Colombian Commercial Code

CHAPTER VI

Procedures

Section I

Actions

Article 780 .- The exchange action shall be exercised:
1. In case of non-acceptance or partial acceptance;
2. In the event of nonpayment or partial payment, and
3. When the drawer or the acceptor are (bankrupt), * or in liquidation, or are open (bankruptcy), * or are in any other similar situation.
* Open compulsory liquidation proceedings.
Article 781 .- The exchange action is direct when the acceptor is brought against an order granting or exchange of a promise or guarantee, and back when he is brought against any other obligor.
Article 782 .- Exchange action by the last holder of the title may claim the payment:
1. The amount of the title or, where applicable, the unaccepted or unpaid;
2. By default interest from the date of maturity;
3. The costs of collection, and
4. Premium and transfer costs from one place to another.
Article 783 .- The way back obliged to pay the title, may require action by the exchange:
1. The reimbursement amount paid, less the costs to which person has been convicted;
2. Default interest on the principal paid from the date of payment;
3. The collection expenses, and
4. The premium and transfer costs from one place to another.
Article 784 .- Against the exchange action may oppose the following exceptions:
1. Those based on the fact it was not the defendant who signed the title;
2. The defendant's failure to sign the title;
3. The lack of representation or power enough to anyone who has signed the title on behalf of the defendant;
4. Those based on the omission of the requirements that must contain the title and that the law expressly does not replace;
5. The alteration of the title text, without prejudice of the signatories after the alteration;
6. Those relating to the non-negotiability of title;
7. Those based in Quito or full or partial payment, always stating the title;
8. Those based on the allocation of the amount of the title according to law or deposit the same amount done in terms of this Title;
9. Those based in the cancellation of title or judicial court order to suspend payment, issued as provided in this Title;
10. The limitation or revocation, and those based on the lack of requirements for the exercise of the action;
11. Those arising from the failure to deliver title or delivery negotiable unintentionally, against whom is not holder in due course;
12. The derivatives of the legal business that led to the creation or transfer of title against the claimant who has been involved in the respective business or against any applicant who is not holder in good faith free of guilt and
13. Other personal that may oppose the defendant against the actor.
Article 785 .- The title holder may exercise the exchange action against all bound together or against one or more of them, without losing in this case the action against the other and without obligation to follow the order of the signatures on the title. The same right shall have paid all required that the title, against the previous signatories.
1. Loading or asking that the amount paid on account of the title plus legal advice and
2. Turning to office by the value of the title plus legal advice.
In both cases, the notice or letter must be accompanied by a corresponding change of title of the respective record of receipt of testimony or official copy of the protest, if and account for legal advice.
1. For not having been presented the title in time for acceptance or for payment, and
2. Not having raised the protest under the law.
Article 786 .- The last holder of the title as well as the bound on way back who has paid, they can charge whatever under it be the other signatories for any of these ways:
Article 787 .- The exchange action back of the last holder of the title will expire:
Article 788 .- The terms upon which the expiration of the exchange action shall not be suspended except in cases of force majeure and are never interrupted.
Article 789 .- The direct exchange action prescribes in three years from the date of maturity.
Article 790 .- The exchange action back of the last holder will expire in one year from the date of protest or if the owner is without protest from the due date and, where appropriate, from completion of the application deadline.
Article 791 .- The action forced the return against the other earlier forced prescribe in six months, counted from the date of voluntary payment or the date of notification of the lawsuit.
Article 792 .- The causes that interrupt the prescription for an exchange of debtors not interrupted over the other, except for the signatories to the same degree.
Article 793 .- The payment of a negotiable instrument will result in enforcement proceedings, without recognition of signatures.

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