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 IV - Protest - From: Art . 697 By: Art 708

COLOMBIAN COMMERCIAL CODE

Subsection IV

Protest

Article 697 .- The protest is only necessary when the creator of the letter or insert a clause fork "Under protest" on the front and easily visible.

Article 698 .- The protest shall be conducted with the involvement of a notary public and his failure to produce the expiration of the shares back.

Article 699 .- The protest will be at the place specified for the fulfillment of the obligations or exercise of rights contained in the title.

Article 700 .- if the person against whom the protest is to be made is not present, so settle the notary who diligently practice and will not be suspended.

Article 701 .- If you know the place where the person against whom the protest should be done, it will be done at the notary's office you have to authorize it.

Article 702 .- Protest for non-acceptance must be made before the date of death.

Article 703 .- Protest for non-payment will be made within fifteen calendar days following the expiration.

Article 704 .- if the letter was protested for non-acceptance need not be protested for non-payment.

Article 705 .- The sight draft only protest for nonpayment. The same book if for points whose presentation for acceptance is optional.

Article 706 .- In the body of the sheet attached letter shall state, under the signature of the notary, the fact of protest stating the date of the respective minutes. In addition to the official who practice Minutes containing:

1. The verbatim reproduction of everything recorded in the letter;

2. The requirement to the drawee or acceptor to accept or pay the bill, with an indication of whether that person was present or not;

3. The reasons for the refusal for acceptance or payment;

4. The signature of the person extending the measure or indication of the inability or refusal to sign, and

5. The expression of the place, date and time that the protest is practiced and the signature of the authorizing it.

Article 707 .- The holder of the title whose acceptance or payment was refused, shall give notice of that fact to all signatories thereof at the address recorded in it, within five calendar days following the date of the protest or the presentation for acceptance or payment.

A holder who fails to notice will be liable up to an amount equal to the letter, of the damages and damages caused by its negligence.

Notice may be given by the notary responsible for making the protest.

Article 708 .- If the letter is submitted through a bank, the entry of this regarding the acceptance or refusal of payment shall be considered as protest.