Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title VII - the tank - Chapter II - General Deposit Warehouses - From: Section 1180 to: 1191 Art

COLOMBIAN COMMERCIAL CODE

CHAPTER II

Deposit in general stores

Section 1180 .- The deposit in warehouses may deal individually goods and products specified; on goods and products designated generically, provided they are of consistent quality, accepted and used in trade, in goods and goods in process of transformation or profit, and on goods and products in transit by being referred to stores in the usual way on trade.

Section 1181 .- In the warehousing of goods and products generically designated stores are required to maintain an existence equal in quantity and quality, and will be responsible for the losses that occur by alteration or decomposition, except wastage which amount has been expressly determined in the certificate deposit and the pledge bond.

Section 1182 .- For general stores may issue certificates of deposit and bonds pledge on goods sent for processing or profit, must state the circumstances in the titles being in the process and indicate the product or products to be obtained.

Section 1183 .- General stores may issue certificates of deposit and bonds pledge on goods in transit, provided that they have the character of recipients.

In this case, the titles recorded in the name of the conveyor and places of loading and unloading. Also goods must be secured against transport risks.

The warehouse is not liable for losses caused by transportation.

Section 1184 .- Who alone is the holder of the certificate of deposit in which the bond is issued stating the pledge can not claim a refund of the things deposited, without having previously paid the debt secured by the pledge bond and interest until the maturity date.

The holder of the certificate is issued when the pledge bond or the holder of both titles will, in case of refusal by the store, the corresponding protest, as provided in Article 795 or 706 for bringing the action back.

Such payment may be made even if the term of the obligation is not defeated, consigning its value at the respective store.

This requires the storage tank and delivers the goods.

Section 1185 .- The general store retain a document, it recorded the same information required for certificates of deposit and bonus pledge forms.

Section 1186 .- To be issued certificates of deposit and pledge bonds, it is necessary that these goods are free of any liens or seizure under legal process that has previously been reported to the general store. When the levy or seizure has not been notified before the issue of documents will be unenforceable to the holders.

Section 1187 .- The goods stored must be secured against fire and other risks may be.

Both the holder of the certificate of deposit and the bonus will have on the value of insurance, in case of accident, the same rights they would have on the goods insured.

Section 1188 .- The general store will have the right of retention and privilege to become only pay fees for storage, commissions and selling expenses.

Section 1189 .- If the goods stored at risk of deterioration or damage to other property deposited, the general store must notify the depositor and the holders of the certificate of deposit and bonus pledge, if possible, to be removed from storage in a reasonable time, and if the withdrawal is not verified within the time specified, may sell at public auction, at the same store or a hammer.

Nothing in the preceding paragraph shall apply to cases where the goods are not removed at the expiration of the deposit, or within thirty days of private demand to the depositor or the winner of the goods at auction, to remove them, if there is no agreed term.

The product sales, the deductions made in the previous article shall be kept available to store the holder of the certificate of deposit or pledge bond or security deposit if such bond shall have been negotiated separately from the certificate of deposit .

Section 1190 .- Who is both owner of the certificate of deposit or pledge bond shall be entitled to request that the thing deposited is divided into several groups and each will be given a separate certificate with a corresponding bonus pledge to change the certificate total and only returned to the general store. The costs of operation will be borne by the person concerned.

The same right shall be the holder of the pledge bond only, but in this case the store previously notified the holder of the certificate of deposit to return the total and unique certificate and receive partial.

Section 1191 .- The Government shall regulate the provisions of this Chapter.