Spanish Commercial Code - Book III - Maritime Navigation and Trade - Title IX - Supplementary Provisions

SPANISH COMMERCIAL CODE

Title IX

ADDITIONAL PROVISIONS

§ 1. Of protests

Section 1241. For purposes of this paper, the term protest to the act by which a person records the occurrence of acts or omissions related to navigation or maritime commerce, which could affect their liability, their principals or employees, or makes a reservation of rights or actions that may arise from such acts or omissions in respect of the same people here alluded to.

Section 1242. Protests must be expressed in writing in any way that can demonstrate its formulation. Written expression shall include telex, telegram or other means to record or repeat what molded who protest tools or equipment designed for this purpose.

Section 1243. When the respective laws or regulations provide that the protest should be brought before the maritime authority, it will be done through a written submission to that authority. This presentation will be effective for all other effects that may arise.

§ 2. The unit of account and the conversion and interest

Section 1244. When this book specifies a quantity or value of compensation in units of account, or to be established according to the former, means such a unit called the Special Drawing Right as defined by the International Monetary Fund or to replace it.

The value of the Special Drawing Right is calculated by the method of assessment established by the International Monetary Fund in its operations and transactions, the date of fulfillment of the obligation in question.

The determination of the equivalence of the Special Drawing Right in national currency shall be the Central Bank of Chile.

Section 1245. The obligations of current interest money earned from the notice of default by the debtor, unless it had agreed a larger one. The current interest payments accrue also to have originated from the fact that.