Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part II - Sale and Swap - Chapter I - General - From: Section 905 By: Art 910

COLOMBIAN COMMERCIAL CODE

TITLE II

THE SALE AND EXCHANGE

CHAPTER I

Overview

Article 905 .- The sale is a contract whereby one party agrees to convey ownership of a thing and the other to pay in cash. The money the buyer gives the thing sold is called the price.

When the price consists partly in money and partly something else, means nothing if the swap is worth more than money, and selling in the opposite case.

For purposes of this paper as equivalent to money securities credit content and representative of common credit money.

Article 906 .- May not be purchased directly or through third parties, or even at public auction, the following:

1. The spouses are not divorced, nor the father and son family together;

2. Those who by law or by act of public authority administering property of others, such as custodians, trustees, kidnapping, etc.. In respect of assets under administration;

3. The trustees or executors, for goods that are subject to his order;

4. Representatives and agents in respect of the goods whose sale has been entrusted, unless the principal or the principal, approved the contract;

5. Managers of the assets of any entity or public institution, for which they have been entrusted to their care;

6. Public employees, in respect of goods sold by his ministry, and

7. Officials and lawyers to exercise jurisdiction in respect of the property in dispute which have stepped in and sold as a result of litigation.

Sales made in the cases specified in clauses 2nd., 3rd. and 4. are void in all other cases the nullity is absolute.

Article 907 .- The sale of another's property is valid and requires the seller of the obligation to purchase and deliver to the buyer, otherwise compensate for damages.

Article 908 .- Sold and delivered to a foreign one thing, if the seller acquired after mastering it, the buyer will look like real owner from the date of tradition.

Therefore, if the seller then sold to another person, it shall remain the domain of the first buyer.

The same rule will be followed in case the rightful owner ratify the sale by the seller.

Article 909 .- Expenses incurred by the contract will be divided equally between the contracting parties, if they do not agree otherwise.

Commercial or custom Unless otherwise agreed, the costs of delivery of the thing sold will correspond to the vendor and receipt of it, the buyer.

Article 910 .- The provisions relating to the sale shall apply the permutation in everything that is not contrary to the nature of this contract.