort to action embodied in the (Act 66 of 1945) * for the cancellation, and the procedure mentioned in Article 941 of the Code, for compensation for damages.
* Civil Procedure Code, Arts. 500 and 536.
These contracts are governed by the provisions of Chapter II of Title IX of this Book, without prejudice to Articles 948 and 948.
Article 952 .- The seller may retain the ownership of the thing sold, real or personal property until the buyer has paid the full price.
The buyer will acquire ownership of the property by paying the last installment of the price, which is required to be paid in installments, but shall be entitled to reimbursement for the paid amount, as provided in Articles 948 and 949 in case the seller obtain the restitution of the thing.
The risks of this will weigh on the buyer from its physical delivery.
* Modified. Code of Civil Procedure.
Article 427 .- Modified. Decree 2282 of 1989, Article 1. Number 231. Matters covered. Verbal process will be processed in accordance with the procedure set forth in this chapter, the following issues:
...
Paragraph 2. Because of its size:
...
12. Those provided for in Articles 175, 519, 940 second and third paragraphs, 941, 943, 945, 948, 950 (952), 852, 966, 972, 1164, 1170, and 1364 of the Commercial Code and any other matter that the order code resolved by summary proceedings or incidental self processing.
Art. 435 ..- Modified. Decree 2282 of 1989, Article 1. Number 239. Matters covered. Be processed in one instance by the procedure governing this chapter (verbal summary process), the following issues:
...
Paragraph 2. Because of its size.
The business of small claims and referred to in paragraph 2. Article 427 which are of the same amount.
Article 953 .- The reservation of the domain of property shall only have effect in relation to third after the entry of the respective contract in the office of registration of public and private.
The backup domain furniture singled and identifiable and non-expendable, have effect only in relation to third from its registration in the trade register of the place where such goods are to remain, but the record book the automotive domain is governed for the same purpose, the rules governing this area.
Article 953 .- The reservation of the domain of property shall only have effect in relation to third after the entry of the respective contract in the office of registration of public and private.
The backup domain furniture singled and identifiable and non-expendable, have effect only in relation to third from its registration in the trade register of the place where such goods are to remain, but the record book the automotive domain is governed for the same purpose, the rules governing this area.
Article 954 .- They may be sold with reservation of the movable domain specifically intended for resale nor may they be independent of the site to access the things that consistently form an integral part of a property and can not be separated without serious damage to it.
Article 955 .- The buyer may not, without the consent of the seller change the site location of the abnormal thing or use it.
Article 956 .- The buyer must notify the seller of any change of address or residence within ten days of the date made. This should involve implementing any preventive measure that you try on things sold subject to the domain as soon as it learned of it. Failure to comply with any of these obligations shall entitle the seller to request immediate execution of the obligation under the provisions of this Code.
Article 957 .- The buyer may not perform acts of disposal of movable property acquired with the backup domain, so long as that reservation, unless authorized by the owner. If they perform, he may claim the third thing or sue the buyer immediate payment of the full purchase price. In addition, such purchaser shall be punished as guilty of the offense under (Article 412) * of the Criminal Code.
* Criminal Code, Article 358.
Article 958 .- Without prejudice to any conventional functioning guarantee the seller will during the term of the agreement reserve of existence in the market for spare parts and technical services and maintenance required.
Article 959 .- Where, by reason of payment or other lawful cause acquired by the buyer remain the property of the thing sold, the seller must give the record of the case. A lack of this record the last receipt or payment will take effect.
Article 960 .- Who in good faith free of guilt in fair or market purchase, by public auction or judicial sale things that have been sold under reservation of title shall only be obliged to return them when they are reimbursed for expenses made in the acquisition.
Article 961 .- If the thing sold subject domain is insured, the amounts owed by insurers are subrogated to that thing to enforce the obligation of the buyer.
Article 962 .- When the price of the subject domain sale has been agreed to pay by installments, the failure to pay one or more installments not exceeding in the whole of the eighth of the total price of the thing, will only lead to charging the fee or fees and unpaid default interest, keeping the buyer the benefit of the term with respect to successive installments, subject to the provisions of Article 966.
Any stipulation to the contrary shall be null and void.
Article 963 .- The increase in value acquired by the thing will be for the benefit of the seller, if the refund is due to failure of the buyer.
Article 964 .- The seller may oppose the seizure of the thing sold subject domain, enacted at the request of the creditors of the purchaser or a third party, presenting the sales contract that meets the requirements of Article 953 of this Code.
Article 965 .- The buyer may object to the seizure of the thing, enacted at the request of the creditors of the seller or a third party, presenting the contract in the preceding article. But in his case, the judge admitted the opposition of the arrest of credit to the seller and prevent the buyer on how to make payment of unpaid dues.
Article 966 .- Failure to comply with its obligations of the buyer the seller may resort to judicial action enshrined in Article 948, but the buyer may recover the thing within three months after the return, paying all the installments due, with interest if the seller does not have alienated or otherwise disposed of it *.
* Modified. Code of Civil Procedure.
Article 427 .- Modified. Decree 2282 of 1989, Article 1. Number 231. Matters covered. Verbal process will be processed in accordance with the procedure set forth in this chapter, the following issues:
...
Paragraph 2. Because of its size:
...
12. Those provided for in Articles 175, 519, 940 second and third paragraphs, 941, 943, 945, 948, 950 (952), 852, 966, 972, 1164, 1170, and 1364 of the Commercial Code and any other matter that the order code resolved by summary proceedings or incidental self processing.
Art. 435 ..- Modified. Decree 2282 of 1989, Article 1. Number 239. Matters covered. Be processed in one instance by the procedure governing this chapter (verbal summary process), the following issues:
...
Paragraph 2. Because of its size.
The business of small claims and referred to in paragraph 2. Article 427 which are of the same amount.
Article 967 .- Paid the full price, the buyer shall be entitled to cancel the registration mentioned in Article 953 and compensation of damages if the seller does not fulfill this obligation.
In this case, the buyer may resort to action embodied in the (Act 66 of 1945) * for the cancellation, and the procedure mentioned in Article 941 of the Code, for compensation for damages.
* Civil Procedure Code, Arts. 500 and 536.
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