Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title XVII - Of the Bank Agreements - Chapter V - Opening credits and discounts - From: Section 1400 to: 1407 Art
CHAPTER V Opening credits and discounts Section 1400 .- Means opening a credit agreement under which a banking institution agrees to make available to a person of money within the agreed limit and for a fixed or indeterminate. If you do not express the duration of the contract, it shall be held for an indefinite term. Section 1401 .- The availability of the preceding article may be simple or rotating. In the first case, uses the bank's obligation extinguished until concurrence of the amount thereof. In the second, refunds verified by the customer will again be used by it during the contract period. Section 1402 .- The credit facility agreement be made in writing which shall state the amount of credit open. Omitting the nature of availability, means that it is simple. If not otherwise stipulated, the amounts used for bank earn interest at less than one year term, during the time of use. Section 1403 .- The credit of the previous articles that...