Spanish Commercial Code - Book II - Contracts and Obligations in General - Part IX - Current Account Contract

SPANISH COMMERCIAL CODE

TITLE IX

CONTRACT CURRENT ACCOUNT

Article 602. The current account is a commutative bilateral contract by which a party refers to another or receives from her property amounts of money or other valuables without the application of a particular job or obligation of having to order a quantity or value equivalent, but by credit the sender for remittance, payable at the times agreed to compensate them at once to concurrence of debit and credit and pay the balance.

Article 603. Accounts that do not meet all the conditions set forth in the preceding article are simple or management accounts and are not subject to the provisions of this Title.

Article 604. All dealings between merchants domiciled or not in one place or between a merchant and one not, and all communicable property values ​​may be the subject of the current account.

Article 605. Before the conclusion of the current account none of the parties is considered as a creditor or debtor.

Article 606. It is the nature of the current account:

1. ° That the credit granted by commercial paper remittances carry the condition that they be paid at maturity.

2. ° That all debit and credit values ​​produce legal interests or the parties have stipulated.

3. ° That more interest current account, the contractors are entitled to a commission on all remittances amount claimed on the realization of which the execution of acts of real management.

The rate of commission shall be fixed by agreement of the parties or by usage.

4. ° That the final balance is payable from the time of acceptance, unless they were carried to the credit of the party who has obtained any amounts that equal or exceed the balance, or that the parties have agreed to pass a new account.

Article 607. Admission current account above values ​​due from one party to another in any capacity whatsoever, innovation occurs, unless the creditor or debtor to give consent, make a formal reservation of rights.

In the absence of an express reservation, the admission of a current account is presumed to be made pure and simple.

Article 608. The values ​​sent and received on current account are attributable to the partial payment of the items it includes, or is payable during the course of the account.

Article 609. The amounts or values ​​pertaining to a particular job, or to be taken to the order of the sender, are foreign to the current account, and as such are not susceptible to purely commercial compensation provided for in Articles 602 and 613.

Article 610. The values ​​were seized or detained brought the current account are only effective over the balance resulting from the demise of the account in favor of the debtor against whom were directed.

Article 611. The current account is concluded by the advent of the time fixed by the convention or before it by the consent of the parties.

It also concludes by natural death or civil interdiction, insanity, bankruptcy or other legal event that deprives one of the contractors of the free disposal of their property.

Article 612. The conclusion of the current account is final when it should not be followed by any business operation, and partial in the opposite case.

Article 613. The final conclusion of the current account status invariably sets the legal relations of parties, produces its own right, regardless of the demise of the bill, the full compensation amount of debit and credit to the amount determined by the individual concurrent creditor and debtor.

Section 614. The partial or final balance will be considered a productive capital interests.

Article 615. The balance can be guaranteed with mortgages in the act of the contract.

Article 616. If the delayed payment debtor, the creditor may turn against him for the remaining balance of the account.

Article 617. The parties may capitalize interest that do not fall in periods of six months, determine the time of the partial balances, the interest rate and the commission and agree all other ancillary provisions which are not prohibited by law.

Article 618. The existence of the current account contract can be established by any evidence to support this Code, unless the witnesses.

Article 619. Action to seek the settlement of the account, the payment of the balance or out of court recognized, or the rectification of the account by calculation errors, omissions, or unduly strange items brought to the debit or credit, or duplication of items prescribed in within four years.

In the same time prescribe the interest on the balance being payable annually or at shorter periods.