Commercial Law: Bills of Exchange, Credit, and Current Accounts
Art. 150. Exercising Rights on Bills of Exchange:
- In case of non-acceptance or partial acceptance
- In case of non-payment or partial payment
- When the drawee or acceptor is declared bankrupt or contests
Art. 151. Direct and Return Actions
Action is a direct exchange or return, directly when it appears against the acceptor or their guarantors, back when it is exercised when all other requirements are met.
Art. 160. Expiration of Exchange Rate Action
The exchange rate action of the last holder of the bill against the back via bound expires:
- Not having submitted the letter for acceptance or payment.
- Not having raised the protest.
- For not having delivered the acceptance.
- Admitted for failure to pay intervention.
- For no action having been brought within 3 months following the date of the protest.
- Since the action prescribed exchange against the acceptor, or because such action may prescribe within 3 months of notification of the application.
Art. 165. Prescription of Exchange Action
Exchange action prescribes in 3 years after:
- A day after the expiration of the letter or, in its absence.
- Since the completion of the terms referred to in Art. 93 and 128.
Commercial Executive Actions
3 years and 5 years regular
Mora: Delay in Performance of an Obligation
Extraordinary Assembly Affairs
- Extends the life of the company.
- Early dissolution of society.
- Increase or reduction of capital.
- Change order of society.
Art. 291. Payment Under Credit Facility
Under the credit facility, the lender undertakes to give a sum of money to the borrower, or contract on account of this an obligation that it makes use of credit granted in the manner and on such terms and agreed conditions, obligating the borrower to repay the sums lending or shelter available to time by the amount of the obligation contracted and in any case to pay the interest, benefits, expenses, and commissions stipulated.
Current Account (Pg. 375)
Interest
Remittance made into the account.
Due Interests
Which charges you a checking account.
Under Art. 302, current account contract claims arising from reciprocal remittances of the parties are recorded as the fertilizer or debit in one account, and only the balance resulting from the close of the count is a claim and available.
Article 303: Commissions and business expenses are included in this agreement unless stated to the contrary.
Article 308 (Pg. 377): The closing of the account for payment of the balance is operated every six months unless otherwise agreed or used. The credit is a credit balance amount and due on demand or in terms of the contract. If the balance is carried to a new account, the interest rate agreed for other remittances or the statutory rate applies.
Art. 309: Actions to rectify calculation errors, omissions, or duplications prescribe a period of six months from the closing of the account.
Art. 310: The current account contract ends at the agreed deadline. In the absence of this, any account holder may, at each time of account closure, terminate the contract by giving notice to the other account holder at least ten days before the closing date. The supervening death or disability of one of the account holders does not terminate the contract, but his heirs or representatives or the other account holder may opt for completion.
Funds for Empowerment and Avío Refaccionary (Pg. 379)
Art. 321 (Pg. 379)
Matters that can be subject to enabling or avío:
Under the credit agreement or avío rating, the borrower is obliged to invest the amount of credit just in the acquisition of raw materials and materials and payment of wages, salaries, and direct operating expenses necessary for the purposes of your business.
Art. 322: The credit rating or avío shall be secured by raw materials and materials purchased with the fruits, products, or devices to be derived from the credit, even if these are future or pending – to be built on the mortgage or pledge themselves.
Art. 323: Under the contract of crop loans, the borrower is obliged to invest the amount of credit just in the acquisition of tools, instruments, farming tools, fertilizer, livestock, or in carrying out plantations and cyclic or permanent crops, land clearing for cultivation, in the purchase or installation of construction machinery, etc.
Art. 326 (Pg. 381) FIRST TIME… FIRST IN RIGHT Refaccionary contracts or credit rating or avío.
- Expressed the goal of the operation, the duration, and the manner in which the beneficiary may have the credit.
- Very precisely fixed assets which are allocated as security and to report on such other terms and conditions.
- Private contract was signed in triplicate before two known witnesses and ratified before the public registrar.
- It will be registered mortgage which is appropriate for the location of the affected property as security or in the respective commercial register.
Section 327 (Pg. 381)
Those who give credit rating or repair or avío shall see that the amount is invested in certain objects precisely in the contract. If it is proved that investment was given by the creditor knowingly or through negligence, they lose the privilege referred to in Art. 322 and 324.
The lender will always have the right to appoint an auditor to care for the strict compliance of the obligations of the borrower. Soil and expenses of the auditor shall be borne by the creditor, unless agreed otherwise. The borrower is obliged to provide facilities to the financial institution to ensure that it fulfills its function.
If the borrower uses the funds for purposes other than those agreed upon, or does not attend their negotiation with due diligence, the creditor may terminate the contract, give advance notice of the requirement, and demand repayment of the sums provided with their interests.
Art. 329 (Pg. 382)
In the case of crop loans or enabling or avío, the garment may be retained by the debtor. This is considered for the purposes of civil and criminal liability as a depository for judicial (Take care of your property as if they were children) of the fruits, products, livestock, tools, and other furniture pledged.
Art. 332 (Pg. 383)
The security set up on crop loans on farms, construction, buildings, and frozen furniture includes:
The land constituting the farm.
The accessions and permanent improvements.