Colombian Commercial Code - Decree 410 of 1971 - Book III - Of Commercial Property - Title III - Securities - Chapter V - Different species of Securities - Section I - Bill of Exchange - Subsection I - Create and Shape Letter Exchange - From: Section 671 By: Art 679

COLOMBIAN COMMERCIAL CODE

CHAPTER V

Different species of titles-valpray

Section I.

Bill of exchange

Subsection I

Creation and form of bills of exchange

Article 671 .- In addition to the provisions of Article 621, the bill of exchange must contain:

1. The unconditional order to pay a specified sum of money;

2. The name of the drawee;

3. The shape of the maturity and

4. The indication to be payable to order or to bearer.

Article 672 .- The bill of exchange may contain provisions of interest and exchange at a fixed rate or current.

1. A sight;

2. A one days certainly determined or not;

3. With maturities of certain events, and

4. A one days after the date certain or glance.

Article 673 .- The bill of exchange can be rotated
Article 674 .- If such an indication for early maturity, middle or end of the month, means these terms on the first fifteen and last of each month.

Article 675 .- The terms "a week", "two weeks", "a fortnight", or "half a month" means, not one or two weeks, but as time eight or fifteen calendar days or solar, respectively.

Article 676 .- The letter can be rotated to change the order or by the same drawer. In the latter case, the drawer will be bound as acceptor, and if the letter was rotated at a certain time after sight, the presentation will only have the effect of fixing the date of maturity.

Article 677 .- The drawer may be noted as the address for the payment of the bill any particular place, who pay there means it does on behalf of the principal obligation.

Article 678 .- The spinner will be responsible for acceptance and payment of the bill. Any provision that waives this responsibility, shall be deemed not written.

Article 679 .- The insertion of the clauses "documents against acceptance" or "documents against payment", or indications D / AO D / p in the text of a bill of exchange to which the accompanying documents, require the holder of the bill not deliver the documents, but by acceptance or payment of the letter.