Spanish Commercial Code - Book II - Contracts and Obligations in General - Title XII - Of Credit Card Orders

SPANISH COMMERCIAL CODE

Title XII

FOR CREDIT CARD ORDERS

Article 782. Credit Cards orders are intended to make a conditional exchange contract concluded between the giver and the taker, whose perfection depends on it makes use of the credit that he opens.

Article 783. Letters of credit must be given to specific individuals, not to order.

Issued in the latter form, the policyholder can collect them personally, but not endorse it.

The endorsement of a letter of credit does not transfer to the endorsee the right to collect it.

Article 784. The letter of credit shall designate the time within which the policyholder must make use of it and the maximum of the amount to be withheld from them.

If the letter of credit does not represent any time, be appointed by the court of commerce relevant in the circumstances of the giver and taker and commercial nature of the operation that was aimed at opening the credit.

Article 785. The maker of a letter of credit shall put his signature on it or give the giver a model of it.

Article 786. The giver of a letter of credit can not revoke it, unless some accident befalls to impair the credit of the borrower.

Revoking suddenly and without a serious reason and well justified, the giver will be liable for damages arising to the borrower.

Article 787. The dealer is obligated to pay its correspondent amount under the letter of credit delivered to the borrower.

Article 788. The letter of credit, even if not paid, the policyholder does not confer any rights against the giver or against the person in charge were issued.

Therefore, credit cards can not be protested.

Article 789. The bearer of a letter of credit is required to prove the identity of the person, if the payor is so requires.

Article 790. Provided that the policyholder does not use the letter of credit in the agreed term, the giver must return as soon as so required, or to pay bond for the amount until such revocation to the attention of the payer.

Article 791. Paid the letter of credit, the carrier shall reimburse promptly to giver the amount he received.

Not so, the giver may demand payment of the amount paid, plus interest running from the date of delivery and the current change of the square which was verified on the place where he should be reimbursed.

Article 792. The person completing a letter of credit does not have any action against the holder to demand repayment of the amount we have delivered, unless resulting from the terms of the letter that the giver would only become surety for the amount to be perceived the carrier.

Article 793. Letters of credit can be directed to various correspondents residing in different places for fill in the amount designated on up there.

In this case the correspondent to deliver a partial sum to the bearer should be noted in the letter of credit under the responsibility of damages.

Article 794. The letter does not have the designated amount will be considered as a simple letter of introduction and recommendation, and the giver of it will not respond to the correspondent to whom it is directed for the results of any contract it enters into with the tenant, except in cases of fraud legally justified.