Colombian Commercial Code - Decree 410 of 1971 - Book III - Of Commercial Property - Title III - Securities - Chapter I - General - From: Section 619 By: Art 647
COLOMBIAN COMMERCIAL CODE
TITLE III
OF SECURITIES
CHAPTER I
Overview
Article 619 .-
The securities are necessary documents to legitimize the right literal
and autonomous that they incorporated. Content can be credit, corporate
or partnership. And tradition or representative of goods.
Article 620 .- The documents and the acts referred to in this title shall only have effects on the terms provided they contain and meet the requirements established by law, unless she presumed.
The omission of such terms and conditions does not affect the legal transaction that gave rise to the document or act.
Article 621 .- In addition to the provisions for each securities in particular, the securities must meet the following requirements:
Article 620 .- The documents and the acts referred to in this title shall only have effects on the terms provided they contain and meet the requirements established by law, unless she presumed.
The omission of such terms and conditions does not affect the legal transaction that gave rise to the document or act.
Article 621 .- In addition to the provisions for each securities in particular, the securities must meet the following requirements:
1. The mention of the right in the title it is incorporated
2. The firm who creates it.
The
signature may be replaced under the responsibility of the creator of
the title, a sign or password that can be mechanically imposed.
If not mentioned the place of performance or exercise of the right, it will be the domicile of the creator of the title, and if he has several, including the holder may elect, who shall also be entitled to choose if the evidence points to several places of performance or exercise. However, when the title is representative of goods, can also exercise the same derivative action in the place which they must be delivered.
If not mentioned the date and place of creation of the title as such will be the date and place of delivery.
Article 622 .- If the title is left blank fill any lawful holder may, in accordance with the instructions of the subscriber that has ceased, before presenting the title to the exercise of the right which it is incorporated.
A signature placed on a blank paper, delivered by the undersigned to make it a negotiable instrument, will give the holder the right to fill it. For the title, once completed, can be asserted against any of those who have spoken on it before completion, must be completed in strict accordance with the authorization given to it.
If a security is traded in this class, after filling in favor of a holder in good faith free of guilt, shall be valid and effective for such holder and this may enforce it as if it were filled in accordance with the authorizations given.
Article 623 .- If the amount of the title is written both in words and figures, it will be in case of difference, the amount written in words. If there are different amounts in figures and words, and the difference is on the obligation of one party, it will be smaller sum expressed in words.
Article 624 .- The exercise of rights under a negotiable instrument requires the display itself. If the title is paid, must be given to whoever pays, unless payment in part or only the associated rights. In these cases, the holder shall record the partial payment in the title and draw up separate receipt.
In case of partial payment the title remain effective for the unpaid portion.
Article 625 .- All exchange obligation derives its effectiveness from a signature affixed to a negotiable instrument and delivered with the intention of doing negotiable under the law of circulation.
When the title is in the possession of someone other than the subscriber shall be deemed so delivered.
Article 626 .- The subscriber of a title is required under the express terms thereof, unless the firm with qualifications consistent with its essence.
Article 627 .- Every subscriber of a negotiable instrument shall be required autonomously. The circumstances that invalidate the obligation of one or more of the signatories, will not affect the obligations of others.
Article 628 .- The transfer of title involves not only the main right built, but also the associated rights.
Article 629 .- The claim, kidnapping, or any other encumbrances or liens on the rights under a negotiable instrument or goods represented by it, will not take effect without materially include the title itself.
Article 630 .- The holder of a negotiable instrument can not change their form of circulation without the consent of the creator of the title.
Article 631 .- In case of alteration of the text of a negotiable instrument, the signatories commit themselves as above the original text and the later under altered. It is presumed, unless proved otherwise, that the signing occurred before the alteration.
Article 632 .- When two or more people sign a negotiable instrument, the same degree as spinners, licensors, acceptors, endorsers, guarantors are jointly and severally liable.
Payment of the title by one of the signatories of solidarity, does not give the payer, on the other coobligados, but the rights and actions that fall under the joint debtor against them, without prejudice to any currency against the other parties.
Article 633 .- Through the support is guaranteed, in whole or in part payment of a negotiable instrument.
Article 634 .- The guarantee may consist in the title or sheet attached to it. You may also be given in writing to be identified separately in the full title whose total or partial payment is guaranteed. Be expressed with the formula for "endorsement" or equivalent and must be signed by those who perform.
The single signature affixed to the title when no other can be attributed significance will be signed guarantor.
When the approval is given in a separate document of title, the negotiation of this will involve the transfer of the security that comes from that.
Article 635 .- A lack of mention of quantity, the support ensures the total amount of title.
Article 636 .- The guarantor will be bound under the terms correspond formally endorsed and their obligation is valid even if the latter is not.
Article 637 .- The endorsement must indicate the person endorsed. If none will be guaranteed the obligations of all parties in the title.
Article 638 .- The guarantor who pays acquires rights under the negotiable instrument against the person guaranteed and against those who are responsible for the latter by virtue of the title.
Article 639 .- When a party knowingly enters into a title without any consideration to the obligations exchange gains, the parties in whose favor it are bound lent his signature to the subscriber for what it pays and may not exercise against the actions arising the title.
In any case the subscriber to in the preceding paragraph, may raise the objection of lack of cause costly against any holder of the instrument that has given this consideration, although this fact is known by the purchaser at the time of receiving the instrument.
Article 640 .- When the subscriber of a title BOUT as a representative, agent or other similar quality, must be accredited.
Representation to sign another one negotiable instrument may be granted by general or special power to that in writing.
However, he has led, with positive events or serious omissions, it is created, according to trade practice, a third party is authorized to sign certificates on their behalf, may raise the objection of lack of representation in the subscriber.
Article 641 .- Legal representatives of companies and the factors are deemed authorized by the mere fact of his appointment, to subscribe for securities on behalf of the entities they manage.
Article 642 .- Anyone who signs a negotiable instrument on behalf of another without being able to do so will force personally as if he had acted on his own behalf.
Express or tacit ratification of the subscription transferred to whoever makes the obligations of the subscriber from the date of subscription.
Be tacit ratification resulting from acts that necessarily accept the firm or its consequences. Ratification may be expressed in the title or separately.
Article 643 .- The issuance or transfer of a title-value content will not produce credit, except to appear unequivocally contrary intention of the parties, termination of the relationship giving rise to such issuance or transfer.
Causal action may be brought under Article 882.
Article 644 .- The title to goods attributed to its rightful holder the exclusive right to dispose of the goods that they specify.
Also you will be entitled, in case of rejection by the main title obliged to exercise the right of recourse by the value that was set on the title to the goods.
Article 645 .- The provisions of this title shall not apply to tickets, tokens, passwords or other documents which are not intended to move and intended solely to identify who has the right to demand benefits.
Article 646 .- The titles created overseas will be considered securities if they meet the minimum requirements of the law that governed its creation.
Article 647 .- Be considered legitimate title holder who possesses it under its law of movement.
If not mentioned the place of performance or exercise of the right, it will be the domicile of the creator of the title, and if he has several, including the holder may elect, who shall also be entitled to choose if the evidence points to several places of performance or exercise. However, when the title is representative of goods, can also exercise the same derivative action in the place which they must be delivered.
If not mentioned the date and place of creation of the title as such will be the date and place of delivery.
Article 622 .- If the title is left blank fill any lawful holder may, in accordance with the instructions of the subscriber that has ceased, before presenting the title to the exercise of the right which it is incorporated.
A signature placed on a blank paper, delivered by the undersigned to make it a negotiable instrument, will give the holder the right to fill it. For the title, once completed, can be asserted against any of those who have spoken on it before completion, must be completed in strict accordance with the authorization given to it.
If a security is traded in this class, after filling in favor of a holder in good faith free of guilt, shall be valid and effective for such holder and this may enforce it as if it were filled in accordance with the authorizations given.
Article 623 .- If the amount of the title is written both in words and figures, it will be in case of difference, the amount written in words. If there are different amounts in figures and words, and the difference is on the obligation of one party, it will be smaller sum expressed in words.
Article 624 .- The exercise of rights under a negotiable instrument requires the display itself. If the title is paid, must be given to whoever pays, unless payment in part or only the associated rights. In these cases, the holder shall record the partial payment in the title and draw up separate receipt.
In case of partial payment the title remain effective for the unpaid portion.
Article 625 .- All exchange obligation derives its effectiveness from a signature affixed to a negotiable instrument and delivered with the intention of doing negotiable under the law of circulation.
When the title is in the possession of someone other than the subscriber shall be deemed so delivered.
Article 626 .- The subscriber of a title is required under the express terms thereof, unless the firm with qualifications consistent with its essence.
Article 627 .- Every subscriber of a negotiable instrument shall be required autonomously. The circumstances that invalidate the obligation of one or more of the signatories, will not affect the obligations of others.
Article 628 .- The transfer of title involves not only the main right built, but also the associated rights.
Article 629 .- The claim, kidnapping, or any other encumbrances or liens on the rights under a negotiable instrument or goods represented by it, will not take effect without materially include the title itself.
Article 630 .- The holder of a negotiable instrument can not change their form of circulation without the consent of the creator of the title.
Article 631 .- In case of alteration of the text of a negotiable instrument, the signatories commit themselves as above the original text and the later under altered. It is presumed, unless proved otherwise, that the signing occurred before the alteration.
Article 632 .- When two or more people sign a negotiable instrument, the same degree as spinners, licensors, acceptors, endorsers, guarantors are jointly and severally liable.
Payment of the title by one of the signatories of solidarity, does not give the payer, on the other coobligados, but the rights and actions that fall under the joint debtor against them, without prejudice to any currency against the other parties.
Article 633 .- Through the support is guaranteed, in whole or in part payment of a negotiable instrument.
Article 634 .- The guarantee may consist in the title or sheet attached to it. You may also be given in writing to be identified separately in the full title whose total or partial payment is guaranteed. Be expressed with the formula for "endorsement" or equivalent and must be signed by those who perform.
The single signature affixed to the title when no other can be attributed significance will be signed guarantor.
When the approval is given in a separate document of title, the negotiation of this will involve the transfer of the security that comes from that.
Article 635 .- A lack of mention of quantity, the support ensures the total amount of title.
Article 636 .- The guarantor will be bound under the terms correspond formally endorsed and their obligation is valid even if the latter is not.
Article 637 .- The endorsement must indicate the person endorsed. If none will be guaranteed the obligations of all parties in the title.
Article 638 .- The guarantor who pays acquires rights under the negotiable instrument against the person guaranteed and against those who are responsible for the latter by virtue of the title.
Article 639 .- When a party knowingly enters into a title without any consideration to the obligations exchange gains, the parties in whose favor it are bound lent his signature to the subscriber for what it pays and may not exercise against the actions arising the title.
In any case the subscriber to in the preceding paragraph, may raise the objection of lack of cause costly against any holder of the instrument that has given this consideration, although this fact is known by the purchaser at the time of receiving the instrument.
Article 640 .- When the subscriber of a title BOUT as a representative, agent or other similar quality, must be accredited.
Representation to sign another one negotiable instrument may be granted by general or special power to that in writing.
However, he has led, with positive events or serious omissions, it is created, according to trade practice, a third party is authorized to sign certificates on their behalf, may raise the objection of lack of representation in the subscriber.
Article 641 .- Legal representatives of companies and the factors are deemed authorized by the mere fact of his appointment, to subscribe for securities on behalf of the entities they manage.
Article 642 .- Anyone who signs a negotiable instrument on behalf of another without being able to do so will force personally as if he had acted on his own behalf.
Express or tacit ratification of the subscription transferred to whoever makes the obligations of the subscriber from the date of subscription.
Be tacit ratification resulting from acts that necessarily accept the firm or its consequences. Ratification may be expressed in the title or separately.
Article 643 .- The issuance or transfer of a title-value content will not produce credit, except to appear unequivocally contrary intention of the parties, termination of the relationship giving rise to such issuance or transfer.
Causal action may be brought under Article 882.
Article 644 .- The title to goods attributed to its rightful holder the exclusive right to dispose of the goods that they specify.
Also you will be entitled, in case of rejection by the main title obliged to exercise the right of recourse by the value that was set on the title to the goods.
Article 645 .- The provisions of this title shall not apply to tickets, tokens, passwords or other documents which are not intended to move and intended solely to identify who has the right to demand benefits.
Article 646 .- The titles created overseas will be considered securities if they meet the minimum requirements of the law that governed its creation.
Article 647 .- Be considered legitimate title holder who possesses it under its law of movement.
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