ALTHOX

COLOMBIAN COMMERCIAL CODE TITLE XI  THE TRUST Section 1226 .- The commercial trust is a legal transaction whereby one person, called a settlor or  settlor transfers one or more specified goods to another, called the trustee, who undertakes to manage or dispose to fulfill a specific purpose by the settlor for the benefit of this or a third party called the beneficiary or trustee.  A person can be both trustee and beneficiary.  Only credit institutions and trusts, specifically authorized by the Banking Superintendency will have the quality of trust. Section 1227 .- The purpose of the trust assets are not part of the general guarantee of creditors of the trustee and only guarantee obligations in meeting the intended purpose. Section 1228 .- The trust established between living persons must be recorded in deed recorded by the nature of the goods. The formed mortis causa Shall be by will. Section 1229 .- The existence of the trustee ...