Law General Of Securities And Operations Of Credit

Original Language Title: Ley General de Títulos y Operaciones de Crédito

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General Law of Titles and Credit Operations

GENERAL LAW AND CREDIT OPERATIONS LAW

Official Journal of the Federation August 27, 1932

Last Reform Published DOF June 13, 2014

On the sidelines is a stamp that says: Federal Executive Branch. -Mexican United States.-Mexico.-Secretariat of the Interior.

The Constitutional President of the United Mexican States, the following law has been addressed:

PASCUAL ORTIZ RUBIO, Constitutional President of the United Mexican States, to its inhabitants, known:

I have had in exercising the extraordinary powers of which I have been invested in matters of trade and commercial law, and of credit and currency, by laws of 31 December 1931 and 21 January 1932, or issue the following

GENERAL TITLES AND CREDIT OPERATIONS LAW

PRELIMINARY TITLE

ONLY CHAPTER

Article 1o.- They are business things credit titles. Their issuance, issuance, endorsement, endorsement or acceptance and other transactions entered into are acts of trade. The rights and obligations arising out of acts or contracts which have led to the issuance or transfer of or have been carried out with credit certificates are governed by the rules listed in Article 2, where they are not exercised or comply separately with the title, and by the law corresponding to the civil or commercial nature of such acts or contracts, in other cases.

The credit operations that this Law regulates are acts of commerce.

Article 2o.- The acts and operations referred to in the previous article are governed:

I.- By the provisions of this Law, and other special, relative laws; failing that,

II.- By General Commercial Law; failing that,

III.- For banking and commercial uses and, failing these,

IV.- By Common Law, declaring itself applicable throughout the Republic, for the purposes of this law, the Civil Code of the Federal District.

Article 3o.- All who have the legal capacity to contract, in accordance with the Laws mentioned in the foregoing Article, may carry out the operations referred to in this Law, except those requiring special grant or authorisation.

Article 4o.- In the credit operations that this law regulates, the co-debtors are presumed to be jointly and severally bound.

TITLE FIRST

From Credit Titles

CHAPTER I

Of the various classes of credit titles

First Section

General Provisions

Article 5o.- They are credit titles, the documents necessary to exercise the literal right that they are entered into.

Article 6o.- The provisions of this Chapter are not applicable to tickets, passwords, tokens or other documents that are not intended to circulate and serve exclusively to identify who has the right to demand the delivery that they are given.

Article 7o.- Credit titles given in payment, are presumed received under the condition except good collection.

Article 8o.- Against actions derived from a credit title, only the following exceptions and defenses can be opposed:

I.- Incompetence and lack of personality in the actor;

II.- Those who are merged into the fact that the defendant has not been the one who signed the document;

III.- Those of lack of representation, of power or of legal powers in which the title is subscribed in the name of the defendant, except as provided for in Article 11;

IV.- The failure of the respondent to subscribe to the title;

V.- Those based on the omission of the requirements and mentions that the title or the act in the consignment must fill or contain and the law does not expressly presume, or are not satisfied within the term referred to in Article 15;

VI.- The alteration of the text of the document or of the other acts that it contains, without prejudice to the provisions of Article 13;

VII.- Those that merge into the title is non-negotiable;

VIII.- Those based on the partial removal or payment that are contained in the document itself, or in the deposit of the amount of the letter in the case of Article 132;

IX.- Those who merge in the cancellation of the title, or in the suspension of their judicially ordered payment, in the case of Article 45, fraction II;

X.- Prescription and expiration and those based on the lack of other conditions necessary for the exercise of the action;

XI.- The personal that the respondent has against the actor.

Article 9o.- The representation to grant or subscribe credit titles is conferred:

I.- Through duly registered power in the Trade Registry; and

II.- By simple written statement addressed to the third party with whom the representative will be hired.

In the case of part I, the representation shall be understood to be conferred on any person and on that of the II fraction only in respect of that to whom the written declaration has been directed.

In both cases, the representation shall have no more limits than those expressly set by the representation in the respective instrument or declaration.

Article 10.- The one who accepts, certifies, grants, turns, issues, or otherwise subscribes to a credit title on behalf of another without being able enough or without legal powers to do so, are personally obliged as if they have worked in their own name and, if they pay, acquire the same rights that would correspond to the apparent representation.

The express or tacit ratification of the acts referred to in the preceding paragraph, by whom you can legally authorize them, transfers to the apparent representation, from the date of the act, the obligations of the Nazcan.

It is tacitly the ratification that results from acts that necessarily imply the acceptance of the act itself to ratify or some of its consequences. Express ratification can be done in the same credit or in a different document.

Article 11.- Who has given rise, with positive or serious omissions, to the creation, in accordance with the uses of trade, that a third party is entitled to subscribe in its the name of the credit institution, the exception referred to in Article 8 (3) shall not be invoked. against the holder of good faith. Good faith is presumed, unless proof to the contrary, provided that the other circumstances that are expressed in this article are present.

Article 12.- The inability of any of the signatories of a credit title; the fact that false signatures or imaginary persons appear in it; or that for any reason the title does not oblige any of the signatories, or persons appearing as such, not to invalidate the obligations arising from the title against the other persons who subscribe to it.

Article 13.- In case of alteration of the text of a credit title, the signatories after it are bound by the terms of the altered text, and the signatories above, according to the terms of the original text. When it cannot be checked whether a signature has been put before or after the alteration, it is presumed that it was before.

Article 14.- The documents and acts to which this Title refers shall only produce the intended effects thereof, when they contain the particulars and fill the requirements indicated by the Law and that it does not expressly presume.

The omission of such mentions and requirements will not affect the validity of the legal business that originated the document or the act.

Article 15.- The mentions and requirements that the credit title or the act in the consignment need for their effectiveness, may be satisfied by who in their opportunity should have fill them, until before the title is presented for acceptance or for payment.

Article 16.- The title of credit whose amount is written at the same time in words and figures, shall, in case of difference, be valid for the sum written in words. If the quantity is written several times in words and in figures, the document shall, in case of difference, be valid for the smallest sum.

Article 17.- The holder of a title has an obligation to display it in order to exercise the right that is entered in it. When it is paid, it must be backed out. If you are paid only partially or on the accessory, you must make mention of the payment in the title. In cases of theft, loss, destruction or serious deterioration, the provisions of Articles 42 to 68, 74 and 75 shall apply.

Article 18.- The transmission of the credit title implies the transfer of the principal right in the consignment and, in the absence of a provision to the contrary, the transfer of the right to the interest and dividends falling, as well as guarantees and other ancillary rights.

Article 19.- The representative titles of goods attribute to their legitimate holder the exclusive right to dispose of the goods mentioned therein.

The claim of the goods represented by the titles to which this article refers, can only be made by claiming the title itself, according to the rules applicable to the affection.

Article 20.- The abduction or any other links on the right entered in the title, or on the goods by the represented, shall not have an effect if they do not understand the title itself.

Article 21.- Credit titles may be, according to the form of their circulation, nominative or bearer.

The holder of the title cannot change the form of its circulation without the issuer's consent, unless otherwise expressly provided.

Article 22.- With respect to public debt securities, bank notes, company shares, and other credit securities regulated by special laws, the provisions of the provisions of this Article shall apply. legal relative and, as soon as they do not prevent, the provisions of this Chapter.

Section Second

Of Nominative Titles

Article 23.- They are nominative titles, those issued in favor of a person whose name is entered in the document itself.

In the case of nominative titles that carry coupons, they are considered to be nominative coupons, when they are identified and linked by their number, series and others. data with the corresponding title.

Only the legitimate owner of the name or his legal representative may exercise, against the delivery of the corresponding coupons, the property rights it grants the title to which they are attached.

Article 24.- When by expressing the title itself, or preventing it from the law governing it, the title must be entered in a register of the issuer, the issuer shall not be obliged to acknowledge the a legitimate holder, but to the one who appears as such, at the same time in the document and in the register. Where registration is required, no act or operation relating to the credit shall have an effect on the issuer, or against third parties, if it is not recorded in the register and in the title.

Article 25.- Nominative titles shall be construed as always extended to the order, except insertion in their text, or in that of an endorsement, of the clauses not to the order or non-negotiable. Such clauses may be entered in the document by any holder and shall have effect from the date of their insertion. The title containing the reference clauses shall only be transmissible in the form and with the effects of an ordinary cession.

Article 26.- Nominative titles will be transmissible by endorsement and delivery of the title itself, without prejudice that they may be transmitted by any other legal means.

Article 27.- The transmission of the nomination title by ordinary assignment or by any other legal means other than the endorsement, subroga the acquirer in all rights as the title confers; but it does so subject to all the personal exceptions that the obligor could have opposed to the author of the transmission before it. The acquirer is entitled to demand the delivery of the title.

Article 28.- The justification that a negotiable nominative title has been transmitted to him by means other than the endorsement, may require that the Judge, on the basis of voluntary jurisdiction, record the transmission in the document itself or in leaf attached to it. The Judge's signature must be legalized.

Article 29.- The endorsement must consist of the relative title or leaf attached to it, and fill in the following requirements:

I.- The name of the endorser;

II.- The signature of the endorser or the person who subscribes to the endorsement or on his behalf;

III.- The endorsement class;

IV.- The place and date.

Article 30.- If the first requirement is omitted, the provisions of Article 32 are omitted. The omission of the second requirement makes the endorsement null, and the third one establishes the presumption that the title was transmitted in property, without it being worth proof to the third in good faith. The omission of the place, establishes the presumption that the document was endorsed at the address of the endorser, and that of the date, establishes the presumption that the endorsement was made the day in which the endorser acquired the document, except test in

Article 31.- The endorsement must be pure and simple. Any condition to which it is subordinate shall be unwritten. Partial endorsement is null.

Article 32.- The endorsement can be made blank, with the only signature of the endoscopy. In this case, any holder can fill in with his or her name or a third party, the blank endorsement or the title without filling the endorsement.

The endorsement of the carrier produces the effects of the white endorsement.

Dealing with actions, founder bonuses, obligations, certificates of deposit, certificates of participation and checks, the endorsement will always be in favor of person determined; the blank or the carrier shall have no effect. The provisions of this paragraph shall not apply to cheques issued in quantities lower than those established by the Bank of Mexico, by means of general provisions published in the Official Journal of the Federation.

Article 33.- By means of the endorsement, the title can be transmitted in property, in procurement, and in warranty.

Article 34.- The property endorsement, transfers title ownership and all rights to the inherent. The endorsement of property will not be jointly and severally binding on the endorser, but in cases where the law establishes solidarity.

When the law establishes the solidarity responsibility of the endosants, they can be freed from it by means of the clause without my responsibility or some equivalent.

Article 35.- The endorsement that contains the clauses in procurement, charging, or other equivalent, does not transfer the property; but it gives the endorsement to the document to the acceptance, to be charged judicial or extrajudicial, to endorse it in procuratorate and to protect it in its case. The endoscopist will have all the rights and obligations of a president. The mandate contained in the endorsement does not end with the death or inability of the endorser, and its revocation will not have any effect on the third, but since the endorsement is cancelled in accordance with Article 41.

In the case of this article, the obligated may only oppose the title holder with the exceptions that they would have against the endorser.

Article 36.- The endorsement of the warranty clauses, in garment, or other equivalent, attributes to the endorser all the rights and obligations of a creditor in respect of the Endorsed title and the rights to the inherent, understanding the powers conferred by the endorsement in procuratorate.

In the case of this article, the obligors may not object to the endorsement of personal exceptions against the endoscopy.

When the garment is made in the terms of Section 6a. Chapter IV, Title II of this law, will certify in this way, in the document, the broker or the merchants that intervene in the sale, and fill that requirement, the creditor will endorse the title, being able to insert the clause without responsibility.

Article 37.- The endorsement after the expiration of the title, surte effects of ordinary cession.

Article 38.- You are the owner of a nominee title, the person in whose favor you issue according to Article 23, as long as there is no endorsement.

The holder of a nominee title in which he is an endorsement, shall be considered the owner of the title, provided that he justifies his right by means of a series not interrupted by those.

The constancy of the Judge in the title pursuant to Article 28 shall be considered as endorsement for the purposes of the preceding paragraph.

Article 39.- The one who pays is not obliged to ascertain the authenticity of the endorsements, nor does it have the power to require that it be checked, but if it must verify the identity of the person presenting the title as last holder, and the continuity of the endorsements. Credit institutions may collect securities even if they are not endorsed in their favour, provided that they are delivered to them by the beneficiaries for payment on their behalf, by means of a link signed by the beneficiary or his representative, in which the characteristic identifying the title shall be indicated; the payment shall be deemed to be legitimate with the single declaration that the respective credit institution makes in the title, in writing, to act in the terms of this precept.

Article 40.- Credit titles may be transmitted by receipt of their extended value in the same document, or in leaf attached to it, in favor of any person responsible for them, whose name must be entered on the receipt. Transmission by receipt produces the effects of an endorsement without liability.

Article 41.- The endorsements and receipt notes in a credit title that are legitimately tested or cancelled, have no value. The owner of a credit title may be the endorsements and receipts after the acquisition; but never before.

Article 42.- The person who suffers the loss or the theft of a nominative title, may claim it or ask for its cancellation, and in the latter case, its payment, replacement or restitution, according to the following articles. It is also entitled, if it opts for the second and guarantees the repair of the damage and damages, to request that the fulfilment of the obligations entered in the title be suspended, while it is definitively cancelled, or is resolved on the oppositions to be cancelled.

The loss of the title by other causes entitles only personal actions that may arise from the legal business or the illicit act that have caused or produced it.

Article 43.- The holder of a nominative title that justifies his right to this in the terms of Article 38, cannot be obliged to return it, or to return the sums that has been received for its collection or negotiation, unless. it is proven that he acquired it by incurring serious or bad faith.

If the title is for those whose mission and transmission must be registered in any registry, it is in grave fault that they acquire it from those who do not appear as the owner in the registry.

The person who acquires a lost or stolen title after the publication of the publications ordered by section III of Article 45 is also guilty of serious guilt.

If, in spite of the notification provided for in Article 45 (V), the title is negotiated on the Stock Exchange, the stock exchange, during the period of the suspension order, shall be deemed to be in bad faith.

The one that receives the lost or stolen title in warranty shall be equated to the one that acquires it in property, for the purposes of the preceding paragraphs.

Article 44.- The cancellation of the missing or stolen title must be ordered before the Judge of the place where the principal must comply with the benefits to which the title gives right.

The claimant will accompany with your application a copy of the document, and if that is not possible, the essential mentions of the document will be inserted in the application. It shall indicate the names and addresses of the persons to whom the notification provided for by Article 45 (III) is to be made, and those of those who are obliged to return to those who intend to require payment of the document, if they do not obtain the document from the Principal debtor. If you request the suspension of the payment, in accordance with Article 42, it will offer real or personal guarantee to ensure the compensation of the damages and damages that the one can cause to the one who justifies to have better right on the title. He must also, when filing the cancellation claim, or within a term that does not exceed ten days, check the possession of the title and that it deprived him of his theft or loss.

Article 45.- If the evidence provided results in at least one serious presumption in favour of the application, the Judge:

I.- Decrees the cancellation of the title, and will authorize the principal debtor, and subsist the required return-to-demand obligations, to pay the document to the claimant, in the event that no one is present to oppose the cancellation within a period of sixty days, counted from the publication of the decree in the terms of the fraction III, or within thirty days after the expiration of the title, depending on whether or not it is due in the thirty days following the decree;

II.- Order, if so requested by the claimant, and be sufficient the guarantee offered by it in the terms of the previous article, that the compliance of the benefits or the title of the right, while the cancellation becomes final, or is decided on the oppositions to the latter;

III.- Mandara to be published once in the Official Journal an extract of the decree of cancellation and that said decree and order of suspension be notified:

a).- The acceptor and the addresses, if any;

b).- To the spinner, to the rotated and to the recomendataries, if they are not accepted letters;

c).- The bookseller and the free, in the case of the check;

d).- To the document's subscriber or issuer, in other cases; and

e).- To the required return-on-route required in demand;

IV.- It will prevent the subscribers of the document indicated by the claimant, who must grant this a duplicate of that document, if the title is due after the date in your cancellation is firm;

V.- You shall, whenever the claimant so requests, provide that the decree and the order of suspension of fractions I and II are reported to be reported to the Stock Exchanges noted by that, in order to prevent the transfer of the document.

Article 46.- The payment made to the holder of the title by any of the obligated, after being notified of the order of suspension, does not free the one who does so, if the decree of cancellation is signed.

Article 47.- You may object to the cancellation, and to the payment or replacement of the title, if any, all that you justify having on this better right than the one that the claimant alleges.

They are better known than the claimant, who acquired the document without incurring serious and good faith, provided that they can prove their ownership in the terms of Article 38.

The second, third, fourth, and fifth paragraphs of Article 43 are applicable to the opponent.

Article 48.- The title holder's opposition must be substantial with subpoena of which he requested the cancellation, and of the persons mentioned in section III of article 45.

In order for the opposition to enter the opposition, the opponent must deposit the document at the court's disposal, and also ensure with real or satisfactory personal guarantee, the compensation for the damages caused by the opposition to the one who obtained the decree of cancellation, in the event that the decree is not accepted.

Heard within three days on the move the claimant, the opposition will be received to the test for a term that the Judge will fix in the circumstances of the business, and that in no case exceed thirty days. The term to be invoked will be five days for each party, and the resolution must be issued within ten days. None of those terms can be suspended or extended.

Article 49.- Admitted to the opposition in definitive judgment, the decree of cancellation and the orders of suspension and payment or reorder will be revoked in full. referred to in Article 45, and the convicted party must make good any damages which have caused the opponent to such decisions and, in addition, pay the costs of the proceedings.

Article 50.- The opposition shall be rejected, the opponent shall pay the costs, damages caused by it to the claimant, and the Judge shall send the title deposited to the claimant.

Article 51.- The opposition of whoever does not hold the title will be substantial in the same way as that of the holder, with the sole exception that the deposit will not be necessary prior to the document to give input to the demand.

If the opposition is admitted, it will be in accordance with article 49. If it is discarded, the cancellation decree and the payment or replacement orders provided for in Article 45 (I) and (IV) shall be fixed, provided that the holder of the title has not also been opposed to the cancellation of the title. terms of Article 48. In the latter case, the resolution that falls on the holder's opposition shall prevail.

The oppositions that are separately formulated against the cancellation of the lost or stolen title must be accumulated, and missing in the same sentence.

Article 52.- That without having signed the title is designated in the cancellation claim as a signatory, you must express your inconformity to the Judge you know of that, within of the 30 days following that of the notification ordered by Article 45 (III). The other party shall make the document in a different quality from which it is assigned to it.

If the person concerned does not express his/her inconformity within the period prescribed, it shall be presumed, unless proof to the contrary, that it is true that the applicant claims. Against that presumption, he shall not be given any proof but in the proceedings referred to in Articles 54, 55 and 57, and shall be signed as a signatory, with the quality indicated in the application, until the title is deposited by the holder, in the case of the conservation measures provided for in Articles 60 and 61.

Article 53.- The cancellation of the lost or stolen title does not free the signatories of the benefits imposed on them. It only extinguishes the actions and rights in respect of which the holder of the document may be responsible, since the decree of cancellation or the judgment that disclaims the opposition has become final.

Since the cancellation is firm, because no opposition has been filed, or because the objections raised against it have been dropped, the one who obtained it can claim the the title of the title is the payment of the title, if it is then payable, or a duplicate of it, if any subsequent expiration.

Article 54.- If the payment of the document is claimed, the claim must be proposed in the executive way, and under penalty of expiration of the respective action, within thirty days that follow the date on which the cancellation is signed. The application shall be accompanied by a request for the enforcement to be released, all the constances and documents of which the claimant's right is accredited.

Against that claim all the exceptions and defenses listed in the article 8o.

Article 55.- The signatory of a cancelled title that pays it to the one who obtained the cancellation, has the right to claim the document, to exercise against the others obliged to actions which, under the terms of the law, are subject to it, without prejudice to the cause and the enrichment without cause which it may have, respectively, against its direct debtor or against the spinner, bookseller, issuer or subscriber, where appropriate.

You may also require certified copy of the resolutions and constances of the cancellation and opposition proceedings you consider relevant, and with them and the other documents justifying their right, exercising in the executive way the actions which the cancelled document is derived in their favour against the other signatories of the document.

Article 56.- If any of the signatories of the cancelled title refuse to subscribe the corresponding duplicate, the Judge will do so for him and the document will produce according to his/her text. the same effects as the canceled title.

The Judge's signature must be legalized.

Article 57.- The procedure referred to in the previous article will be substantial in the following way:

When the subscription of a duplicate is claimed in the terms of the previous article, the claim must be filed with the Judge of the defendant's domicile, and under penalty of the the respective action, within 30 days following the date on which the cancellation is signed. The application shall be accompanied by all the documents and documents proving the applicant's right. Upon transfer within three days the defendant, the business shall be received to the test by a term which the Judge shall determine in accordance with the circumstances of the case, and shall never exceed twenty days. The term to allege will be five days for each party, and the resolution will be delivered within ten days. None of those terms can be suspended or extended.

Article 58.- If any of the persons designated in the cancellation claim as a signatory of the title, manifests its inconformity in the terms of Article 52, it cannot the payment of the document shall not be required or a duplicate of the document shall be required in the procedures laid down in Articles 54, 55 and 57, unless the quality of the document is deemed to have been signed by the applicant; shall keep the actions against it, to be carried out on the road corresponding.

Article 59.- The one who, having signed the title in the quality indicated by the cancellation claim, is in breach of that claim, in the terms of Article 52, he will suffer the crime of misrepresentation in court statements, and will also be liable for damages that his statement causes to the claimant, which will never be estimated in less than a quarter of the value of the document.

Article 60.- While the order of suspension referred to in Article 45 (II) is in force, the one who obtained it must exercise all the actions and practice all the acts necessary for the preservation of the rights to which the document is derived, sufficient for that effect to be displayed certified copy of the decree of cancellation, and guarantee the compensation of the damages and corresponding damages.

Article 61.- If the title whose cancellation is requested is enforceable or acquires that character during the validity of the order of suspension, any interested party may request the signatories are required to make the amount of the document available to the Court, always starting with the principal debtor. The deposit made by one of the signatories relieves the others from the obligation to constitute it.

In case of urgency, the Judge may provide that the persons designated as signatories in the application shall be brought in, even if the time limit laid down in Article 52 has not elapsed, so that they may, of course, manifest if they acknowledge that they have signed the title as intended by the plaintiff, and in compliance with the applicant's saying, they are required in the same act to constitute the deposit.

The total or partial omission of the deposit by whom it must constitute, produces the same effects as the non-payment, and subject to the delinquent, from the day of the requirement, to the corresponding civil liability.

Article 62.- The deposit does not prejudge any personal defenses and exceptions that may have the one that causes the cancellation or return of the title. provided that they are prior to the requirement and that the depositor makes express reservation of the same when they constitute the deposit or within ten days following this or the notification of the summons; prescribed by the article 48.

Constituted the deposit without the reservation mentioned above, the Judge will transfer the title to the signatory signatory, as soon as the deadline fixed by the I fraction of article 45 has been concluded, and send the amount deposited to the person who is entitled to it in the cancellation and opposition proceedings.

If the deposit is made with reservations, the Judge shall make it available to the Court of Justice which is aware of the judgment referred to in Article 54, so that it shall remain as a result of it, unless those reservations do not relate to the party which has obtained in its favour the cancellation or return of the title. In the latter case, it shall proceed as provided in the preceding paragraph.

Article 63.- The judgment in which the oppositions made against the cancellation are decided, will only be appealable when the value of the documents exceeds two thousand pesos, owing Allow the winged in the return effect only.

Against other resolutions that are given in the cancellation and opposition proceedings there is no recourse whatsoever; but the Judge will be responsible for the irregularities of which they suffer, as well as the suitability of the guarantees offered by those who have requested them.

With regard to the procedures referred to in Articles 56 and 57, the providences and the judgment in them will admit the resources provided for the executive judgments. mercantiles.

Article 64.- The person who negotiates a nomination title having acquired him in bad faith is responsible for the damages and damages that thereby cause the good faith or the owner of the document, whatever the cause that deprived him of his possession.

Article 65.- In cases of total destruction, mutilation or serious impairment of a nominee's title, the holder may ask for cancellation and payment or replacement, according to the the procedure provided for missing or stolen securities.

If the destruction, mutilation or deterioration refer to any of the signatures, without affecting the essential particulars and requirements of the document, the cancellation of this document will not be necessary. the Judge shall subscribe to it by those who refuse to do so, in accordance with the procedure laid down in Article 57, and Articles 56, 59, 60, 61, 62 and 63, the final part of the procedure, shall apply.

Article 66.- In cases of theft, loss, total destruction, mutilation, and serious impairment of a non-negotiable nominee title, the one that justifies being its owner will have the right to require a duplicate to be issued by the subscribers of the document, without any need to cancel it in advance, and if no obligation is made to do so, the Judge shall sign the document in accordance with the procedure laid down in Article 57; Articles 56, 59, 60, 61, 62 and 63, final part, are also applicable. driver.

Article 67.- The cancellation, opposition, and replacement procedures referred to in the foregoing articles, suspend the term of the extinct prescription in respect of the Missing, stolen, destroyed, mutilated or severely damaged nominative titles.

Article 68.- Actions resulting from the misnominative, stolen, destroyed, mutilated or severely impaired titles shall not be harmed by the omission of the (a) the right to a right of access to the right of establishment and the right to take part in the proceedings of the Court of the European Union; run since the cancellation is signed due to lack of opponents, or resolves in final judgment on the oppositions to the cancellation or on the demand for replacement in the terms of Article 57.

Third Section

From Titles To The Porter

Article 69.- They are bearer titles that are not issued in favor of a particular person, whether or not they contain the carrier clause.

Article 70.- The bearer titles are transmitted by simple tradition.

Article 71.- The subscription of a title to the bearer forces the bearer to cover it to anyone who is present, even if the title has entered the circulation against the will of the subscriber, or after they have overcome their death or incapacity.

Article 72.- The bearer titles containing the obligation to pay some sum of money shall not be put into circulation but in the cases established in the Law expressly, and in accordance with the prescribed rules. Securities issued in contravention of the provisions of this Article shall not produce any action as a credit claim. The issuer shall be punished by the Federal Courts, with a fine equal to the amount of the securities issued.

Article 73.- Carrier titles can only be claimed when their possession is lost for theft or loss, and are only required to return them or return them. sums received for their recovery or transmission, who have found them or subtracted and the persons who acquire them knowing or must know the vicious causes of the possession of the person who transferred them.

The loss of the title by other causes only entitles personal actions that may arise from the legal business or from the unlawful act that caused it or produced it.

Article 74.- Who has suffered the loss or theft of a title to the bearer may ask that the issuer or bookseller be notified, by the judge of the place where the payment is to be made. The notification obliges the issuer or the bookseller to cover the principal and interests of the title to the complainant, after prescribed the actions that are born of the complainant, provided that a holder of good faith is not present before charging them. In the latter case, the payment must be made to the bearer, with the issuer or the bookseller being released to the complainant.

Article 75.- When a bearer title is not in a circular condition because it has been destroyed or mutilated in part, the holder may ask for its cancellation and replacement. in accordance with the procedure laid down for nominative titles.

CHAPTER II

Of the change letter

First Section

Of The Creation, Form, and Enduse of the Change Letter

Article 76.- The change letter must contain:

I.- The mention of being a change letter, inserts into the document text;

II.- The expression of the place and day, month, and year in which it subscribes;

III.- The unconditional order to pay a certain sum of money;

IV.- The name of the rotated;

V.- The place and time of payment;

VI.- The name of the person to whom the payment is to be made; and

VII.- The signature of the spinner or the person you subscribe to or on your behalf.

Article 77.- If the letter of change does not contain the designation of the place in which it is to be paid, it shall be as such that of the domicile of the rotated, and if it has several addresses, the letter shall be required in any of them, at the choice of the holder.

If several places are entered for the payment, the holder shall be deemed to be able to require it in any of the places indicated.

Article 78.- In the letter of change, any provision of interest or penalty clause shall be unwritten.

Article 79.- The change letter can be rotated:

I.- In view;

II.- At a certain time view;

III.- A certain time date; and

IV.- A fixed day.

The letters of exchange with another class of maturities, or with successive maturities, shall always be construed as payable in view of the entire sum they express. It will also be considered payable to the view, the change letter whose expiration is not indicated in the document.

Article 80.- A change letter, which is rotated one or more months, dates or views the day corresponding to the date of its granting or presentation of the month in which the payment is to be made. If the letter does not have a day corresponding to that of the grant or presentation, the letter shall expire on the last of the month.

If the maturity is fixed for the beginning, mid, or month-end, these terms will be understood on the first, fifteenth, and last days of the corresponding month.

The expressions eight days or one week, fifteen days, two weeks, a fortnight or a half month, will be understood, not as an entire week or two, but as an eight or a fortnight's time. effective, respectively.

Article 81.- When any of the acts that this Chapter imposes as mandatory to the holder of a letter of change, must be effected within a period of which the last day is not The term shall be deemed to be extended until the following first working day. The intermediate working days shall be counted for the calculation of the time limit. Neither in legal terms nor in conventional terms, will the day be understood to serve as a starting point.

Article 82.- The change letter can be rotated to the order of the same spinner.

It may also be rotated in charge of the same girder, when it is payable instead of that in which it is issued. In the latter case, the girder shall be obliged as an acceptor, and if the letter is given in a given time, its presentation shall have the effect of setting the date of its expiry, with regard to the date of filing, if any, The final part of Article 98 is available.

The presentation will be checked for a visa subscribed by the spinner in the letter itself or, failing that, by a notary or broker.

Article 83.- The spinner may point to the payment of the address or residence of a third party, in the same place of the seat of the turned, or in another place. If the letter does not contain an indication that the payment will be made by the same person at the address or residence of the third party designated in it, it is understood that the payment will be made by the latter, who in that case will have the simple character Domicile.

The spinner may also point out his address or residence so that the letter is paid, even if they are in different places than the one in which the letter is based.

Article 84.- The girator and any other obliged, may indicate in the letter the name of one or more persons to whom the acceptance and payment of the same, or only the payment, in default of the turned, may be required. provided that they have their registered office or residence at the place specified in the letter for payment, or if the place is not designated, in the same place as the seat of the seat.

Article 85.- The ability to act in the name and on behalf of another does not include the ability to change it, except as provided for in the power or declaration referred to in the Article 9o.

The directors or managers of companies or trade negotiations are authorized to subscribe to letters of exchange on behalf of them, due to the fact of their appointment. The limits of that authorization are those that indicate the respective statutes or powers.

Article 86.- If the spinner does not know or is unable to write, he will sign to his/her request another person, in faith of which he will also sign a public corridor entitled, a notary or any other official who has public faith.

Article 87.- The spinner is responsible for the acceptance and payment of the letter; any clause that exempts it from this responsibility will be unwritten.

Article 88.- The change letter issued to the carrier will not produce change letter effects, in accordance with the rule in Article 14. If the carrier is issued alternately or in favour of a given person, the expression to the bearer shall be unset.

Article 89.- The insertion of the document clauses against payment acceptance or documents, or of the aforementioned D/a or D/p, into the text of a change letter with which accompanying documents representing goods, obligates the letter holder not to deliver the documents but through the acceptance or payment of the letter.

Article 90.- The endorsement in ownership of a letter of change, compels the endoscopy jointly and severally with the others responsible for the value of the letter, observing, if necessary, what has the final paragraph of Article 34.

Section Second

From Acceptance

Article 91.- The letter must be submitted for acceptance at the place and address designated in it for the purpose. In the absence of an indication of address or place, the presentation shall be made at the address or residence of the rotated.

When multiple places are marked for acceptance in the letter, the holder will be understood to be able to present it in any of them.

Article 92.- If, in accordance with Article 84, the letter contains an indication of other persons to whom the default acceptance of the rotated must be required, the holder shall, prior to Protect them against those who refuse to, claim the acceptance of the other persons indicated.

The holder who does not meet the above obligation will lose the currency action for lack of acceptance.

Article 93.- The letters payable at a certain time must be submitted for acceptance within six months of their date. Any obligation may reduce that time limit, thus entering it in the letter. In the same way, the spinner may, in addition, extend it, and prohibit the presentation of the letter before a certain time.

The holder who does not present the letter within the legal period or in the one indicated by any of the obligated, will lose the exchange rate, respectively, against all the obligated, or against the required to have made the indication of the time limit and against those subsequent to it.

Article 94.- The presentation of fixed-day or fixed-day letters of their date shall be of the potential, unless the girder has made it mandatory with the marking of a specific time limit for the submission, expressly stating in the letter that circumstance. The girator may also prohibit the presentation before a certain time, thus entering it in the letter.

Where the letter is subject to presentation, the holder may make it no later than the last working day preceding the day of the expiration.

Article 95.- If the spinner has indicated in the letter a place of payment other than that in which the rotated has its domicile, the acceptor must express in the acceptance the name of the person to pay for it. In the absence of such an indication, the acceptor himself is obliged to cover that at the place designated for payment.

Article 96.- If the letter is payable at the address of the rotated, it may be, when accepted, indicate within the same square, an address where the letter must be presented to the their payment, unless the spinner has pointed out any.

Article 97.- Acceptance must be stated in the letter itself and expressed by the word accepted, or other equivalent, and the signature of the rotated. However, the only signature of this one, put in the letter, is enough for the acceptance to be made.

Article 98.- Only when the letter is payable to a certain time of the view, or when it must be submitted for acceptance within a given time limit by virtue of indication special, is an essential requirement for the validity of the acceptance, the expression of its date; but if the acceptor is omitted, the holder may enter it.

Article 99.- Acceptance must be unconditional; but may be limited to less than the amount of the letter. Any other mode introduced by the acceptor is equivalent to a refusal of acceptance; but the rotated will be bound by the terms of its acceptance.

Article 100.- Refuse the acceptance that the rotated tacha before returning the letter.

Article 101.- The acceptance of a change letter forces the acceptor to pay it at its expiration, even if the spinner has broken before the acceptance.

The acceptor is also forced to change with the spinner, but he lacks any action against him and the other signatories of the letter.

Third Section

From Acceptance to Intervention

Article 102.- The change letter not accepted by the rotated, can be by intervention, after the respective protest.

Article 103.- The holder is obliged to accept the acceptance by intervention of the persons referred to in Article 92.

It is optional for him to admit or refuse to accept by intervention of the rotated that he did not accept, of any other person already in the same letter, or of a third party.

Article 104.- If the person who accepts by intervention does not designate the person in whose favor he or she does so, it is understood that he intervenes by the spinner, even if the recommendation has been made by an endoscopy.

Article 105.- The acceptance by intervention extinguishes the change action for lack of acceptance, against the person in whose favor it is made, and against the later endosants and their avalists.

Article 106.- The intervention acceptor is bound in favor of the holder, and of the signatories later to the one by whom he intervenes.

Article 107.- The intervention acceptor shall immediately notify the person of his intervention to the person by whom he has made it. This person, the endosants who precede it, the girder and the avalists of any of them, can in any case require the holder to, however, receive the payment of the letter and make them delivery of the letter.

Article 108.- They are applicable to the acceptance by intervention, the provisions of Articles 95 to 100.

Section Fourth

Del aval

Article 109.- By means of the endorsement, the payment of the change letter is guaranteed in whole or in part.

Article 110.- You can provide the endorsement who has not intervened in the letter and any of the signatories of it.

Item 111.- The endorsement must consist of the letter or sheet that is attached to it. It shall be expressed with the formula by endorsement, or other equivalent, and must bear the signature of the person providing it. The only signature set on the letter, when no other meaning can be attributed to it, will be given as a guarantee.

Article 112.- A lack of quantity mention means that the endorsement guarantees the entire amount of the letter.

Article 113.- The endorsement must indicate the person by whom it is provided. In the absence of such an indication, it is understood that it guarantees the obligations of the acceptor and, if not, those of the spinner.

Article 114.- The guarantor is jointly and severally bound by the guarantor, and his obligation is valid, even if the guaranteed obligation is void for any cause.

Article 115.- The guarantor who pays the letter, has an action against the endorsed and against those who are obliged to do so by virtue of the letter.

Article 116.- The action against the guarantor shall be subject to the same terms and conditions as the action against the endorsement is subject to.

Fifth Section

Of Plurality Of Copies and Copies

Article 117.- When the letter does not contain the single clause, the taker will have the right to have one or more identical copies issued by the spinner, paying all expenses that are cause. Such copies shall contain in their text the first, second, and so on, according to the order of their issue. In the absence of such an indication, each copy shall be considered as a different letter of change.

Any other holder may exercise that same right, by means of the immediate endorsement, who in turn shall be directed to the one who precedes him, and so on, until he reaches the girder.

Endorsements and avalists are required to reproduce their respective subscriptions in the letter duplicates.

Article 118.- The payment made on one of the copies frees the payment from all the others; but the rotated will be obligated for each copy that it accepts.

The endoscopy that has endorsed the specimens to different people, as well as the later endoscopies, will be forced by their endorsements as if they were found in different letters.

Article 119.- The person who has submitted one of the copies for acceptance, must mention in the others the name and address of the person in whose power it is located. The lack of this indication does not invalidate the letter.

The holder of the copy sent to the acceptance, is authorized and also has the obligation to present it in a timely manner and to protect it in its case; if the letter does not have the copy must be submitted to the collection for the purpose of the deposit of the amount of the letter in a credit institution or, failing that, in a house of commerce, protesting the letter for non-payment if the rotated does not make the deposit. He also has an obligation to deliver the copy sent to him for acceptance and the minutes of protest, if any, the legitimate holder of another copy containing the indication of the person to whom the first was sent.

Article 120.- If the holder refuses to make the delivery, the legitimate holder will not be able to exercise his or her actions but after having raised the protest record:

I.-Against the fork, indicating the omission of that delivery; and

II.-Against the rotated, for lack of acceptance or payment of the duplicate, provided that such protestations are lifted within the terms that this Law establishes.

Article 121.- When the holder of the original sent for acceptance is presented with two or more holders of the other copies to deliver the one, he will submit it to the first If several at the same time, it will give preference to the bearer of the copy by dialing with the lowest ordinal number.

Article 122.- The holder of a change letter has the right to make copies of it. These must reproduce exactly the original, with the endorsements and all the enunciations that contain indicating how far the copied ends.

Article 123.- The autograph subscriptions of the acceptor, the endorsers, and the avalists, made in the copy, oblige the signatories as if they were the same in the original.

Article 124.- The person who has submitted the original for acceptance or has deposited it, must mention in the copies the name and address of the person in whose possession finds that original. The lack of this indication does not invalidate the original endorsements on the copies.

The holder of the original is obliged to give it to the legitimate holder of the copy. The holder who, without the original, wants to exercise his rights against the subscribers of the copy, must prove with the protest that the original was not given to his request.

Article 125.- When the holder of the original is presented with two or more legitimate carriers of copies, it shall work according to the provisions of Article 121.

Sixth Section

From Payment

Article 126.- The letter must be submitted for payment at the place and address indicated in it for the purpose, with the provisions of Article 77 being observed.

If the letter does not contain address, it must be submitted for payment:

I.- At home or at the residence of the rotated, acceptor, or home, if any;

II.- At the address or residence of the recomers, if any.

Article 127.- The letter must be submitted for payment on the day of its expiration, as required by Article 81.

Article 128.- The letter to the view must be submitted for payment within six months following its date. Any obligation may reduce that time limit, thus entering it in the letter. In the same way the girder may, in addition, extend it, and prohibit the presentation of the letter before a certain time.

Article 129.- The payment of the letter must be done precisely against its delivery.

Article 130.- The holder cannot refuse a partial payment; but he must retain the letter in his or her power as long as he is not fully covered, noting in it the amount charged and giving the corresponding receipt separately.

Article 131.- The holder cannot be required to receive the payment before the letter is due.

The rotated that pays before the expiration is responsible for the validity of the payment.

Article 132.- If the payment of the letter is not required at its expiration, the rotated or any of the obligated in it, after the deadline of the protest, has the right to deposit in the Bank of Mexico the amount of the letter at the expense and risk of the holder, and without obligation to give notice to the holder.

Seventh Section

From Payment By Intervention

Article 133.- If the letter is not paid by the rotated, they can be paid by intervention, in the following order:

I.- The intervention acceptor;

II.- The restart;

III.- A third party.

The rotated that I do not accept as rotated, may intervene as a third party, with preference to any other who intervenes as a third party, except as provided in Article 137.

Article 134.- The intervention payment must be made in the act of the protest or within the following working day, and in order to have the effects foreseen in this Section, the notary, the A broker or the political authority which shall raise the protest shall record it in the minutes relating to it, or following it.

Article 135.- The one who pays by intervention must indicate the person by whom he does. In the absence of such an indication, it shall be understood to be in favour of the acceptor and, if not, in favour of the spinner.

Article 136.- The holder is required to hand over the letter with the record of the payment, and said controller will have an exchange rate against the person for whom he paid, and against the required prior to this.

Article 137.- If several people are presented offering their intervention as a third party, it will be preferred that they release the greater number of those required in the letter.

Article 138.- While the holder retains the letter in its possession, it cannot refuse the intervention payment. If you refuse, you will lose your rights against the person by whom the financial controller offers the payment, and against the obligations after it.

Eighth Section

From Protest

Article 139.- The letter of change must be protested for total or partial lack of acceptance or payment, except as provided for in Article 141.

Article 140.- The protest establishes in an authentic way that a letter has been filed in time and that the obligation has completely or partially ceased to accept or pay for it. Except as expressly provided, no other act may supplement the protest.

Article 141.- The spinner can dispense the holder from protesting the letter, enrolling in it the clause without protest, without expense or other equivalent. This clause does not exempt the holder from filing a letter for acceptance or for payment or, if applicable, giving notice of the lack of acceptance or payment to the obligated on return.

In the case of this article, the proof of lack of timely filing, it is up to the one who invokes it against the holder. If despite the clause, the holder makes the protest, the expenses will be on his own. The clause entered by the holder or by an endorsement is not put in place.

Article 142.- The protest may be done by means of notary or public corridor entitled. In the absence of them, he can raise the protest the first political authority of the place.

Article 143.- The protest for lack of acceptance must be raised against the rotated and recomendataries, in the place and address indicated for the acceptance, and if the letter does not contains a designation of place, at home or at the residence of those.

The protest for non-payment must be raised against the persons and in the places and addresses indicated in Article 126.

If the person against whom the protest is to be lifted is not present, the diligence will be understood with its dependents, relatives or servants, or with a neighbor.

When the address or residence of the person against whom the protest is to be lifted is not known, it may be practiced in the direction chosen by the notary, the broker or the political authority to lift it.

Article 144.- The protest for lack of acceptance must be lifted within two working days following the filing; but always before the due date.

The protest for non-payment must be lifted within two working days following the expiration date.

The protest for non-payment of the letters to the view must be lifted on the day of its filing, or within two working days.

Article 145.- The protest for lack of acceptance, waiver of filing for payment, and protest for non-payment.

Article 146.- The letters in the view will only be protested for non-payment. The same shall be observed in respect of the letters whose submission for acceptance is a potestative, if they have not been submitted in the term laid down in the last paragraph of Article 94.

Article 147.- If the rotated is declared bankrupt or contest, prior to the acceptance of the letter, or later, but before its expiration, it must be for non-payment, it is possible to raise the protest in any time between the date of initiation of the contest and the day in which it should be protested according to the Law for lack of acceptance or for lack of payment.

Article 148.- The protest must be recorded in the same letter or sheet attached to it. In addition, the notary, broker or authority that practices it, will take up the minutes of the same in which they appear:

I.- The literal reproduction of the letter, with its acceptance, endorsements, endorsements, or the record;

II.- The requirement to accept or pay the letter, stating whether or not it was present who had to accept or pay for it;

III.- The reasons for the refusal to accept or pay for it;

IV.- The signature of the person with whom the diligence is understood, or the expression of its impossibility or resistance to sign, if any;

V.- The expression of the place, date, and time when the protest is practiced and the signature of who authorizes the diligence.

Article 149.- The notary, broker or authority that has made the protest, will retain the letter in its power all day of the protest and the next, having the turned, during that time, the right to show up to satisfy the amount of the letter, plus the moratoria interest and the expenses of the diligence.

Ninth Section

Actions and Rights that Nacen from the Lack of Acceptance and the Lack of Payment

Item 150.- The currency action is exercised:

I.- In case of lack of acceptance or partial acceptance;

II.- In case of non-payment or partial payment;

III.- When the rotated or the acceptor is declared bankrupt or contest.

In the cases of fractions I and III, the action may be deducted even before the maturity of the total amount of the letter, or in the case of partial acceptance, by the non- accepted.

Article 151.- The currency action is direct or back; direct, when it is deducted against the acceptor or its avalists; back, when exercised against any other required.

Item 152.- Using the change action, the last fork of the letter can claim the payment:

I.- The amount of the letter;

II.- Legal interest to the legal type, from the day of expiration;

III.- Of protest expenses and other legitimate expenses;

IV.- The exchange prize between the place where the letter and the place where it is paid, plus the situation expenses, should have been paid.

If the letter is not expired, the amount will be deducted from the discount, calculated at the legal interest rate.

Article 153.- The return-bound obligor who pays the letter is entitled to demand, by means of the currency action:

I.- The reimbursement of what you have paid, minus the costs to which you have been convicted;

II.- Legal interest to the legal rate on that sum from the date of your payment;

III.- Charges and other legitimate expenses; and

IV.- The award of the change between the place of your home and the refund, plus the situation expenses.

Article 154.- The acceptor, the swivel, the endosants, and the avalists are jointly and severally responding to the benefits referred to in the previous two articles.

The last fork of the letter can exercise the exchange rate against all the forced at the same time, or against some or some of them, without losing in that case the action against the others, and no obligation to follow the order that they keep their signatures in the letter. The same right shall be all obliged to have paid the letter, contrary to the previous signatories, and to the acceptor and his avalists.

Article 155.- Except for those with whom you have practiced, the protest of letters, both for lack of acceptance and payment, will be notified to all others they have intervened in the letter, through instructions that will be sent to them by the notary, broker or first political authority who will authorize the protests.

To those interested in the letters, who reside in the same place where the protest is practiced, it will be notified to them in the form expressed, and the day after they have been practiced. Those who reside outside the place will be sent the instructional by the nearest mail, under certificate and with the addresses indicated by themselves in the letter.

Following the act of protest, the person who has authorized it shall state that he has been notified in the manner and terms provided for in this article.

The failure to comply with the above obligations, subject to the responsibility for the compensation of damages that the omission or delay of the notice cause to the obliged return, provided that they have taken care to record their address in the document.

In the same liability the last holder of the letter will incur the letter that does not of the prescribed notices in the case of article 141.

Article 156.- Both the spinner and any of the endoscopy of a letter protested, will be able to demand, after the protest arrives, that the holder receives the amount with the legitimate expenses, and give you the letter and the expense account.

If, when the refund is made, the girator and the endoscopy will be preferred, the girator will be preferred, and only the previous date will be present.

Article 157.- The last holder of a duly protested letter, as well as the one who has paid it back, may charge what the others owe to them. Signatories:

I.- Charges or asking them to pay them into account, with the amount of the same, that of legitimate interest and expense; or,

II.- Turning to his or her position, in favor of themselves or a third party, by the value of the letter increased with legitimate interest and expense.

In both cases, the corresponding notice or change letter, must be accompanied by the original letter of change, with the respective receipt, of the testimony or authorized copy of the act of his or her protest, and of the account of interest and expenses, including, where appropriate, the price of the replacement.

Article 158.- For the purposes of the foregoing Article, and Articles 152, fraction IV, and 153, fraction IV, the price of the replacement shall be calculated by taking base rates on the day of the protest or payment, in the place where it was made or should have been made.

Article 159.- Everyone who appears in a letter of change subscribes to the same act, responds in solidarity with the obligations arising from it. The payment of the letter by one of the signatories in the case referred to in this article does not confer on the person who does so, in respect of the others who signed in the same act, but the rights and actions which the debtor is responsible for against the others (ii) the obligation to do so; but it leaves the exchange of shares which may correspond to that against the acceptor and the required under way of return, and those which fall within the meaning of Articles 168 and 169, against the immediate endorsement. before or against the spinner.

Article 160.- The change action of the last fork of the letter against the forced on return, expires:

I.- For not having been presented the letter for acceptance or for payment, in the terms of Articles 91 to 96 and 126 to 128;

II.- For not having raised the protest in the terms of Articles 139 to 149;

III.- For the failure to accept the intervention acceptance of the persons referred to in Article 92;

IV.- For no intervention payment has been admitted, in the terms of Articles 133 to 138;

V.- For not having exercised the action within three months following the date of the protest or, in the case provided for in Article 141, on the day of the filing of the letter for acceptance or for payment; and

VI.- For having prescribed the change action against the acceptor, or because it is required to prescribe that action within three months of the notification of the claim.

Article 161.- The change action of the obliged en route of return that pays the letter, against those forced in the same way before it, expires:

I.- For having expired the return action of the last holder of the letter in accordance with fractions I, II, III, IV, and VI of the previous article;

II.- For not having exercised the action within three months following the date on which the letter was paid, with the interest and expenses, or the date on which it was paid the respective claim was notified if the payment was not made voluntarily; and

III.- For having prescribed the change action against the acceptor, or because it is required to prescribe that action within three months following the notification of the claim.

In the cases provided for in Article 157, the date of receipt of the receipt to be taken shall be deemed to be the date of payment for the purposes of this Article. (a) a paid letter, or in its absence, that of the notice or of the letter of hangover to which the precept refers.

Article 162.- The exercise of the action within the time limit set by Article 160 and Article 161 (V) of Article 161 does not preclude its expiry but if the respective claim is has been filed within the same period, even if he is before an incompetent Judge.

Article 163.- The change action of any fork of the letter against the acceptor by intervention and against the acceptor of the letters domiciled expires for not having been duly raised the protest for non-payment, or in the case of Article 141, for not having submitted the letter for payment to the domicile or the acceptor for intervention within two working days following the expiry date.

Article 164.- The terms on which the expiration of the currency action depends, are not suspended but in case of force majeure, and are never interrupted.

Article 165.- The currency action prescribes in three years:

I.- From the day of the letter's expiration, or in its default;

II.- Since the deadlines referred to in Articles 93 and 128 are completed.

Article 166.- The causes that interrupt the prescription in respect of one of the currency debtors, do not interrupt it with respect to the others, except for the case of the signatories of a the same act as they are jointly and severally bound.

The lawsuit interrupts the prescription, even if it is filed with an incompetent Judge.

Article 167.- The currency action against any of the signatories of the letter is executive for the amount of the letter, and for that of the interest and ancillary expenses, without need The defendant's signature is recognized by the defendant.

Against it, they cannot oppose the exceptions and defenses listed in Article 8.

Article 168.- If the relationship that gave rise to the issue or transmission of the letter derives an action, it will remain in spite of those, unless it is proved that there was novation.

Such an action must be attempted by restoring the letter to the defendant, and not applicable but after the letter has been rendered uselessly for acceptance or for payment under the Articles 91 to 94 and 126 to 128. To accredit such facts, and except as provided in the following paragraph, the protest may be made for any other means of proof.

If the exchange rate is extinguished by prescription or expiration, the holder may only exercise the causal action in case he has executed the necessary acts for the The defendant retains the actions that the letter might correspond to.

Article 169.- Extinguished by expiration of the return action against the spinner, the holder of the letter that lacks causal action against it, and of exchange or causal action against the other signatories may require the girder to add that it has been enriched in its damage.

This action prescribes in one year, counted from the day the currency action expired.

CHAPTER III

Del pagare

Item 170.- The pagare must contain:

I.- The mention of being pagare, inserts into the document text;

II.- The unconditional promise to pay a certain sum of money;

III.- The name of the person to whom the payment is to be made;

IV.- The time and place of payment;

V.- The date and place the document is subscribed to; and

VI.- The signature of the subscriber or the person who signs to your request or on your behalf.

Article 171.- If the promissory note does not mention the date of its expiration, it shall be deemed payable in the view; if it does not indicate the place of payment, it shall be as such that of the address of the subscribes to it.

Article 172.- The payable payable to a certain term of the hearing must be filed within six months following its date. The submission shall only have the effect of setting the date of expiry and shall be checked in accordance with the terms of the final paragraph of Article 82.

If the subscriber omitted the date of the view, the holder may enter it.

Article 173.- The domiciled payment must be submitted for payment to the person indicated as a home address, and in the absence of a designated home address, to the subscriber himself, at the place indicated as the address.

The protest for non-payment must be raised at the address fixed in the document, and its omission, when the person to make the payment is not the subscriber himself, will produce the expiration of the shares that I pay to the holder against the endosants and against the subscriber.

Except that case, the holder is not obliged, in order to retain his shares and rights against the subscriber, neither to submit the payment at maturity, nor to protect him for non-payment.

Article 174.- They are applicable to the payment, in the conduct, of Articles 77, final paragraph, 79, 80, 81, 85, 86, 88, 90, 109 to 116, 126 to 132, 139, 140, 142, 143, second paragraph, third and fourth, 144, second and third paragraphs, 148, 149, 150, fractions II and III, 151 to 162, and 164 to 169.

For the purposes of Article 152, the amount of the promissory note shall comprise the fallen income; the unexpired discount shall be calculated at the rate of interest agreed in this, or in default at the legal rate, and the delinquent interest shall be computed at the rate stipulated for them; in the absence of that stipulation, the type of revenue fixed in the document, and in default of both, at the legal rate.

The subscriber of the promissory note shall be deemed to be acceptable for all the purposes of the provisions listed above, except for Articles 168 and 169, in which the girder.

CHAPTER IV

From Check

First Section

Of The Check In General

Article 175.- The check can only be issued by a credit institution. The document that is free in the form of a check by other persons will not produce any credit effects.

The check can only be issued by who, having funds available at a credit institution, is authorized by the credit institution to free checks.

The authorisation shall be deemed to be granted by the fact that the credit institution provides the bookseller with special skeletons for the issue of cheques, or the sum of the sum available in the repository account in the view.

Article 176.- The check must contain:

I.- The mention of being a check, inserts into the document text;

II.- The place and date it is issued;

III.- The unconditional order to pay a certain sum of money;

IV.- The name of the freed;

V.- The place of payment; and

VI.- The bookseller's signature.

Article 177.- For the purposes of fractions II and V of the preceding article, and in the absence of any special indication, they shall be deemed to be places of dispatch and payment, respectively, those indicated next to the name of the bookseller or the free person.

If several places are indicated, the first term is designated as the one, and the others will be unfilled.

If there is no indication of place, the check shall be deemed to have been issued at the bookseller's address and payable in that of the free, and if the latter have establishments in different places, the cheque shall be deemed to have been issued or payable in the main establishment of the bookseller or the free person, respectively.

Article 178.- The check will always be payable to the view. Any insertion to the contrary will be unput. The check submitted to the payment before the day indicated as the date of issue is payable on the day of filing.

Article 179.- The check can be either nominative or bearer.

The cheque issued in excess of those established by the Bank of Mexico, through general provisions published in the Official Journal of the The Federation will always be nominated.

The check that does not indicate in favor of who is issued, as well as the one issued in favor of a certain person and that, in addition, contains the clause to the bearer, will be repudiated to the bearer.

The nominee check can be issued in favor of a third party, the same bookseller or the free. The check issued or endorsed in favor of the free will not be negotiable.

Article 180.- The check must be submitted for payment in the address at the indicated address, and in the absence of such an indication, it must be in the main establishment that the at the place of payment.

Article 181.- Checks must be submitted for payment:

I.- Within the fifteen calendar days following that of your date, if you force you to pay at the same place as your expedition;

II.- Within a month, if they are dispatched and payable in various locations on the national territory;

III.- Within three months, if they are issued abroad and payable in the national territory; and

IV.-Within three months, if they are dispatched within the national territory to be payable abroad, provided that they do not set another deadline for the laws of the place of filing.

Article 182.- The presentation of a check in the Compensation Chamber, will have the same effects as the one made directly to the free.

Article 183.- The bookseller is responsible for paying the check. Any stipulation to the contrary will be unmade.

Article 184.- He who authorizes another to issue cheques to his office, is bound by it, in the terms of the relative agreement, to cover them up to the amount of has at the disposal of the same bookseller, unless there is express legal provision to release it from this obligation.

When, without a fair cause, you refuse to pay a check, having sufficient funds from the bookseller, you will compensate for the damages that will cause you. In no case shall the compensation be less than twenty per cent of the value of the cheque.

Article 185.- As long as the deadlines set by Article 181 have not elapsed, the bookseller cannot revoke the check or object to its payment. The opposition or revocation which it shall do contrary to the provisions of this Article shall not produce any effect on the free movement, but after the deadline for filing.

Article 186.- Even if the check has not been filed or protested in time, the free-to-be should pay it while it has sufficient bookseller funds to do so.

Article 187.- The death or the supervenient inability of the bookseller, do not authorize the free to stop paying the check.

Article 188.- The declaration that the bookseller is in a state of suspension of payments, bankruptcy or contest, compels the free, since it has news of it, to refuse payment.

Article 189.- The holder may reject a partial payment; but if he admits, he must write it with his signature on the check and give the free receipt for the amount he/she deliver.

Article 190.- The check presented in time, and not paid by the free, must be protested no later than the second business day following the filing deadline, in the same manner the change letter to the view.

In the case of partial payment, the protest will be lifted by the unpaid party.

If the check is filed in the Clearing House and the free-to-person rehuses all or part of its payment, the House will certify that circumstance in the check, and that the document was presented in time. That annotation will make the times of protest.

The annotation that the freed person puts on the check itself that it was presented in time and not paid in full or in part, will take the same effects of the protest.

In the cases referred to in the two preceding paragraphs, the holder of the check shall give notice of the non-payment to all the signatories of the document.

Article 191.- For not having presented or protested the check in the form and deadlines provided for in this chapter, they expire:

I.- The return actions of the last fork against the endosants or avalists;

II.- The return actions of the endosants or avalists to each other, and

III.- The direct action against the bookseller and against his avalists, if they prove that during the term of presentation he had that sufficient funds in the power of the free and that the check ceased to be paid to the bookseller after the end of that term.

Article 192.- The actions referred to in the previous article prescribe in six months counted:

I.- From the end of the submission deadline, the last fork in the document; and

II.- From the next day to the one in which they pay the check, those of the endorsements and the avalists.

Article 193.- The bookseller of a check presented in time and not paid, for cause imputable to the bookseller, will compensate the holder for the damages and damages that it causes him. In no case, the compensation will be less than twenty percent of the value of the check.

Article 194.- The alteration of the amount by which the check was issued, or the falsification of the bookseller's signature, cannot be invoked by the bookseller to object to the payment made by the free, if the bookseller has given rise to them for their fault, or for that of their factors, representatives or dependents.

When the check appears extended in skeleton from which the person has provided the bookseller, the bookseller may only object to the payment if the alteration or falsification is notaries, or if, having lost the skeleton or the talonary, have given timely notice of the loss to the free.

Any convention contrary to the provisions of this article is null.

Article 195.- The one who pays by check a credit title, mentioning it in the check, will be considered as the depositary of the title while the check is not covered during the legal time limit set for its submission. The non-payment or partial payment of the cheque shall be considered as non-payment or partial payment of the title of credit, and once the cheque has been protected, the holder shall be entitled to the refund of the title and to the payment of the costs of collection and protest. of the cheque; and prior to the corresponding protest, you may exercise the actions which the unpaid title is responsible for. If the depositary of the latter does not return it to the court, notary, broker or the first political authority of the place, that fact shall be recorded in the relevant act, and the latter shall produce the effects of the protest against the conservation of the actions and rights of the title born. The time limits laid down for the protest of the receivables in respect of which cheques have been received shall begin to run from the date on which they are legally protected, in the meantime all the actions corresponding to the holder of the title.

Article 196.- They are applicable to the cheque, as the case may be, Articles 78, 81, 85, 86, 90, 109 to 116, 129, 142, 143, second, third and fourth paragraphs, 144, second and second paragraphs third, 148, 149, 150, fractions II and III, 151 to 156, 158, 159, 164 and 166 to 169.

Section Second

From the Special Forms of the Check

Article 197.- The check that the bookseller or fork crosses with two parallel lines drawn on the front can only be charged by a credit institution.

If between the lines of the crossing of a check, the name of the institution that must charge it, the crossing is general, and special, if between the lines the name is entered of a given institution. In the latter case, the cheque may only be paid to the specially designated institution or to which the cheque has been endorsed for recovery.

The general cross can be transformed into a special cross; but the second cannot be transformed into the first. The crossing of a check and the name of the institution in the designated one cannot be erased either. Any changes or deletions that are made against the provisions of this Article shall be such as not made.

The free one who pays a cross check in terms other than those that this article points out, is responsible for the irregularly made payment.

Item 198.- The bookseller or holder can prohibit a check from being paid in cash, by inserting into the expression document for credit. In this case, the check may be deposited with any credit institution, which may only pay the amount of the same to the account that it carries or opens in favor of the beneficiary. The check is non-negotiable from the insertion of the credit clause. The clause cannot be cleared.

The free you pay in another way, is responsible for the irregularly made payment.

Article 199.- Before the check is issued, the bookseller can demand that he be certified, stating that they exist in his power, enough funds to pay for it.

The certification cannot be partial or spread in checks to the carrier.

The certified check is non-negotiable.

Certification produces the same effects as the acceptance of the change letter.

The insertion in the check, of the words accepted, seen, good or other equivalents, subscribed by the free, or the simple signature of this, amount to a certification.

The bookseller can revoke the certified check, provided it returns it to the free for cancellation.

Article 200.- Only credit institutions can issue checkouts in charge of their own dependencies. For their validity, these checks must be nominative and non-negotiable.

Article 201.- Non-negotiable cheques because the respective clause has been inserted into them or the law of that character, can only be endorsed to an institution of credit for recovery.

Article 202.- Traveler's checks are issued by the bookseller to his or her own charge, and payable by his or her principal establishment or by the branches or correspondents who has in the Republic or abroad. Traveler's checks may be put into circulation by the bookseller, or by its branches or correspondents authorized by it to the effect.

Article 203.- The traveler's checks will be precisely nominative. The person who pays the check must verify the authenticity of the signature of the taker, by matching it with the signature of the taker who appears certified by him who has put the checks in circulation.

Article 204.- The holder of a traveler's check may submit it for payment, to any of the branches or correspondents included in the list that the effect will provide bookseller, and at any time as long as the prescribed for the prescription does not elapse.

Article 205.- The lack of immediate payment will entitle the holder to require the bookseller to return the amount of the traveler's check and damages, which in no case shall be less than 20% of the value of the unpaid cheque.

Article 206.- The correspondent who has put the traveler's checks in circulation, will have the obligations that correspond to the endorser and must reimburse the taker, the the amount of unused checks that the latter returns to you.

Article 207.- The actions against the free-to-be-certified check are prescribed in six months from the date of the end of the filing deadline. The prescription in this case will only take advantage of the bookseller.

The actions against which you issue or put in circulation the traveler's checks prescribe in one year from the date the checks are put into circulation.

CHAPTER V

Of the obligations

Article 208.- Anonymous companies may issue obligations that represent the individual participation of their holders in a collective credit constituted by the issuing company.

Obligations will be movable property even if secured with mortgage.

Article 209.- The obligations shall be nominative and must be issued in denominations of 100 pesos or their multiples, except in the case of obligations that are included in the National Registry of Securities and Intermediaries and are placed abroad among the large public investor, in which case they may be issued to the bearer. Bond securities will be awarded coupons.

The obligations will give their holders, within each series, equal rights. Any obligationist may request the nullity of the issue made against the provisions of this paragraph.

Article 210.- Obligations must contain:

I.- Name, nationality and domicile of the obligationist, except in the case of obligations issued to the bearer in the terms of the first paragraph of the article previous.

II.- The name, object, and address of the issuing company;

III.- The amount of the paid capital of the issuing company and of its asset and of its liabilities, according to the balance sheet that is practiced precisely for the purpose of the issue;

IV.- The amount of the issue, specifying the number and the nominal value of the obligations that are issued;

V.- The type of interest agreed;

VI.- The term designated for interest and capital payment and the terms, conditions and manner in which the obligations are to be amortized;

VII.- The place of payment;

VIII.- The specification, if any, of the special guarantees that are constituted for the issue, with the expression of the relative inscriptions in the Public Registry;

IX.- The place and date of the issue, with specification of the date and number of the relative enrollment in the Trade Register.

X.- The autograph signature of the company's administrators, authorized for the purpose, or the facsimile printed signature of such administrators, on condition, in the latter case, the original of the respective signatures in the Public Registry of Commerce in which the issuing company has been registered.

XI.- The autograph signature of the common representative of the obligationists, or the facsimile signature of that representative, on condition, in the latter case, that the deposit the original of that signature in the Public Registry of Commerce in which the issuing company has been registered.

Article 210 Bis.- Anonymous companies that intend to issue convertible bonds in shares shall be subject to the following requirements:

I.- You must take the appropriate measures to have cash in stock for the amount that the conversion requires.

II.- For the purposes of the preceding paragraph, the provisions of Article 132 of the General Law on Commercial Companies shall not apply.

III.- In the issuance agreement, the period within which, from the date on which the obligations are placed, the right of conversion must be exercised.

IV.- Convertible obligations cannot be placed below par. The costs of issuance and placement of the obligations shall be amortised during the lifetime of the same.

V.- The conversion of the obligations into shares shall always be made by application submitted by the obligationists within the time limit indicated by the issuance agreement.

VI.- For the duration of the issuance of convertible debentures, the broadcaster will not be able to take any agreement that would prejudice the rights of the bond holders. established bases for conversion.

VII.- Whenever the authorized capital designation is used, it must be accompanied by the words for conversion of obligations into shares.

Where reference is made to the authorised capital, the paid capital must be mentioned at the same time.

VIII.- Annually, within the first four months following the closure of the social year, the statement to be made by the Board of Directors shall be protocolised. the amount of the subscribed capital by the conversion of the debt securities into shares, and shall immediately be entered in the Public Register of Commerce.

IX.- The treasury shares that are not ultimately redeemed for bonds will be cancelled. To this end, the Board of Directors and the Common Representative of the Obligationists will raise a record before Notary that will be entered in the Public Registry of Commerce.

Article 211.- It may not be agreed that the obligations are amortized by means of draws to a sum greater than their nominal value or with premiums or prizes, but when they have to compensate the bondholders for the early redemption of part or all of the issue, or where the interest to be paid to all debenture holders is greater than 4% per year and the periodic amount it must be used for the repayment of the obligations and the payment of interest is the same during the time stipulated for such amortisation.

Any of the obligationists may ask for the nullity of the issue made against the forewarned in this article.

Article 212.- No obligations may be issued for a quantity greater than the net asset of the issuing company, which appears from the balance sheet referred to in section II Article 210, unless the issue is made on behalf of the value or price of goods the acquisition or construction of which has been contracted by the issuing company.

The issuing company may not reduce its capital but in proportion to the reimbursement it makes on the bonds issued by it, nor may it change its object, address or denomination, without the consent of the General Assembly of Obligationists.

Companies that issue bonds will have to publish their balance sheet annually, certified by the Public Accountant. The publication shall be made in the electronic system established by the Secretariat.

Article 213.- The issue will be made by statement of the will of the issuing company, which will be recorded in the notary record and entered in the Public Registry of the Property that corresponds to the location of the goods, if in guarantee of the issue is constituted mortgage, and in the Registry of Commerce of the address of the issuing company, in any case. The issue report shall contain:

I.- The data referred to in Sections I and II of Article 210, with insertion:

a).- The minutes of the General Assembly of Shareholders that have authorized the issue;

b).- The balance that has been practiced precisely to prepare the issue, certified by the Public Accountant;

c).- The minutes of the session of the Board of Directors in which the designation of the person or persons to subscribe to the issue has been made;

II.- The data referred to in Sections III, IV, V and VI of Article 210;

III.- The specification where applicable, of the special guarantees to be entered for the issue, with all legal requirements due to the constitution of such guarantees;

IV.- The specification of the employment to be given to the funds resulting from the issue, in the case referred to in the first paragraph of Article 212;

V.- The designation of the common representative of the obligationists and their acceptance, with their declaration:

a).- Having checked the value of the net asset manifested by the company;

b).- Having checked, where appropriate, the existence and value of the mortgaged or secured goods to ensure the issuance;

(c).- To be a depositary of the funds proceeds from the issue to be used, in the case referred to in the first paragraph of Article 212, to the construction or acquisition of the respective goods, and until such time as such acquisition or construction takes place.

In case the obligations are offered for sale to the public, the notices or the propaganda will contain the above data. For violation of the provisions of this paragraph, they shall be jointly and severally liable for damages to those to whom the violation is imputable.

Article 214.- When securities or assets are secured in pledge of the issue, the garment shall be constituted in the terms of Section 6a. of Chapter IV, Title II of this Law. Where the mortgage is established, the mortgage shall be deemed to cover, without the need for further annotations or enrollments in the Public Registry, all balances that may, within the limits of the total credit represented by the issue, they are not settled by way of obligations or unpaid coupons or written off in the form that is stipulated. The pledge or mortgage provided as a guarantee of the issue may only be cancelled in whole or in part, as stipulated in the issuing act, where the common representative is made with the intervention, the total or partial cancellation, where applicable, of the guaranteed obligations.

Article 215.- If the issue is made to cover an already existing credit by the issuing company, the common representative will sign the securities and authorize their delivery to the creditor, once the cancellation of the securities, documents, registrations or guarantees relating to the credit in whose replacement the issue has been made is duly credited. Where the issue is made in order to represent a new credit for the issuing company, the common representative shall take out the securities and authorise their delivery, subject to the verification that the issuing company has received the funds. or that it has been opened in favour of it in a credit institution, an irrevocable credit covering the value of the issue.

The value of the issue shall be, for the purposes of this Article, the nominal value of all the obligations it comprises, minus the deductions that have been made in the issuing act expressly stipulated by the concept of premiums or commissions to place the issue and, where appropriate, by way of a type of emission lower than the nominal value of the obligations.

Article 216.- To represent the set of bondholders, a common representative may be appointed who may not be an obligationist. The position of common representative is personal and shall be performed by the individual appointed for the purpose, or by the ordinary representatives of the credit institution or financial company appointed to the office. The common representative may grant judicial powers.

The common representative will only be able to resign for serious reasons that will qualify the Judge of First Instance of the address of the issuing company and can be removed at all times by the obligationists, being null any contrarian stipulation.

If the common representative is absent, it shall be replaced, if any, by another credit institution which shall appoint the obligationists, and otherwise, by the person or institution which the same obligationists appoint to the effect. As long as the obligationists appoint a new common representative, they shall be appointed as the acting representative, an institution authorized to act as a trustee, and this appointment shall be made at the request of the debtor or any other person. of the obligationists, by the Judge of First Instance of the address of the issuing company. The institution designated as acting representative shall, within a period of no more than 15 days from the date on which it accepts the office, issue the call for the holding of the assembly of debenture holders. In the event that it is not possible to appoint a fiduciary institution in the terms of the preceding paragraph, or that the appointee will not accept the position, the Judge shall issue the above call itself.

Article 217.- The common representative of the obligationists shall act as their representative, with the following obligations and powers, in addition to those expressly stated entry in the issue report:

I.- Check the data contained in the reporting company's balance sheet for the issue;

II.- Check, where applicable, the existence of the contracts referred to in the first paragraph of Article 212;

III.- Check the existence and value of the goods given in garment or mortgaged in warranty of the issue, as well as the pignorted objects and, if any, the constructions and the frozen furniture included in the mortgage is insured as long as the issue is not fully amortised, by its value or by the amount of the outstanding obligations, where it is less than that;

IV.- Ensure the proper constitution of the warranty;

V.- Get the timely registration of the issuance act in the terms of Article 213;

VI.- Receive and retain the relative funds as a depositary and apply them to the payment of the acquired goods or the construction costs in the terms specified in the minutes of the issue, where the amount of the issue or part thereof, must be intended for the acquisition or construction of goods;

VII.- Authorize the obligations that are issued;

VIII.- Exercise all shares or rights that the set of obligationists corresponds to the payment of interest or capital due or by virtue of the guarantees indicated for the issue, as well as those requiring the performance of the duties and duties referred to in this Article, and the execution of the respective conservatory acts;

IX.- Attend the draws, if any;

X.- Call and chair the general assembly of obligationists and execute their decisions;

XI.- Attend to the general meetings of the shareholders of the issuing company, and to obtain from the administrators, managers and officials of the same all the reports and data that needs for the exercise of its powers, including those relating to the financial situation of the latter.

XII.- Grant on behalf of the set of the obligationists, the documents or contracts that the issuing company must hold.

Article 218.- The general assembly of obligationists shall represent all of these and their decisions taken in the terms of this law and in accordance with the stipulations. concerning the minutes of issue, shall be valid for all the obligationists, even those absent or dissenters.

The assembly shall meet whenever convened by the common representative, or by the Judge, in the case of the following paragraph.

Obligationists representing at least 10% of the bonds or bonds in circulation may ask the common representative to convene the general meeting, specifying in their the points which must be dealt with in the assembly. The common representative shall issue the call for the assembly to meet within one month of the date on which it receives the request. If the common representative does not comply with this obligation, the Judge of First Instance of the address of the issuing company, at the request of the applicant obligationists, shall issue the call for the assembly meeting.

The convocation for the assemblies of obligationists will be published once, at least, in the Official Journal of the Federation and in some of the newspapers of greater circulation of the the address of the issuing company, ten days in advance, at least to the date on which the assembly is due to meet. The convocation will express the points that must be addressed in the assembly.

Article 219.- For the assembly of debenture holders to be considered legally installed, by virtue of first call, they shall be represented in it, at least, the more than half of the outstanding obligations, and their decisions shall be valid, except in the cases provided for in the following Article, where they are approved by a majority of votes. In the event that an assembly meets under the second call, it shall be deemed to be legally installed, whatever the number of obligations it represents.

Article 220.- It will be required that 75%, at least, of the obligations in circulation be represented in the assembly and that the decisions be approved by half plus one, at the very least, from the votes to be counted in the assembly:

I.- When you are trying to designate the common representative of the obligationists;

II.- When it comes to revoking the designation of the common representative of the obligationists;

III.- When it comes to consenting or granting extensions or waits for the issuing company or to introduce any other modifications to the issuance act.

If the assembly meets under the second call, its decisions will be valid whatever the number of obligations it represents.

Any covenant that sets attendance or majority requirements lower than those indicated by this article and the previous one is null.

Article 221.- To attend the assemblies, the obligationists must deposit their securities, or certificates of deposit issued with respect to them by an institution of credit, at the place of appointment of the assembly, on the day before, at least, the date on which it is to be held. The obligationists may be represented in the assembly by a proxy accredited with a simple letter of power.

The assemblies of obligationists may attend the duly accredited administrators of the issuing company.

In no case may they be represented in the assembly, the obligations that have not been put into circulation in accordance with Article 215, nor those that the issuing company has acquired.

the assembly will be put up with minutes signed by those who have served in the session as president and secretary. The record will be added to the attendance list, signed by the concurrent and the tellers. The minutes, as well as the titles, books of accounts and other information and documents relating to the issue and the action of the assemblies or of the common representative, shall be retained by it and may, at any time, be consulted by the obligationists, who shall have the right, at their expense, to be issued certified copies of the documents by the common representative.

The assembly shall be presided over by the common representative or, failing that, by the Judge, in the case of Article 218, and the obligationists shall be entitled to as many votes as they may have under the obligations which they hold, with one vote for each obligation of the smallest denomination issued.

As not provided for by this law, or by the issuance act, the general assembly of the obligationists will be applicable to the provisions of the Trade Code regarding the assemblies of shareholders of the public limited liability companies.

Article 222.- When in the issuing act it has been stipulated that the obligations will be reimbursed by draws, these will be made to notary, with intervention of the common representative and the representative of the company authorised for that purpose. The company must publish in the Official Journal of the Federation and in a newspaper of the most circulation of its domicile, a list of the obligations drawn up with the necessary data for its identification, and express in it the place and the the date on which the payment is to be made. The obligations drawn shall cease to be of interest from the date of the draw, provided that the company deposits in a credit institution the amount necessary to make the payment. The deposit must be made within the month following the date of the draw and may not be withdrawn by the company, but 90 days after the date indicated for initiating the payment of the duties drawn. The date on which the payment of the drawn up obligations is initiated shall be determined within the month following the date of the draw.

Article 223.- The obligationists may individually exercise the appropriate actions:

I.- To request the nullity of the issue in the cases of Articles 209 and 211 and that of the resolutions of the assembly, in the case of the final paragraph of Article 220, and when not have met the requirements laid down for their convocation and celebration;

II.- To require from the issuing company, in the executive way, the payment of the expired coupons, the obligations due or drawn out and the redemptions or repayments that are they have expired or have been enacted in accordance with the issuing act;

III.- To require the common representative to practice the conservatory acts of the rights corresponding to the common obligationists, or to enforce those rights; and

IV.- To require, where appropriate, the liability in which the common representative incurs severe fault.

The individual shares of the obligationists, in the terms of fractions I, II and III of this Article, shall not be derived when on the same subject matter is in progress or promote an action of the common representative, or where such actions are incompatible with a resolution duly approved by the general assembly of obligationists.

Article 224.- The nullity of the issue, in the cases referred to in Articles 209 and 211, shall only be intended to make the payment of the amounts paid out of course by the obligationists.

Article 225.- In the event of bankruptcy or liquidation of the issuing company, the obligations will only be computed on the liability for the sums already due and unpaid and for the amount that it is reduced to its present value, at the nominal interest rate stipulated in the issue, the periodic payments that are to be defeated.

Article 226.- Unless otherwise agreed, the remuneration of the common representative shall be borne by the issuing company, as well as the expenses necessary for the exercise of the (a) a holding of the rights of the bondholders or in order to make effective the obligations or guarantees entered for them. Expenditure arising from the convocation and holding of assemblies requested by the obligationists, in the terms of Article 218, shall be paid by the applicants, if the assembly does not approve the decisions for which they are proposed.

Article 227.- Shares for the collection of coupons or interest due on obligations shall be prescribed in three years from their maturity.

Shares for the collection of obligations, will be prescribed in five years from the date on which the stipulated time limits are due to make the amortisation, or in the case of a draw, to from the date on which the list referred to in Article 222 is published.

Article 228.- They are applicable to the obligations and their coupons, in the conduct, Articles 77, final paragraph, 81, 90, 127, 130, 132, 139, 140, 142, 148, 149, 151 to 162, 164, 166 to 169 and 174, final paragraph.

CHAPTER V Bis

Of Participation Certificates

Article 228 a.- Participation certificates are credit titles that represent:

a).- The right to an aliquot portion of the fruits or yields of the securities, rights or assets of any class that has an irrevocable trust for that purpose trust company to issue them;

b).- The right to an aliquot part of the right of ownership or ownership of such goods, rights or securities;

c).- Or the right to an aliquot portion of the net product resulting from the sale of such goods, rights or securities.

In the case of points (b) and (c), the total right of the holders of certificates for each issue shall be equal to the percentage that represents at the time the value is issued the total nominal value of the goods, rights or corresponding securities fixed by the expert report in accordance with Article 228 (h). Where, when the award or sale of such goods, rights or securities is made, the commercial value of such goods or securities has decreased, without being less than the total nominal amount of the issue, the cash award or settlement shall be made to the holders up to a value equal to the nominal value of their certificates; and if the commercial value of the fiduciary mass is less than the total nominal amount of the issue, they shall be entitled to the full application of the goods or net proceeds of the sale of the same.

Article 228 to bis.- Housing certificates are titles that represent the right, through the payment of all the stipulated fees, to the ownership of a dwelling, in the meantime the direct exploitation of the property; and in the event of non-compliance or abandonment, to recover a portion of those quotas in accordance with the rescue values to be fixed.

Article 228 b.- Certificates shall be movable property even if the fideicomeptides, subject matter of the issue, are immovable.

Only credit institutions authorized under the terms of the respective Act to practice fiduciary operations may issue these receivables.

Certificates that fiduciary companies issue by stating the participation of the various co-owners in goods, securities or securities held in their possession, will produce effects as credit titles and will be considered only as evidence.

Article 228 c.- For the purposes of the issuance of certificates of participation, trusts may be established for all types of industrial and commercial enterprises, considered as economic units.

Article 228 d.- The certificates of participation shall be designated as ordinary or real estate, depending on the fact that the fideicomeptides, the subject matter of the issue, are movable or immovable.

Article 228 e.- Dealing with real estate participation certificates, the issuing company may establish for the benefit of the holders, rights of direct exploitation of the fideicomeped building, the extent, scope and modalities of which shall be determined in the minutes of the relevant issue.

Article 228 f.- The issuing company, prior to the consent and approval of the common representative of the holders, may, where appropriate, arrange and obtain loans for the improvement and increase of the real estate material of the issue, issuing by this concept debit fiduciary certificates.

Debit trust certificates will be credited against the corresponding trust. They will be preferred in their payment to the certificates of participation of said trust.

Article 228 g.- When the issuing company is authorized to also practice financial transactions in the terms of the respective Act, it may guarantee the holders of certificates issued by a minimum of performance; this guarantee shall be granted without obliging the trust department of the institution.

Article 228 h.- The total nominal amount of a participation certificate issue shall be set by an opinion that formulates a national society of credit, prior to the assessment of the fideicomitting assets subject to this issue.

The national credit company, in formulating its opinion and fixing the total nominal amount of an issue, shall take as a basis the commercial value of the goods and if it is of amortised certificates shall estimate a prudent margin of security for the investment of the relevant holders. The opinion to be delivered by these institutions shall be final.

Article 228 i.- Certificates may or may not be written off.

Article 228 j.- The amortized certificates shall give their holders, in addition to the right to an aliquot portion of the corresponding fruits or yields, that of the repayment of the nominal value of the securities. In the event that the issuing company does not pay the nominal value of the certificates at maturity, its holders shall have the rights referred to in points (b) and (c) and the final paragraph of Article 228 (

).

Article 228 k.- Dealing with non-depreciable participation certificates, the issuing company is not required to pay the nominal value of them to its holders in any time. When the basic trust of the issue is extinguished and in accordance with the resolutions of the general assembly of holders of certificates, the issuing company will proceed to make the award and sale of the fideicometidos and the distribution of the net product of the same, in the terms of Article 228 a.

Article 228 l.- Certificates may be nominative or bearer or nominative with bearer coupons, and shall be issued by series, in denominations of 100 pesos or their multiples.

Certificates will give their holders, within each series, equal rights.

Any holder may request the nullity of the issue made against the provisions of this paragraph.

Article 228 m.- The issue shall be made upon the unilateral declaration of the will of the issuing company expressed in public deed, in which it shall be stated:

I.- The name, object, and address of the issuing company;

II.- A relationship of the trust's constituent act, bases of the issue;

III.- A sufficient description of the rights or things subject to the issue;

IV.- The expert opinion referred to in Article 228 h;

V.- The amount of the issue, specifying the number and value of the certificates to be issued, and the strings and subseries, if any;

VI.- The nature of the titles and the rights that they will confer.

VII.- The title of the titles;

VIII.- Where applicable, the minimum guaranteed performance;

IX.- The term indicated by the payment of products or yields, and if the certificates are depreciable, the terms, conditions and form of the amortization;

X.- The record data that is derived for the identification of the goods and the history of the issue;

XI.- The designation of common representative of certificate holders and acceptance of certificates, with their declaration:

a).- Having verified the trust's constitution, basis of the issue;

b).- Having checked the existence of the fideicomeptides and the authenticity of the expertise practiced on them in accordance with Article 228 h.

In case certificates are offered for sale to the public, notices or propaganda, they will contain the above data. For violation of the provisions of this paragraph, those to whom the violation is imputable shall be jointly and severally liable for damages.

Article 228 n.- The participation certificate must contain:

I.- The name, nationality, and address of the certificate holder;

II.- The mention of being "participation certificates" and the expression of whether it is ordinary or real estate;

III.- The designation of the issuing company and the autograph of the issuing company, authorized to subscribe to the corresponding issue;

IV.- The date of issue of the title;

V.- The amount of the issue, with the number specification and the nominal value of the certificates that are issued;

VI.- Where applicable, the minimum guaranteed performance;

VII.- The term designated for the payment of products or returns and of the capital and the terms, conditions and manner in which the certificates are to be amortised;

VIII.- The place and mode of payment;

IX.- The specification, if any, of the special guarantees that are constituted for the issue, with the expression of the relative inscriptions in the Public Registry;

X.- The place and date of the issue record, with specification of the date and number of the relative enrollment in the Trade Register;

XI.- The autograph signature of the common representative of the certificate holders.

Article 228 or.- The terms and conditions of the issuance of certificates of participation must be approved by the National Banking Commission, as well as the texts of the minutes of issue and of the certificates and any modification thereof. In addition, a representative of the National Banking Commission shall be present in the granting of an act of issuance or modification.

Article 228 p.- When in the issuing act it has been stipulated that the certificates will be refunded by sweepstakes, the procedure laid down in Article 222 of the this Act.

Article 228 q.- To represent the set of certificate holders, a common representative may be appointed who may not be a certificate holder. The position of common representative is personal and shall be performed by the individual designated for the purpose or by the ordinary representatives of the credit institution or the financial or fiduciary company appointed to the office. The common representative may grant judicial powers.

The provisions of Articles 216 and 226 of this Law are applicable to the common representative of the holders of certificates, as appropriate.

Article 228 r.- The common representative of the holders of certificates shall act as their representative, with the following obligations and powers, in addition to those that expressly are entered in the issuing act:

1.- Verify the terms of the founding trust's constitutive act;

2.- Check the existence of the rights or assets given in trust, and where appropriate, that the buildings and the assets held in the trust are insured, as long as the issue is not fully amortised by its value or by the amount of certificates in circulation, where it is less than that;

3.- Receive and retain the relative funds as a depositary and apply them to the payment of the purchased goods or their construction in the terms specified in the issuance act, when the amount of the same or a part of it must be intended for the purchase or construction of goods;

4.- Authorize with your signature the certificates that are issued;

5.- Exercise all actions or rights that the set of holders of certificates correspond to the payment of interest or capital due or by virtue of the guarantees indicated for the issue, as well as those requiring the performance of the duties and duties referred to in this Article, and to execute the conservatory acts of those rights and actions;

6.- Attend the draws on your case;

7.- Call and chair the general assembly of certificate holders and execute their decisions;

8.- To collect from the officials of the issuing trust institution, all the reports and data necessary for the exercise of its privileges, including those relating to the the financial position of the basis trust of the issue.

Article 228 s.- The general meeting of holders of certificates of participation will represent all of these and their decisions, taken in the terms of this Law and the provisions relating to the act of issuance shall be valid with respect to all the holders, even those absent or dissenters.

The provisions of Articles 218, 219, 220 and 221 of this Law are applicable to the general assembly of holders of certificates of participation.

Article 228 t.- The base trust of the issue, shall not be extinguished as long as there are insolute balances by concept of credits in charge of the trust, certificate or trust mass Participation in fruits or yields.

Article 228 u.- They are applicable to the rights of the certificate holders in the pipeline, Articles 223 and 224.

Article 228 v.- Shares for the collection of certificates coupons will be prescribed in three years from maturity. The shares for the recovery of amortised certificates shall be prescribed in five years from the date on which the time limits for making the amortisation are due, or, in the case of a draw, from the date on which the list is published. refers to Article 222.

The prescription of cash collection or award actions, in the case of non-depreciable certificates, shall be governed by the rules of common law and shall be governed by the principle of a corresponding term on the date of the general assembly of the holders who is aware of the termination of the corresponding trust.

The prescription will, in all cases, operate in favor of the Health Secretariat's heritage.

CHAPTER VI

Of the certificate of deposit and the pledge bonus

Article 229.- The certificate of deposit credits the property of goods or goods deposited in the Warehouse that issues it: the pledge bond, the constitution of a credit the goods or goods indicated on the corresponding certificate of deposit.

Only General Deposit Stores, authorized under the General Law of Credit Institutions, may issue these securities.

The constances, receipts, or certificates that other persons or institutions issue to credit the deposit of goods or goods, will not produce effects such as credit titles.

Article 230.- In the case of individually designated goods or goods, the Stores may only issue a pledge bond in relation to each certificate of deposit. In the case of goods or goods that are generically designated, the storehouse may issue multiple-garment bonds at the discretion of the depositor.

If a single bonus is issued, you must adhere to the certificate of deposit.

Article 231.- Both the certificate of deposit and the pledge bonus must contain:

I.- The mention of being a certificate of deposit and pledge bond, respectively;

II.- The warehouse designation and signature;

III.- The place of the repository;

IV.- The date of issue of the title;

V.- The order number, which must be equal for the certificate of deposit and for the bond or the relative garment bonds, and the progressive number of these, when several are issued in relation to a single certificate;

VI.- The mention of having been constituted the deposit with individual or generic designation of the respective goods or effects;

VII.- The specification of the goods or goods deposited, with reference to their nature, quality and quantity and the other circumstances that they serve for their identification;

VIII.- The deadline for the deposit;

IX.- The name of the depositor;

X.- The mention of being or not subject to the goods or goods subject to the payment of duties, taxes or tax liabilities, and when for the constitution of the deposit is a prerequisite for forming the settlement of such rights, note of such settlement;

XI.- The mention of being or uninsured the deposited goods or goods and the amount of insurance, if any;

XII.- The mention of the debits or of the rates in favor of the Warehouse or, where appropriate, the mention of no such adeuts.

Article 232.- The garment bonus must also contain:

I.- The Name of the bonus taker;

II.- The amount of credit that the bonus represents;

III.- The Paced Interest Type;

IV.- The due date, which cannot be later than the date the deposit is concluded;

V.- The certificate holder signature that negotiates the bonus for the first time;

VI.- The mention, subscribed by the Warehouse or by the credit institution involved in the first negotiation of the bond, of having made the respective annotation in the certificate of deposit.

Article 233.- When the pledge bond does not indicate the amount of the credit the bond represents, it will be understood to affect the entire value of the assets deposited in favor of the bond. holder of good faith, except the right of the holder of the certificate of deposit, to repeat for the excess that the holder of the bond receives on the real amount of his credit.

When the interest rate is not indicated, the bonus will be assumed to have been discounted.

Article 234.- The Stores will issue these titles and must keep a record containing the same data as in the documents issued.

Article 235.- When multiple garment bonds are issued in connection with a certificate, from the time of issue the Warehouse must record in the bonds the requirements referred to in Article 232 (II) to (IV) and in the certificate, the issuing of the bonds with the said particulars.

Article 236.- The pledge bonus may only be negotiated for the first time separately from the certificate of deposit with intervention from the Warehouse that issued the documents, or of a credit institution.

When the bonus is first negotiated, the requirements referred to in Article 232 (I) to (VI) shall be filled in if it is a single bond, or the requirements to which it is refer to fractions I, V and VI of the aforementioned Article, in the case of multiple bonds.

The annotations to which this article refers must be subscribed by the holder of the certificate and by the Storeroom or by the institution of credit which in them intervene, and which shall be liable for damages caused by the omissions or inaccuracies in which they incur.

The credit institution that intervenes in the issue of the bond, must give notice of its intervention, in writing, to the Warehouse that issued the document.

Article 237.- Multiple-garment bonds that Article 230 refers to, will be issued by amparing a global amount divided among as many equal parts as bonds. they issue in respect of each certificate and shall state on each bond that the credit of their legitimate holder shall, in their recovery, be the order of precedence indicated by the order number of the voucher.

Article 238.- Deposit certificates and garment bonds must be issued in favor of the depositor or a third party.

Article 239.- The legitimate holder of the certificate of deposit and of the bond or the respective garment bonds, has full dominion over the goods or goods deposited and can at any time to collect them, by means of the delivery of the certificate and of the corresponding pledge bonds and the payment of their respective obligations in favour of the Fiscus and the Warehouses.

Article 240.- The only holder of the certificate of deposit, has dominion over the goods or effects deposited; but it will not be able to remove them but through the payment of the obligations that are incurred by the Fisco and the Storerooms, and the deposit in such Stores, of the amount covered by the respective garment or bond. It may also, in the case of goods that allow for comfortable division and under the responsibility of the Stores, remove a portion of the deposited goods, giving in exchange to the Stores a sum of money proportional to the amount of the debit which represent the bond or the related garment bonds, and the quantity of goods extracted, and pay the proportional share of the obligations incurred in favour of the Fishery and the Warehouses. In this case, the stores must make the corresponding annotations on the certificate and on the respective heel.

Article 241.- The legitimate holder of a non-negotiable certificate of deposit, may dispose wholly, or in items, of the goods or goods deposited if they permit (a) a division, by means of delivery orders in charge of the storerooms, and by paying the obligations which it has incurred with the Fisco and the stores themselves, where appropriate, in the proportional share corresponding to the items in question, unless otherwise agreed.

Article 242.- The underpaid garment bond in time, in whole or in part, must be protected no later than the second business day following the expiration date, in the same manner as the change letter.

The protest must be carried out precisely in the Warehouse that has issued the corresponding certificate of deposit, and against the eventual holder of the certificate, even if its name or address, nor present in the act of protest.

The annotation that the Warehouse puts on the item or sheet item, that it was filed at maturity and not fully paid, will take the effects of the protest. In this case, the voucher holder must give notice of the non-payment, to all the signatories of the document.

Article 243.- The holder of the garment bond protested in accordance with the foregoing article, must ask, within eight days after the date of the protest, that the proceeds for the sale of the goods or goods deposited, in public auction.

Article 244.- The product of the sale of the goods or goods deposited shall be applied directly by the Stores in the following order:

I.- Upon payment of taxes, duties or tax liabilities that are outstanding for the purposes of the goods or goods in the deposit;

II.- On payment of the debit caused in favor of the Stores, in the terms of the deposit contract;

III.- On payment of the value entered in the pledge bonds, in the case of a number of bonds of pledge in relation to a certificate, the order of precedence indicated, the various holders of such garment bonds, by the order numbering corresponding to such bonds.

The excess will be preserved by the Storerooms at the disposal of the certificate of deposit.

Article 245.- If the assets deposited are insured, the amount of the corresponding compensation, in the event of a disaster, shall be applied in the terms of the article. previous.

Article 246.- The Storerooms shall be considered as depositaries of the quantities, from the sale or withdrawal of the goods, or from the compensation in case of disaster, correspond to the holders of garment and certificate of deposit bonuses.

Article 247.- The Storerooms shall record on the same or annexed sheet, the amount paid on the bond with the proceeds of the sale of the assets deposited, or with the delivery of the corresponding quantities which the stores have in their possession pursuant to Article 246. They must also state, where the sale of the goods cannot be effected. This annotation will test for the exercise of the return actions.

Article 248.- If the proceeds of the sale of the goods deposited, or the amount of the amounts that the Stores give to the holder of the pledge bond, in the cases of the Articles 240 and 245 are not sufficient to cover the debenture entered in the voucher or if, for any reason, the storerooms do not carry out the auction or do not give the holder the corresponding amounts which he has received in accordance with Article 246, the Bonus holder can exercise the exchange rate against the person who has negotiated the bonus for the first time separately from the certificate of deposit, and against subsequent endorsements of the voucher and the guarantor. The same right shall, against the previous signatories, have to be returned to them by way of return.

Article 249.- The actions of the garment bond holder, against the endosants and their avalists, expire:

I.- For not having been protected by the bonus in the terms of Article 242;

II.- For not having asked for the holder, in accordance with Article 243, the sale of the deposited goods;

III.- For failure to exercise the action within three months of the date of the sale of the assets deposited, on the day the Stores notify the holder of the bonus that such sale cannot be made, or on the day the Storerooms refuse to deliver the amounts referred to in Article 246 or give up only a sum less than the amount of the debit entered in the voucher.

Notwithstanding the expiration of the shares against the endorsements and their guarantors, the holder of the bond bond retains his action against whoever has negotiated the bond for the first time. separately from the certificate and against their guarantors.

Article 250.- The actions arising from the certificate of deposit for the withdrawal of the goods, they prescribe in three years from the expiration of the period indicated for the certificate.

Shares that derive from the pledge bond, are prescribed in three years from the bond's maturity.

In the same period, they shall prescribe the shares derived from the certificate of deposit to collect, where appropriate, the amounts held by the Stores in accordance with Article 246.

Article 251.- They are applicable to the certificate of deposit and to the garment bond, in the conductive, articles 81, 85, 86, 129, 131, and 167.

They are applicable to the garment bond, in the case of items 90, 109 to 116, 127, 130, 142, 148, 149, 151 to 162, 164, 166, 168 and 169.

For the purposes of Article 152, the amount of the pledge bond shall be the non-paid part of the debit entered in this item, including the fallen income; and the delinquent interest shall be calculate the rate stipulated for them; in the absence of this stipulation, the type of revenue set in the document, and in default of both, at the legal rate.

The holder who for the first time negotiates the garment voucher separately from the certificate of deposit shall be deemed to be an acceptor for all the purposes of the listed provisions before, except in the case of Articles 168 and 169, in which the girder is to be equated.

CHAPTER VII

From Foreign Law Enforcement

Article 252.- The ability to issue credit securities abroad or to hold any of the acts in which they are entered shall be determined in accordance with the law of the the country in which the title is issued or the event is held.

Mexican law will govern the ability of foreigners to issue titles or to hold any of the acts that are recorded in them, within the territory of the Republic.

Article 253.- The essential conditions for the validity of a credit title issued abroad and the acts recorded in it are determined by the law of the place where the title is issued or the event is held.

However, the titles to be paid in Mexico are valid, if they fill the requirements prescribed by Mexican law, even if they are irregular in accordance with the law of the place where they are issued or was signed on to them some act.

Article 254.- If it has not been agreed in an express way that the act is governed by Mexican law, the obligations and rights arising from the issuance of a foreign title or an act entered in it, if the title must be paid in whole or in part in the Republic, shall be governed by the law of the place of the grant, provided it is not contrary to the Mexican laws of public order.

Article 255.- The guaranteed titles with any real right to the properties located in the Republic will be governed by Mexican law in all cases. warranty.

Article 256.- The deadlines and formalities for the filing, payment and protest of the title shall be governed by the law of the place where such acts are to be practiced.

Article 257.- The adoption of the measures prescribed by the law of the place where a title has been lost or stolen, do not dispense with the person concerned to take the prescribed measures by this law, if the title must be paid in the territory of the Republic.

Article 258.- The Mexican laws on the prescription and expiration of shares arising from a credit title shall apply, even if it has been issued abroad, if the Respective action is submitted to the knowledge of the Mexican courts.

TITLE SECOND

Credit Operations

CHAPTER I

From The Reporting

Article 259.- By virtue of the report, the reporter acquires by a sum of money the ownership of credit titles, and is required to transfer to the reported ownership of other so many titles of the same species, within the agreed period and against reimbursement of the same price plus an award. The prize is for the benefit of the reporter, unless otherwise agreed.

The report is perfected by the delivery of the titles and by their endorsement when they are nominative.

Article 260.- The report must be in writing, expressing the full name of the reporter and the reported, the class of the titles given in the report and the necessary data for their identification, the term fixed for the maturity of the transaction, the price and the award agreed or how to calculate them.

Article 261.- If the securities attribute an option right that is to be exercised during the reporting, the reporter will be required to exercise it on behalf of the reported; but the latter shall provide it with sufficient funds two days before, at least, the expiry of the period prescribed for the exercise of the optional right.

Article 262.- Unless otherwise agreed to the ancillary rights corresponding to the titles given in the report, will be exercised by the reporter for the account of the reported and the dividends or interest paid on the securities during the reporting, will be credited to the reported to be settled at the maturity of the transaction. Refunds and prizes shall be for the benefit of the reported, when the securities or securities have been specifically designated when the transaction is made.

Article 263.- When during the term of the report some exhibition on the titles must be paid, the reported one must provide the reporter with the necessary funds, two days before, at least, the date on which the exhibition is to be paid. In the event that the reported one does not meet this obligation, the reporter can proceed from then to liquidate the report.

Article 264.- In the absence of an expressly stated time limit, the report shall be deemed to be agreed to be settled on the last working day of the same month in which the transaction is concluded, unless the date of conclusion is later than the 20th day of the month, in which case it shall be deemed agreed to be settled on the last working day of the following month.

Article 265.- In no case will the reporting period extend to more than forty-five days. Any clause to the contrary will be unput. The operation may be extended once or more, without the extension of the extension of the new contract and the simple extension, signed by the parties, in the document in which the operation has been recorded. primitive.

Article 266.- If the first business day following the expiration of the period in which the report is to be settled, the reported non-liquid transaction is not extended, it shall be abandoned and the reporter may require of course the payment of the differences that result from his or her charge.

CHAPTER II

From Repository

First Section

From The Money Banking Deposit

Article 267.- The deposit of a certain sum of money in national currency or foreign currency or currencies, transfers the property to the depositary and forces it to restore the sum deposited in the same species, except as provided in the following Article.

Article 268.- The deposits that are in cash, taken out or closed, do not transfer the property to the depositary, and their withdrawal will be subject to the terms and conditions that are indicated in the contract.

Article 269.- In the case of deposits, in the account of cheques, the depositor has the right to freely make remittances in cash to credit his account and to dispose, total or partially, of the sum deposited, by cheques drawn by the depositary. Deposits in money made up of the views in credit institutions shall be deemed to be delivered into account of cheques, unless otherwise agreed.

In order for the depositor to make remittances in accordance with this article, in credit securities, the depositary shall be authorized. Fertilisers shall be deemed to be made with the exception of good recovery.

Article 270.- The deposits received in collective accounts on behalf of two or more persons may be returned to either of them or their order, unless otherwise agreed.

Article 271.- Bank deposits may be removable in view, term or prior notice. When the deposit is lodged with the prior notice, the deposit shall be deemed to be withdrawn on the working day following the day on which the notice is issued. If the deposit is constituted without special term mention, it shall be deemed to be withdrawn in view.

Article 272.- Unless otherwise stipulated, the deposits will be payable in the same office as they were constituted.

Article 273.- Unless otherwise agreed, in deposits with interest, it shall be caused from the first business day after the date of the consignment and until the last working day previous to the one in which the payment is made.

Article 274.- Checks on checking accounts will be checked only with receipts from the depositary or with annotations made by it in the books that the effect will have to deliver to depositors, except as otherwise prevented by the General Law of Credit Institutions.

Article 275.- Deliveries and reimbursements made in the term deposit accounts or prior notice will be checked only by written constances, precisely nominative and non-negotiable, except as provided in the General Law on Credit Institutions.

Section Second

From The Title Banking Repository

Article 276.- The title bank deposit does not transfer ownership to the depositary unless, by written agreement, the depositor authorizes it to dispose of them with an obligation to restore so many other titles of the same species.

Article 277.- If the property is not transferred to the depositary, the depositary shall be obliged to the simple material preservation of the securities unless, by express agreement, the deposit has been lodged in administration.

Article 278.- The bank deposit of securities in administration requires the depositary to carry out the collection of the securities and to carry out all the necessary acts for the preservation of the rights that those who entrust to the depositor. Where it is necessary to exercise ancillary or optional rights or to carry out exhibitions or payments of any kind in relation to the securities held, the provisions of Articles 261 to 263 shall apply.

Article 279.- They shall be applicable to the securities deposits in the pipeline, Articles 269 to 272, 274 and 275. The delivery orders issued by the depositor in order to dispose of the securities, in the case of Article 269, shall not be negotiable.

Third Section

The General Store Goods Repository

Article 280.- Except for the case referred to in the following Article, the General Stores are obliged to return the same goods or goods deposited in the State in which they received them, only of their apparent preservation and of the damages arising from their guilt.

Article 281.- Stores may receive in store goods or goods generically designated, with the obligation to restore other so many of the same kind and quality as long as such goods or goods are of a standard quality, or which, if not, may be kept in the stores under conditions which ensure their authenticity, a sample in accordance with which the refund shall be made. In this case, the Warehouses respond not only to the damages arising from their fault, but even from the risks inherent in the goods or the material effects of the deposit.

Article 282.- In the case of the deposit of goods or individually designated goods, the Warehouses are obliged to keep the goods or goods deposited, time to be stipulated as a duration for the deposit and, if for reasons not attributable to them, the goods or effects are broken down under conditions which may affect the safety or health, the stores, with the intervention of a runner or approval of the respective public health offices, may carry out, without liability, the sale or destruction of the goods or effects in question. In any event, the depositor shall be liable for any damage caused by the storehouse as a result of the decomposition or alteration of the goods or goods deposited with an individual designation, unless otherwise specified in the certificate of deposit. The proceeds of the sale, if any, shall be applied as provided for in Article 244.

Article 283.- In the case of the deposit of goods or goods generically designated, the Storerooms are only obliged to maintain an equal existence, in quality and quantity, which has been the subject of the deposit, and shall be of its account all losses occurring by alteration or decomposition of the goods and goods, except natural mermas whose amount is expressly determined in the certificate of deposit on. The warehouses may, in the case referred to in this Article, dispose of the goods or goods which they have received, provided that they always retain an equal quantity in quantity and quality, to which they are covered by the certificates of corresponding deposit.

Article 284.- In the case of the deposit of goods or goods generically designated, the Warehouses are obliged to take insurance against fire on the goods or goods deposited by their current value on the market at the date of deposit formation.

Article 285.- When the Stores receive goods or goods subject to payment of import duties, they will not consent to the withdrawal of the deposit but through the legal verification of the payment of taxes or duties. or the conformity of the tax authorities concerned, and shall be responsible to the Fisco, as far as the proceeds of the sale of the goods or goods deposited, for the payment of all the rights, taxes, fines, surcharges or tax charges incurred by the owners or consignors up to the date of the deposit of the goods or goods in the stores.

Article 286.- The duration of the deposit of goods or goods shall be freely established between the Warehouses and the depositor, unless goods or goods subject to the payment of taxes or tax pensions of any kind, in which case the duration of the deposit shall not exceed the term specified by the Secretariat of Finance and Public Credit, or of the two-year period, when not has been particularly marked.

Article 287.- The goods or goods that are the object of the warehouse in the Storerooms, and the proceeds of their sale or the value of the compensation in the event of a disaster, may not be claimed, seized or otherwise subject to any other link, where certificates of deposit have been issued in respect of them, as provided for in Article 20.

Only the goods or goods deposited in the Stores and in respect of which certificates of deposit have been issued may be withheld, in the order of the judicial order given in the cases of bankruptcy, succession and theft, loss, total destruction, mutilation or serious deterioration of the relevant certificate or bonus.

They may be retained by court order, in accordance with the relevant legal provisions, the goods or goods deposited, the proceeds of their sale, the value of the compensation in case of a claim, or the amount of the funds held by the Store at the disposal of the voucher or certificate, in the event of succession or bankruptcy of the holder of the certificate or of the bond, respectively, who are entitled under this law, to the delivery of the goods or of the funds. This retention may also be made in cases of loss, theft, total destruction, mutilation or serious deterioration of the certificate or bonus under Articles 45, fraction II, and 65.

CHAPTER III

From Book Credits Discount

Article 288.- Open credits in merchant books may be discounted, even if they are not covered by debt securities entered into by the debtor, provided that the following conditions are met:

I.- That the credits are payable at term or with prior fixed notice;

II.- That the debtor has stated in writing its compliance with the existence of the credit;

III.- That the discount contract be entered on a policy to which the notes or relationships that express the discounted credits will be added, with mention of the name and address of the debtors, the amount of the loans, the interest rate agreed, and the terms and conditions of payment;

IV.- That the discounteary hand over to the decaccountant letters rotated to the order of the latter and in charge of the debtors, in the agreed terms for each credit. The decomcounter shall not be obliged to submit such letters for acceptance or payment, and may only use them in the event that the person who is not satisfied expressly gives the right to the effect or does not give to the discounter, at the end of the period, the amount of the respective credits.

Article 289.- The discounteary will be considered, for all the purposes of law, as the agent of the discounter, as far as the collection of the credits of the discount is concerned.

Article 290.- Only credit institutions may hold the operations referred to in this Chapter.

CHAPTER IV

Of Credits

First Section

From Credit Opening

Article 291.- By virtue of the opening of credit, the accrediting is required to make a sum of money available to the accredited, or to contract for this an obligation, to make use of the credit granted in the form and in the agreed terms and conditions, the credited being obliged to return to the accrediting the sums available, or to cover it in a timely manner for the amount of the obligation which contracted, and in any event to pay the interest, benefits, expenses and commissions that are stipulated.

Article 292.- If the parties set a limit to the amount of the credit, unless otherwise agreed, the interest, commissions and expenses to be covered by the credited shall be understood.

Article 293.- If the contract does not indicate a limit to the provisions of the accredited, it is also not possible to determine the amount of the credit for the object to which it is intended, or otherwise agreed upon by the parties, the accrediting shall be deemed to be entitled to set that limit at any time.

Article 294.- Even if the amount of the credit has been fixed in the contract and the period in which it is entitled to make use of it, the parties may agree that any or only one of them shall be entitled to restrict the one or the other, or both at the same time, or to denounce the contract from a given date or at any time, by notice given to the other party in the form provided for in the contract, or in the absence thereof, by a notary or broker, and in its defect, through the first the political authority of the place of residence, the third and fourth paragraphs of the Article being applicable to the respective act 143.

When it is not settled, it is understood that either party may terminate the contract at all times, thus notifying the other as such is left of the notice. referred to in the preceding paragraph.

Denounced the contract or notified of its termination in accordance with the foregoing, the credit shall be extinguished in the part of the fact that the accredited use has not been made until the moment of those acts; but unless otherwise stipulated, the accredited person shall not be released from paying the prizes, commissions and expenses corresponding to the sums which he has not provided, but when the denunciation or the notification is made by the accrediting.

Article 295.- Except convention to the contrary, the accredited can have the view of the sum object of the contract.

Article 296.- The opening of credit in current account entitles the credited to make remittances, before the date fixed for settlement, in partial or total repayment of the provisions that you have previously made, and the contract does not conclude, in order to arrange for the agreed form of the balance that is in your favour.

They are applicable to the opening of the current account credit, where applicable, items 306, 308 and 309.

Article 297.- Unless otherwise agreed, provided that by virtue of an opening of credit, the accrediting is obliged to accept or grant letters, to subscribe promissory notes, to lend its (a) or, in general, to appear as an endorsement or a signatory of a credit title, on behalf of the accredited person, the latter shall be obliged to constitute the provision of sufficient funds by the credit institution at the latest on the business day preceding the date of that the accepted, granted, or subscribed document must be made effective.

The acceptance, endorsement, endorsement or subscription of the document, as well as the execution of the act resulting in the obligation to the accrediting by the accredited account, must be (i) whether or not the provision of the above mentioned provision will be reduced from then the balance of the credit, unless otherwise stipulated; but, apart from the expenses, commissions, prizes and other benefits to be caused by the use of the credit, with the contract, the accredited shall only be obliged to return the quantities which (a) the credit is actually paid by the accrediting agent when paying the obligations it has incurred, and to cover only the interest corresponding to such sums.

Article 298.- The simple or current account opening can be agreed with personal or real security. The guarantee shall be understood as extended, unless otherwise agreed, to the amounts of the credited making use within the limits of the credit.

Article 299.- The granting or transmission of a credit title or any other document by the accredited to the accrediting, as a recognition of the debit that If it is due to the provisions it makes of the credit granted, it does not entitle the accrediting to discount or cede the credit thus documented, before its expiration, but until the accredited one expressly authorizes it.

Negotiated or transferred the credit by the accrediting, this shall pay to the credited, since the date of such acts, the interest corresponding to the amount of the provision that said credit where applicable, in accordance with the type stipulated in the opening of credit; but the credit granted shall not be understood to be renewed for that amount, but where the parties have agreed.

Article 300.- When the parties do not set a time limit for the return of the amounts that the accredited person may have, or for the same to reintegrate the ones that he/she pays the accrediting according to the contract, it is understood that the refund must be made at the expiry of the term indicated for the use of the credit, or in its defect, within the month following the extinction of the latter.

The same rule will be followed by the prizes, commissions, expenses and other benefits to be paid to the credited, as well as the balance that is paid to the The current account open credit will be extinguished.

Article 301.- The credit will be extinguished, thereby ceasing the right of the credited to make use of it in the future:

I.- For having provided the credited of the entire amount, unless the credit has been opened in current account;

II.- By the expiration of the term agreed upon, or by the notification of the termination of the contract, in accordance with Article 294, where no time has been set;

III.- By the complaint that the contract is made in the terms of that article;

IV.- Due to the lack or decrease of the guarantees agreed upon by the accredited, which occurred after the contract, unless the accredited one is suplemente or substitute duly the guarantee in the term agreed to the effect;

V.- For any of the parties in a state of suspension of payments, judicial liquidation or bankruptcy;

VI.- By death, interdiction, disablement or absence of the accredited, or by dissolution of the company to which credit has been granted.

Section Second

From The Current Account

Article 302.- By virtue of the current account contract, the credits derived from the reciprocal remittance of the parties are recorded as payment or charge items in an account, and only the balance resulting from the closure of the account constitutes an enforceable and available credit.

Article 303.- The fees and expenses for the businesses to which the account relates shall be included in the account, unless otherwise agreed.

Article 304.- The registration of a credit in the current account does not exclude the actions or exceptions relating to the validity of the acts or contracts from which the consignment comes, unless otherwise agreed.

If the act or contract is nullified, the corresponding item is canceled in the account.

Article 305.- The account member who includes a secured credit with a pledge or mortgage in the account has the right to make the guarantee effective for the amount of the credit guaranteed, as soon as the balance is secured.

If by a credit included in the account, there are guarantor or coobligated, they will be obliged in the terms of their contracts for the amount of that credit in favor of the The account holder who made the consignment and as soon as the balance is a creditor.

Article 306.- The entry into account of a credit against a third party is understood to be definitive and at the risk of the person receiving the consignment, except express reservation for the case of insolvency of the debtor.

In the absence of an express agreement, the table of credit titles is always understood to be made with the exception of good collection.

If the credit is not paid at maturity, and there is the clause except good collection, express or under-understood, the one who received the credit will be able to choose to settle the credit. the corresponding counterpart by returning the title, or exercising the actions that result from it.

Article 307.- The creditor of an account holder can ask for the insurance and the award of the eventual balance of the current account. In this case, the items of charge corresponding to new operations may not be taken into consideration in respect of the embargoing. New operations shall not be considered as being the result of a right of the other account already existing at the time of the insurance, even if the respective entries in the account have not yet been made. The income account against which the insurance was issued must notify the other account member, and the latter will be entitled to request the termination of the account.

Article 308.- The closure of the account for the settlement of the balance is operated every six months, except for a pact or use to the contrary. The credit for the balance, is a liquid credit and payable to the view or in the terms of the corresponding contract. If the balance is brought to a new account, it causes interest at the agreed rate for the other remittances, and otherwise, at the legal rate.

Article 309.- Actions for the rectification of miscalculations, omissions or duplications, are prescribed within six months of the end of the account.

Article 310.- The current account contract terminates at the expiration of the agreed term. In the absence of this, any of the account holders may, at each closing time of the account, denounce the contract, giving notice to the other account holders at least ten days before the closing date.

The death or the supervenient incapacity of one of the storytellers, no matter the termination of the contract but when their heirs or representatives or the other storyteller opt for termination.

Third Section

From Credit Cards

Article 311.- Letters of credit shall be issued in favour of a given person and shall not be negotiable; they shall express a fixed amount or a number of indeterminate amounts, but shall be within a maximum of the limit of which is point out precisely.

Article 312.- The letters of credit are neither accepted nor protected, nor do they confer any rights against the persons to whom they are addressed.

Article 313.- The taker shall have no right against the giver, but when the amount of the letter of credit has been left in his possession, or is his creditor for that amount, in whose The giver shall be obliged to refund the amount of the letter, if it is not paid, and to pay the damages. If the holder has given a security or the amount of the letter, and the letter is not paid, the giver shall be obliged to pay the damages.

The damages to which this article refers shall not exceed one-tenth of the amount of the sum that has not been paid, in addition to the expenses caused by the insurance or bail.

Article 314.- The issuing of a letter of credit, except in the case that the taker has left the amount of the letter in his possession, has established it or secured it or is its creditor for that amount, you may cancel it at any time, bringing it to the attention of the taker and the person to whom it is addressed.

Article 315.- The person who issued a letter of credit shall be obliged to the person at whose charge he gave it, for the amount paid by virtue of the letter within the limits fixed therein.

Article 316.- Unless otherwise agreed, the term of the letters of credit shall be six months from the date of issue. Past the term that in the letter is pointed out, or after, if not, the one that indicates this article, the letter will be cancelled.

Section Fourth

of The Confirmed Credit

Article 317.- Confirmed credit is granted as a direct obligation of the accrediting to a third party; it must be stated in writing and may not be revoked by the credit.

Article 318.- Unless otherwise agreed, the third party to whose credit the credit is opened may transfer it; but it shall be subject to all obligations as in the Confirmation of the credit has been stipulated in your position.

Article 319.- The accrediting is responsible to the one who requested the credit, according to the rules of the mandate. The same liability shall, unless otherwise agreed, have the acts of the person designated to replace them in the execution of the operation.

Article 320.- The accrediting may object to the third beneficiary of the exceptions that are born of the confirmation letter and, except as provided in the same document, those arising from the relations between the third and the one who asked for the credit; but in no case can he or she be able to oppose them that result from the relations between the latter and the accrediting himself.

Fifth Section

Of The Enabling or Avio Credits and Refactioners

Article 321.- Under the credit rating contract or avio, the credited is required to invest the amount of the credit precisely in the acquisition of the raw materials and materials and in the payment of the wages, salaries and direct operating costs essential for the purposes of your undertaking.

Article 322.- Enablement or avio credits shall be guaranteed with the raw materials and materials acquired, and with the fruits, products or artifacts obtained with the credit, even if these are future or pending.

Article 323.- Under the refactionary credit agreement, the credited is required to invest the amount of the credit precisely in the acquisition of tools, instruments, (a) useful for farming, fertilizers, livestock, or breeding animals; in the production of plantations or cyclic or permanent crops; in the opening of land for cultivation, in the purchase or installation of machinery and in the construction or construction of works materials necessary for the promotion of the accredited undertaking.

You may also agree to the refactionary credit agreement, which part of the amount of the credit is intended to cover the tax liabilities that weigh on the company or on the goods used for the purpose of the contract, at the time the contract is concluded, and which also applies to the payment of the assets in which the contract has been paid or for the purchase of the the movable or immovable property or the execution of the works mentioned above, provided that the acts or operations of which such debits have taken place within the year preceding the date of the contract.

Article 324.- Refactional credits will be guaranteed, simultaneously or separately, with the farms, buildings, buildings, machinery, tools, instruments, furniture and tools, and with the fruits or products, futures, pending or already obtained, of the undertaking to which the loan was intended to be used.

Article 325.- Refactional and enabling or avio credits may be granted in the terms of Section 1a. of this Chapter.

The credited may grant to the order of the accrediting, promissory notes that represent the provisions it makes of the credit granted, provided that the maturities are not after that of the credit, which shall be entered in such documents as to be sufficiently identified and to disclose the registration log of the original credit. The transfer of these securities implies, in any event, the joint liability of the person who carries out the securities and the transfer of the relevant part of the principal of the credit represented by the payment, with the guarantees and other ancillary rights, in the the appropriate proportion.

Article 326.- Refactionary or Enablement or avio credit contracts:

I.- They will express the object of the operation, the duration and the way the beneficiary will be able to dispose of the credit of the contract;

II.- You will accurately fix any assets that are affected by collateral, and point out the other terms and conditions of the contract;

III.- They will be entered in a private contract that will be signed in triplicate before two known witnesses and will be ratified before the Encharged of the Public Registry that the fraction speaks IV.

IV. They will be entered in the Single Section of the Single Register of Commercial Guarantees of the Public Registry of Commerce.

If the guarantee is included, you must register, in addition, in the Public Registry of the Property that corresponds, according to the location of the immovable property affected by collateral.

Enablement or Refaction contracts shall have effects against third parties from the date and time of their registration in accordance with the preceding paragraphs.

Article 327.- Those who grant refaction or enablement or avio credits must take care that their amount is invested precisely in the objects determined in the contract; if it is proved that another investment was given to him in the knowledge of the creditor or his negligence, the creditor shall lose the privilege referred to in Articles 322 and 324.

The creditor shall have at all times the right to appoint an auditor to take care of the exact fulfilment of the obligations of the accredited person. The salary and expenses of the financial controller shall be borne by the creditor, unless otherwise agreed. The accredited body shall be obliged to provide the financial controller with the necessary facilities to enable it to fulfil its function. If the accredited person employs the funds supplied to him for purposes other than those agreed upon, or does not deal with his or her negotiation with due diligence, the creditor may terminate the contract, give up the obligation in advance, and require the reimbursement of the sums you have provided, with your interest.

When the accrediting has endorsed the promissory notes referred to in Article 325, it shall retain, unless otherwise agreed, the obligation to monitor the investment to be made by the accredited, as well as to care for and preserve the guarantees granted, having for these purposes the character of the president of the holders of the promissory notes. The accrediting may, with the same character, terminate the obligation in the terms of the final part of the preceding paragraph and receive the amount of the issued notes, which will be given in advance.

Article 328.- The enabling or avowed credits, duly registered, will be paid with preference to the refactioners and both with preference to the registered mortgage after. Where the transfer of ownership or negotiation for the purpose of which the loan has been granted is made without the prior consent of the creditor, it shall give this right to terminate the contract or to give due advance the obligation and to require its immediate payment.

Article 329.- In cases of refactional or habilitation or avio credits, the garment may be held by the debtor. This shall be deemed, for the purposes of the relevant civil and criminal liability, as a judicial depositary of the fruits, products, livestock, tools and other furniture given in garment.

Article 330.- The creditor may claim the fruits or products given in the garment of an enabling or refactionary credit, against those who have acquired them directly from the accredited or against subsequent acquirers who have known or due to know the garment constituted on them.

Article 331.- In the case of habilitation or refactional credits, the garment may be constituted by which the undertaking to whose promotion the credit is intended is exploited, even if it does not own it, unless, in the case of lessees, settlers or sharecroppers, the respective contract is registered in the corresponding Land, Agricultural Credit, Mines or Trade Records, and in that contract the owner of the company has reserved the right to consent in the constitution of the garment.

Article 332.- The guarantee that is constituted by refactional loans on frozen farms, buildings, buildings and furniture, will comprise:

I.- Predium constitutive terrain;

II.- Buildings and any other existing constructs at the time of the loan, or built after it;

III.- Permanent accessions and enhancements;

IV.- The immobilized furniture and the animals fixed in the document in which the loan is entered, as a breeding foot in the rustic premises intended wholly or partly for the class of livestock; and

V.- The eventual compensation for insurance in the event of destruction of the goods.

Article 333.- Under the guarantee referred to in the previous article, the creditor shall be entitled to the payment of his credit with the proceeds of the goods taxed, on all other creditors of the debtor, with the exception of domain calls and creditors for previously registered mortgage loans.

The preference that in this article is established, will not be extinguished by the passing of the taxed goods to the third party, whatever the cause of the translation of the domain.

Sixth Section

Of The Prenda

Article 334.- On trade, the garment is constituted:

I.- By delivery to the creditor, of the goods or receivables, if they are the bearer;

II.- By the endorsement of the receivables in favor of the creditor, if these are nominative titles, and by this same endorsement and the corresponding annotation in the register, if the titles are those referred to in Article 24;

III.- By the delivery, the creditor, the title or the document in which the credit is recorded, when the title or credit is not negotiable, with the registration of the lien in the register of issue of the title or with notification made to the debtor, in the case of securities or claims for which such registration is required or not;

IV.- For the deposit of the goods or securities, if they are the bearer, held by a third party that the parties have designated and at the creditor's disposal;

V.- For the deposit of the goods, at the disposal of the creditor, in premises whose keys are held by the creditor, even if such premises are of the property or are within the establishment of the debtor;

VI.- By the delivery or endorsement of the representative title of the goods subject to the contract, or by the issue or endorsement of the relative garment bond;

VII.- By the registration of the refactionary or enabling credit agreement or avio, in the terms of Article 326;

VIII.- For compliance with the requirements of the General Credit Institutions Act, if it is credit in books.

Article 335.- When goods or consumables are given in garment, the garment shall still be substitutted even if the titles or goods are replaced by others of the same species.

Article 336.- When the garment is constituted on consumable goods or securities, it can be agreed that the property of these is transferred to the creditor, which shall be obliged, in his (a) to restore to the debtor other goods or securities of the same species. This agreement must be stated in writing.

When the pledge is made on money, the property shall be deemed to have been transferred, unless otherwise agreed.

Article 336 Bis.- In cases where the parties have agreed to the transfer of ownership of the cash where there is a breach of the guaranteed obligations, if the creditor is present, he shall keep the cash, up to the amount of the guaranteed obligations, without the need for a judicial enforcement or settlement procedure, which shall be extinguished you are in that amount.

If the amount of the pledge and the guaranteed obligation are not equal to the amount, the action shall be issued for the remainder of the debt.

In such cases, the transfer of ownership of the cash shall be understood to have been carried out by the parties ' consent as a form of payment of the obligations of the debtor and not in execution of the garment.

Article 337.- The creditor is obliged to surrender to the debtor, at the expense of the debtor, in the cases referred to in Article 334 (II), (III), (V) and (VI). (a) to be held in the form of a certificate of receipt of the goods or titles given in the garment and the particulars necessary for identification.

Article 338.- The creditor, in addition to being obliged to keep and preserve the goods or securities given in garment, must exercise all the rights inherent to them, with the costs being the debtor, and the payment of the claim must be applied, in its opportunity, to all sums which are received, unless otherwise agreed. It is void any convention that limits the liability that this article establishes for the creditor.

Article 339.- They are applicable to the creditor and to the debtor, in the conduct, the preemptions established in relation to the reporter and the reported, respectively, in the articles 261 and 263, first part.

Article 340.- If the price of the goods or securities given in undergarment so as to not suffice to cover the amount of the debt and 20% more, the creditor may proceed to the sale of the garment, in the terms of Article 342.

Article 341.- The creditor may ask the Judge to authorize the sale of the goods or securities given in garment, when the guaranteed obligation is due.

The judge will immediately transfer the debtor of that request, notifying him that he will have a period of 15 days, counted from the creditor's request, to oppose the request. the defence and the defence of the defence, in order to prove the impropriety of the case, in which case the judge shall decide within a period of no more than ten days. If the debtor does not assert this right, the judge will authorize the sale. In the event of a major urgency, and under the responsibility of the creditor determined by the judge, the judge may authorize the sale even before the debtor has been notified.

The broker or traders who have intervened in the sale must extend a certificate from it to the creditor.

The proceeds of the sale shall be retained by the creditor, in replacement of the goods or securities sold.

Article 342.- Likewise, the creditor may request the sale of the goods or securities given in garment, in the case of Article 340, or if the debtor does not comply with the obligation of to provide the necessary funds to cover the exhibitions to be heard about the titles.

The debtor may object to the sale, making the payment of the funds required to carry out the exhibition, or improving the guarantee for the increase of the goods given in garment or by the reduction of your debit.

Article 343.- If, before the maturity of the secured credit, the securities given in pledge are due or are amortized, the creditor may keep the amounts in pledge these concepts receive, in substitution of the securities charged or amortized.

Article 344. The creditor shall not be able to own the goods or securities given in garment, without the express consent of the debtor.

Article 345.- The provisions of this Section do not alter the provisions relating to garment bonds, nor those contained in the General Law on Credit Institutions or other special laws.

Seventh Section

Of the garment without possession transmission

Article 346.- The garment without the transfer of possession constitutes a real right on movable property which is intended to guarantee the fulfilment of an obligation and its preference in payment, while retaining the debtor's possession of such goods, except where appropriate, as provided for in Article 363 of this Law.

The garment without possession shall be governed by the provisions of this section, and, if not provided for, or otherwise not opposed, by the previous section sixth.

In any event, the process of executing the guarantee will be subject to the provisions of the Fifth Title Third Bis of the Trade Code.

Article 347. The contracts by which the constitution of guarantees through the garment without transmission of possession is documented, shall be commercial for all the parties involved in them. Except for contracts concluded between two or more natural or moral persons who do not have the character of traders in the terms of the Code of Commerce, and those acts which, in accordance with the Code, are not to be regarded as acts of trade for any of its parties.

In the disputes arising out of the garment without the transfer of possession, the provisions of Articles 1049 and 1050 of the said Code shall be provided.

Article 348.- The amount of the guaranteed obligation may be a certain or determinable amount at the time of the lodging of the guarantee, provided that, at the time of the execution of the latter, such quantity may be determined.

Unless otherwise agreed, the guaranteed obligation shall include the ordinary and moratorical interests stipulated in the respective contract or in the absence thereof provided for in the law, as well as expenses incurred in the process of executing the guarantee.

Article 349. Unless otherwise agreed, when the debtor is entitled to make partial payments, the guarantee shall be reduced from then and in proportion to the in respect of payments made, if the payment falls on a number of objects or are comfortably divisible by reason of their legal nature, without reducing their value, and provided that the creditor's rights are duly guaranteed.

Article 350.- In the event that the debtor is subject to a court-of-law process, the credits to his office secured by means of a pledge without a transfer of possession shall be enforceable. from the date of the declaration and shall continue to bear the stipulated ordinary interest, to the extent that it reaches the respective guarantee.

Article 351. In the event of the debtor's tender, the goods which are the subject of a non-possession of a holding in the mass may be executed by the creditor. (a) the application, in accordance with the law of the matter, before the judge of the trade contest, which must decree, without further processing, the execution requested.

If there is opposition, the litigation will be resolved by the incidental route. The judgment that the judge dictates, whether there has been a dispute or not, will only be appealed in the effect of the return.

Article 352.- It may be ensured by a non-possession of any obligation, regardless of the preponderant activity to which the debtor is engaged.

Article 353. Any class of rights and movable property may be given in non-possession of possession, except for those who conform to the Law strictly personal of the holder.

Article 354. The pledged assets must be identified individually, by categories of goods or generically.

Article 355. The following movable property may be provided in a garment without the transmission of possession.

I. Those goods and rights that work in the debtor's estate at the time of granting the pledge without transmission of possession, including trade names, trademarks and other rights;

II. Those of a nature equal to or similar to those mentioned in the previous fraction, which the debtor acquires at a later date than the constitution of the garment without the transfer of possession;

III. The goods which are derived as fruits or future products, pending or already obtained, from those mentioned in the previous fractions;

IV. The goods resulting from the processing of the goods mentioned above, and

V. The goods or rights that the debtor receives or is entitled to receive, in payment for the disposal of the pignured goods referred to in this article or as compensation in the event of damage or destruction of such goods.

In the case of goods referred to in fractions III to V, the same shall be automatically included as pignated goods, unless otherwise agreed.

Article 356.- The borrowing debtor, unless otherwise agreed, shall be entitled to:

I. Make use of the pledged goods, as well as combine them with others and use them in the manufacture of other goods, provided that in these last two cases their value does not decrease and the goods produced become part of the guarantee in issue;

II. Perceive and use the fruits and products of the pledged goods, and

III. To dispose of the goods in the normal course of their preponderant activity, in which case they shall cease the effects of the collateral guarantee and the rights of persecution in respect of the acquirers in good faith, the goods being rights that the debtor receives or is entitled to receive in payment for the disposal of the goods.

The right of the debtor to sell or transfer, in the ordinary course of its preponderant activities, the pledged assets shall be extinguished from the moment it receives notification of the initiation of any of the enforcement proceedings against them, as provided for in the Fifth Book, Title Third Bis of the Trade Code. In the event that the pledged assets represent more than 80% of the debtor's assets, the debtor may in the ordinary course of his activities, with the prior authorisation of the Judge or the creditor, as the case may be.

Article 357. (Repeals).

Article 358.- However, the debtor of a garment without a transfer of possession to its creditor all the movable property it uses for the performance of its activities preponderant, the debtor may give other creditors, in the terms provided for in this Section Seventh, the assets that it acquires with the resources of the credit to be granted by the new creditors.

In this case, the first creditor will continue to have a preference for the payment of his credit on all the movable property that the debtor has given him in a garment without a transfer of possession, in front of any. creditor, with the exception of the assets acquired by the debtor with the resources provided by the new creditor, which may serve as a guarantee to the creditor and ensure his preference in payment, in respect of any other creditor of the debtor, including the first creditor.

The exception referred to in this Article shall only be provided for movable property which may be distinguished from the other movable property which the debtor has given in garment to the first creditor.

Article 359.- They may be guaranteed with non-transmission of possession of future obligations, but in this case the guarantee cannot be executed, nor is it awarded to the creditor, without the main obligation becomes enforceable.

Article 360. In case of the respective contract it is established that the pledged assets must be insured for an amount that will cover their value The debtor will have the power to determine the insurance company that will be responsible for it. In that insurance, the creditor must be designated as the beneficiary. Unless otherwise agreed, the insolute balance of the secured credit shall be reduced by an amount equal to the amount of the payment the creditor receives from the insurance institution. In the latter case, if there is any remnant, the creditor must deliver it to the debtor, no later than the third working day following the date on which he receives it.

Article 361.- The debtor may not transfer the possession without prior authorization from the creditor, unless otherwise agreed.

The debtor shall be responsible for the costs necessary for the proper conservation, repair, administration and collection of the goods.

The creditor has the right to require the debtor another pledge or the payment of the debt even before the agreed deadline, if the item given in the garment is lost or is impaired in excess of the limit that to the effect stipulated by the contractors.

Article 362.- The debtor shall be obliged to allow the creditor to inspect the pledged assets for the purpose of determining, as appropriate, his or her weight, quantity and status general conservation. Such inspection shall have the characteristics and extent to which the parties agree.

To be agreed in the contract, if the market value of the goods given in a garment without a transfer of possession decreases in such a way as to cover the amount of the principal and the debt accessories they guarantee, the debtor may give additional goods to restore the original proportion. If not, the credit may be given in advance, once the procedure provided for in the following article has been carried out, with the creditor having to notify the debtor of this judicially or through the debtor. For this purpose, the parties must agree to the extent that such a reduction in the market value is to be suffered, so that the credit can be given in advance.

Article 363. The parties shall designate or agree on the basis for their designation, the responsibility of which shall be to rule, once they have heard both. parties, the updating of the assumptions provided for in Articles 361 and 362.

The parties may designate as a expert for the purposes of this Article, a general warehouse of deposit, as well as entrust to it the guardian and conservation of the goods.

In the absence of the agreement referred to in the first paragraph of this article, the expert shall be appointed by a competent judge at the request of either party.

Article 364.- The creditor is obliged to release the pledge, after the principal, interest and other accessories of the debt are paid in full, to which effect follow the same formalities used for their constitution.

When the creditor does not release the pledge, in accordance with the provisions of the preceding paragraph, it shall compensate the debtor for the damages caused by it, regardless of to release the goods given in garment.

Article 365. The contract establishing the garment without a transfer of possession must be stated in writing and when the amount of the credit it guarantees is equal to or In addition to the equivalent in national currency of two hundred and fifty thousand Investment Units, the parties must ratify their signatures to the holder.

The contract of a garment without a transfer of possession shall be valid from its constitution and the nullity of any of its clauses for violation of the provisions of this law will not produce the nullity of the garment.

If any clause in the contract of a non-possession contract is declared void, the provisions of this law shall be applied in an additional manner.

Article 366.- The non-transmission garment shall have effects against third parties from the date of their registration.

Article 367. Secured creditors with non-possession of a pledge shall receive the principal and the interest of their proceeds from the proceeds of the goods the purpose of such guarantees, with the absolute exclusion of other creditors of the debtor who are not preferred.

The provisions of the preceding paragraph are without prejudice to the preferences that the law corresponds to the labor credits charged by the debtor.

In any case, the liens for labor debits that fall on assets in the possession of the debtor, must be made only on those who cover the amount of the labor credit corresponding.

When the goods covered by the guarantee have been acquired with the product of the guaranteed credit, the ranking established in this article, as regards the goods (a) shall prevail upon the creditors of the claims referred to in the second paragraph of this provision.

Article 367 Bis. In the event that all or part of the goods covered by the guarantee are temporary import goods, in the case of the execution of the garment, the court may authorise the creditor to take account of the debtor, where appropriate in accordance with the customs provisions, for the final importation of the goods for sale of the goods or for the purposes of making them available of the creditor, in which case it must be paid preferably to the public purse with the amount of the sale of the goods, or by the creditor in the event that the goods are at their disposal, the taxes and duties arising from the definitive importation of the goods. In case of sale the remaining amount will be made available to the creditor in the terms of this article.

Article 368.- The garment without possession of possession shall have the precedence referred to in the previous article, from the time of its registration.

The ranking of the new creditors referred to in Article 358 shall not be affected by the registration of their guarantees, after the registration of those securities by means of the which the debtor has granted in guarantee to the other creditor all the movable property that he uses in carrying out his preponderant activities.

Article 369. The warranty on a piece of furniture, in terms of this Section Seventh, has precedence over the mortgage, refactoring or fiduciary, if the latter is registered before the said movable property is adhered, where appropriate, to the immovable property subject to such guarantees, unless there is consent of the creditor of the guarantee would be used for the second guarantee to have prelation over the mobiliaria.

Article 370.- The prelation between the warranties that have not been entered, will be determined by the chronological order of the respective feisty contracts.

Article 371. The garment without transmission of possession, registered in the Single Register of Movable Guarantees, shall be prepated on acts and charges registrable and unregistered and on subsequent recorded acts or charges.

I. (Repeals).

II. (Repeals).

III. (Repeals).

Article 372.- The ranking that is established in favor of the creditors, guaranteed under this Section Seventh, may be modified by agreement signed by the creditor affected.

The new ranking established by the parties will take effect from their registration.

Article 373. An acquirer of bad faith shall mean, for the purposes of Article 356 and 398, any person who acquires, without the consent of the creditor, movable property of the debtor, knowing by any means, including the Single Register of Movable Guarantees, of:

I. The existence of the warranty on such goods; and

II. That the disposal of such goods is outside the normal course of the debtor's preponderant activity.

The enajenations made without the consent referred to in this article will not cause the effects of the guarantee to cease and the creditor will retain the the right to pursue the property in relation to the acquirers, without prejudice to the creditor's request to the debtor to pay the damages caused by such disposal.

Article 374.- The debtor shall be required to request written authorization from the secured creditor, to dispose of in terms of Article 356, the goods subject to the guarantee, to the following people:

I. Natural and moral persons who have direct or indirect control of more than five percent of the securities representative of the debtor's capital; or are subject to a common corporate control with the debtor;

II. The owner and alternate members of the board of directors of the debtor or of the moral persons referred to in the preceding fraction;

III. Spouses and persons who are parentage by consanguinity or affinity up to the second degree, or civil, with the persons mentioned in the above fractions, or with the debtor himself, if this is a natural person, and

IV. Employees, officials and creditors of the debtor

For the purposes of the authorization to be granted by the secured creditor, the creditor will have ten calendar days to do so; if not, it will be tacitly understood in favour of the debtor.

The enajenations performed without the authorization referred to in this article will be null, so the effects of the guarantee and the creditor will not cease retain the right to pursue the property in relation to the acquirers; without prejudice to the creditor's request to the debtor to pay the damages caused by such disposal.

Likewise, it may be provided in the respective contract that, if the term of the credit is to be carried out in contravention of the provisions of this article, the term of the credit shall be due early.

For the purposes of the above fraction I mean by corporate control the ability of a person or group of persons to carry out any of the acts following:

a) Impose, directly or indirectly, decisions at the general meetings of shareholders, partners or equivalent bodies, or appoint or remove the majority of members, administrators or their equivalents, of a moral person.

b) Direct, directly or indirectly, the administration, strategy, or principal policies of a moral person, either through the property of securities, by contract or in any other way.

Article 375.- The actions of the secured creditors under this Section Seventh, they prescribe in three years, counted since the guaranteed obligation could be required.

Article 376. Acts in which the constitution, modification, extinction, assignment and court decisions on cancellation of the garment are recorded without transmission of possession as referred to in this Section Seventh, must be entered in the Single Section of the Single Register of Commercial Guarantees of the Public Registry of Commerce or, in the cases where applicable, in the special register corresponding to the according to their nature.

Article 377. (Repeals).

Article 378.- In the case of guaranteed obligations the amount of which is determinable at the time of the performance of the guarantee, it shall be recorded even if the maximum amount guaranteed by the charge is not fixed.

Item 379.- Repeals.

Article 380.- To which, having the material possession of the goods subject to guarantees granted by means of a non-transfer of the possession, even the creditor, transmit in terms other than those provided for in the law, serious or affecting the property or possession thereof, its components or wear and tear outside its normal use or for some reason intentionally diminish the value thereof, shall be punished with prison for up to one year and a fine of one hundred times the daily minimum wage in the Federal District, where the amount of the guarantee does not exceed two hundred times the equivalent of that salary.

If that amount exceeds this amount, but not ten thousand, the prison will be one to six years and the fine of one hundred and eighty times the daily minimum daily wage in the Federal District. If the amount is greater than the equivalent of ten thousand days of such salary, the prison will be six to twelve years and the fine of one hundred and twenty times the daily minimum daily wage in force in the Federal District.

CHAPTER V

First Section

The trust

Article 381.- Under the trust, the trustee transmits to a trust institution the ownership or ownership of one or more assets or rights, as the case may be, to be intended for lawful and determined purposes, by entrusting the performance of such purposes to the trust institution itself.

Article 382.- People who have the necessary capacity to receive the benefit that the trust implies can be trustees.

The trustee may be appointed by the trustee in the act establishing the trust or in a later act.

The trust will be valid even if it is constituted without a trustee, provided that its purpose is lawful and determined, and the trust is accepted by the trustee.

The institutions referred to in Article 385 of this Law will be able to collect the quality of trust and trust only in the case of trusts with end serve as payment instruments in your favor. In this case, the parties shall agree to the terms and conditions for settling possible conflicts of interest, for which they may appoint an executor or instructor, who may be a fiduciary institution or any third party, in order to determine the performance or breach of the contract for the sole purpose of initiating the enforcement procedure and for the purposes of the trust to be met in respect of the application of the assets to the trust as a source of payment obligations arising from credits granted by the institution itself.

In any case, the executor or instructor shall perform his duties in the name and representation of the trustee, but without being subject to his instructions, acting at all times in accordance with the terms of the contract and applicable law and acting independently and impartially in respect of the interests of the trustee and trustee.

For the purposes of the preceding paragraph, independence and impartiality shall be presumed to be in the performance of the contract, where the securities representative of the share capital, as the purchases and revenues of the last financial year or of the one in the course of the executor or instructor, are not linked to any of the parts of the trust by more than ten percent.

Article 383.- The settlor may designate several trustees to simultaneously or successively receive the benefit of the trust, except for the case of fraction II of the Article 394.

When two or more trustees are to be consulted and their will be consulted, as soon as the trust is not provided, the decisions will be taken by a majority of votes. representations and not by people. In the event of a tie, the judge of first instance of the place of domicile of the trustee shall decide.

Article 384.- Only persons with the capacity to transmit the ownership or ownership of the assets or rights that are the object of the trust, as the case may be, as well as the authorities may be judicial or administrative competent to do so.

Article 385.- You may only be fiduciary institutions expressly authorized to do so in accordance with the law.

In the trust, several fiduciary institutions will be able to intervene to jointly or successively perform the fiduciary charge, establishing the order and the conditions in which have to be replaced.

Except as provided for in the trust, when the fiduciary institution's resignation or removal concludes the performance of its position, it must be designated to another trust institution that the trust institution will substitute. If this substitution is not possible, the trust shall be extinguished.

Article 386.- All classes of goods and rights may be the subject of the trust, except those which, in accordance with the law, are strictly personal to the holder.

The assets to be held in escrow shall be considered to be affected at the end of which they are intended and, consequently, only the rights and actions referred to above may be exercised in respect of them. the purpose is to refer to, except those expressly reserved by the trustee, those for the purpose of deriving from the trust itself or those acquired legally in respect of such assets, prior to the formation of the trust, by the trustee or by third parties. The trust institution shall record such assets or rights and keep them separately from their free-availability assets.

The trust constituted in third-party fraud, may at all times be attacked for nullity by the interested parties.

Article 387.- The trust's constitution must always be written in writing.

Article 388.- The trust whose object is to be placed in real estate must be entered in the Property Section of the Public Registry of the place where the goods are located. The trust will have effects against third parties, in the case of this article, from the date of registration in the Register.

Article 389. The trust whose object is to be placed on movable property shall have effect against third party from the date of its registration in the Single Section of the Register Sole of the Public Registry of Commerce.

I. (Repeals).

II. (Repeals).

III. (Repeals).

Article 390.- The trustee shall have, in addition to the rights granted to him by virtue of the act establishing the trust, that of requiring its compliance with the institution (a) to attack the validity of acts committed by the latter to their detriment, in bad faith or in excess of the powers which, by virtue of the constitutive act or the law, correspond to him, and where appropriate, that of claiming the goods which he or she consequence of those acts have come out of the estate under the trust.

Where there is no specific trustee or where the trustee is unable, the rights referred to in the preceding paragraph shall correspond to the rights of the parental authority, the guardian or the Public Ministry, as the case may be.

Article 391.- The trust institution shall have all the rights and actions required for the trust's compliance, except for the rules or limitations that establish the effect of the establishment itself; it shall be obliged to comply with that trust in accordance with the constituent act; it may not excuse or waive its order but for serious reasons in the judgment of a Judge of First Instance of the place of his home, and he must always act as a good father, being responsible for the losses or detract from the fact that the goods suffer because of their guilt.

Article 392.- The trust is extinguished:

I.- By the realization of the end for which it was constituted;

II.- For making this impossible;

III.- By making it impossible to comply with the suspenseful condition that it depends or has not been verified within the term stated when the trust is constituted or, in its defect, within 20 years of its constitution;

IV.- Because the resolutive condition to which it is subject has been met;

V. By written agreement between the trustee, trustee and trustee;

VI. By revocation made by the trustee, when the latter has expressly reserved that right to constitute the trust;

VII. In the case of the end paragraph of article 386, and

VIII. In the case of article 392 Bis.

Article 392 Bis.- On the assumption that the trust institution has not been covered by the due consideration, in the terms set out in the contract For a period equal to or greater than three years, the trust institution may terminate, without liability, the trust.

In the case referred to in the preceding paragraph, the trust institution shall notify the trustee and the trustee of its decision to terminate the trust due to non-payment of the consideration due for its performance as a trustee and to establish a period of fifteen working days for the same to cover the debits, as appropriate. If, on the expiry of that period, no due consideration has been given, the trust institution shall transmit the goods or rights in its possession under the trust, the trustee or the trustee, corresponds. At the event that, after reasonable efforts, the trust institution cannot find or have no news from the trustee or trustee for the purposes of the foregoing and provided that the time limit has elapsed without having received the the corresponding consideration shall be entitled to pay the goods, where the goods are treated as liquid resources between the available options which maximise the recovery, to the overall account of the institution referred to in the Article 61 of the Law on Credit Institutions, in which case the aforementioned resources are subject to the provisions applicable to the said global account. In the case of goods other than liquid resources, the trust institution, without any liability, shall be entitled to dispose of the same and convert them into liquid resources, for later payment in the global account indicated. Against the liquid resources to be obtained, recovery related expenses may be deducted.

For the purposes of this article it is understood that reasonable efforts were made by the trust institution when the notification procedure is observed provided for in Article 1070 of the Trade Code.

Article 393.- Extinguished the trust, if not otherwise agreed, the assets or rights held by the trust institution shall be transmitted to the trustee, as appropriate. In case of doubt or opposition in respect of such transmission, the judge of first instance competent at the place of the domicile of the trust institution, hearing the parties, shall resolve the conduct.

In order for the aforementioned transmission to have effects in the case of real estate or real rights imposed on them, the institution would be sufficient to express it and to a declaration is entered in the Public Registry of the Property in which it has been registered.

The trust institutions will indemnify the trustees for the acts of bad faith or in excess of the powers that correspond to them for the execution of the trust, by virtue of the

a) the provisions of Article 1 (1) of Regulation (EU)

Item 394.- Forbidden are prohibited:

I.- The secret trusts;

II.- Those in which the benefit is granted to a number of persons successively who are to be replaced by the death of the former, except where the substitution is For persons who are alive or already conceived, to the death of the person who is in existence; and

III. Those whose duration is greater than fifty years, when a moral person who is not a public right or charitable institution is designated as a beneficiary. However, they may be longer than fifty years when the end of the trust is the maintenance of museums of a scientific or artistic nature that are not for profit.

Section Second

From the warranty trust

Article 395.- They may only act as trustees of the trusts that are intended to guarantee the trustee the fulfilment of an obligation and their preference in payment, provided for in this Section II, the following institutions and companies:

I.       Credit institutions;

II.      Insurance institutions;

III. Fiance Institutions;

IV.     Bag houses;

V.        Multiple-Object Financial Societies that have an existing record before the National Commission for the Protection and Defense of Financial Services Users;

VI.      General warehouse stores;

VII.     Credit Unions, and

VIII.   Operating companies of investment funds that meet the requirements of the Investment Funds Act.

The fiduciary institutions referred to in Sections II to IV and VI of this Article shall be subject to the provisions of Article 85 Bis of the Law of Institutions of Credit.

Article 396.- The institutions and companies referred to in the previous article may collect the quality of fiduciary and other trusts, in the case of trusts whose purpose is guarantee obligations in your favour.   In this case, the parties must agree to the terms and conditions for settling possible conflicts of interest.

For this purpose, the parties may appoint an executor or instructor, who may be a fiduciary institution or any third party, to determine compliance or breach of the contract for the sole purpose of initiating the enforcement procedure and in order to fulfil the purposes of the trust in respect of the performance and application of the guarantee, on the basis of the fact that the obligation is not fulfilled guaranteed.

In any case, the executor or instructor shall perform his duties in the name and representation of the trustee, but without being subject to his instructions, acting at all times in accordance with the terms of the contract and applicable law and acting independently and impartially in respect of the interests of the trustee and trustee.

For the purposes of the preceding paragraph, independence and impartiality shall be presumed to be in the performance of the contract or performance of the guarantee, where the representative titles of the share capital, as well as the purchases and revenues of the last financial year or of which the executor or instructor is in progress, are not linked to any of the parts of the secured credit by more than ten per cent.

Article 397. When it is pointed out, the same trust may be used to simultaneously or successively guarantee different obligations that the Member of the European Parliament or of the Court of the European Parliament or of the Court of the European

.

In this case, each trustee will be required to notify the trust institution when the obligation to do so is extinguished, in which case they will be without effects the rights that are derived from the trust. The notification shall be delivered by public purse no later than five working days following the date on which the payment is received.

In the case of trusts with successive and non-simultaneous trustees, from the moment the trustee receives the said notification, the trustee may appoint a new trustee or express to the trust institution that the purpose for which the trust was established has been completed.

The trustee who does not timely deliver to the trustee the notification referred to in this article will compensate the other trustees, if any, and the It is a matter of the damage and damage caused to them.

Article 398.- Dealing with warranty trusts on movable property, the parties may agree that he or the trustees shall be entitled to:

I. Make use of the fideicomitting goods, combine them or employ them in the manufacture of other goods, provided that in these last two assumptions their value does not decrease and the goods produced become part of the trust trust in issue;

II. Perceive and use the fruits and products of the fideicomitides, and

III. To instruct the trustee to dispose of the fideicomitides, without responsibility for it, as long as such disposal is in accordance with the trust contract and the normal course of the activities of the trustee. In such cases, the effects of the fiduciary guarantee and the rights of persecution in relation to the acquirers of good faith shall cease, with the trust assigned to the trust the goods or rights that the trustee receives or has the right to receive in payment for the disposal of the goods concerned.

The right of the person or the trustees to instruct the trustee to dispose of the movable property of the trust in accordance with the preceding paragraph shall be extinguished. as soon as the procedure provided for in Article 403 of this Law is initiated, or where the trustee is aware of the initiation of any of the implementing procedures provided for in the Fifth Title of the Third Trade Code.

Sections I and II referred to above shall apply only to collateral trusts in which the debtor or a third party retains ownership over the movable property.

Article 399. For the purposes of the foregoing article, the parties may agree since the trust is established:

I. Where appropriate, the places where the fideicomitting goods are to be found;

II. The minimum consideration to be received by the trustee for the sale or transfer of the fideicomitting movable property;

III. The person or persons to whom the trustee, on instructions from the trustee, may sell or transfer such goods, may, where appropriate, indicate the characteristics or categories that permit identification, as well as the destination that the fiduciary must give the money, goods or rights it receives in payment;

IV. The information that the trustee must provide to the trustee on the transformation, sale or transfer of the said goods;

V. How to value the fideicomitting assets, and

VI. The terms on which the agreed upon review will be agreed upon, in the event that the goods or goods given as collateral increase their value.

In the event of non-compliance with the agreements concluded on the basis of this article, the credit secured by the trust may be declared due in advance by the secured creditor.

Article 400.- The parties may agree that the possession of assets in trust is held by third parties or by the trustee.

Where the material possession of the fideicomite goods corresponds to the supplier or a third party, it shall have it as a deposit and shall be obliged to keep them as if they were (a) they shall not be used for a different purpose than that which has been agreed upon and in response to the damage caused to third parties by making use of them. Such liability may not be required of the trustee.

In this case, the costs necessary for the proper conservation, repair, administration and collection of the fideicomite assets will be on behalf of the company.

If fideicomite assets are lost or deteriorate, the trustee has the right to require the issuer, when the latter is the debtor of the guaranteed obligation, to transmit the in trust of other goods or the payment of the debt even before the agreed deadline.

Article 401. Unless otherwise agreed, the risks of loss, damage, or impairment of the value of the fideicomitting assets are borne by the party that is in possession of the same, allowing the other parties to inspect them for the purpose of verifying, as appropriate, their weight, quantity and overall conservation status.

If this is the case in the contract, if the market value of the fideicomipid goods decreases in such a way that it is not sufficient to cover the amount of the principal and the accessories of the debt which guarantee, the debtor may give additional goods to restore the original proportion. If not, the credit may be given up in advance, with the creditor having to notify the debtor of it judicially or through the debtor.

Article 402.- In the event of non-compliance with the guaranteed obligation, if the depositary refuses to return the assets deposited to the trustee, the refund shall be processed by compliance with the provisions of the Third Title Book of the Trade Code.

Article 403. In the guarantee trust, the parties may agree to the way the trust institution will proceed to dispose of it, by way of onerous, the goods or rights in trust, being able in any case to agree the following:

I. That the trust institution initiate the procedure for the extra-judicial disposal of the goods or rights in trust, when it receives from the or the trustees written communication in which they request the aforementioned disposal and the failure to comply with the guaranteed obligations;

II. That the trust institution communicates in writing to the or the parties at the address indicated in the trust or at a later date, the application provided for in the previous fraction, together with a copy thereof, who may only object to the disposal, if they exhibit the amount of the debit, credit the fulfilment of the obligations specified in the application by the or the trustees in accordance with the previous fraction, or present the document that establishes the extension of the period or the novation of the obligation;

III. That only in the event that he or the creditors do not credit, in accordance with the provisions of the previous section, the fulfilment of the guaranteed obligations or, where appropriate, their novation or extension, the trust institution shall proceed to (e) to dispose of the goods or rights in an extra-judicial manner, in the terms and conditions agreed upon in the trust, and

IV. The time limits for carrying out the acts mentioned in the previous fractions.

The text containing the out-of-court settlement agreement referred to in this article must be included in a special section of the escrow trust, which will have the signature of the trustee, which shall be additional to that with which the trust has subscribed.

In the absence of the agreement provided for in this article, the procedures laid down in the Fifth Title Third Title of the Trade Code for the realization of the following acts:

a) The disposal of the assets in trust that the trustee must carry out in their case, or

b) The prosecution of the trial that is promoted to oppose the execution of the trust.

Article 404. The warranty trust must be entered in writing. In the case of trusts whose object is to be placed on immovable property, it must be recorded in public deed and entered in the public register of the property concerned.

Where the assets of the guarantee trust are placed on movable property and are equal to or greater than the equivalent in national currency to two hundred and fifty thousand Investment units, the parties must ratify their signatures to the public purse.

The guarantee trust contract will be valid from its constitution and the nullity of any of its clauses for contravention of the provisions of this law. will produce the trust's nullity.

If any clause in the warranty trust contract is declared void, the provisions of this law will apply.

Article 405.- Shares of secured creditors with collateral are prescribed in three years from the date on which the obligation has been due. guaranteed. In this case the right to ask for its compliance shall be extinguished and the property of the goods covered by the guarantee shall be reversed to the estate of the trustee.

Article 406.- Al who has the material possession of the goods subject to guarantees granted by guarantee trust to transmit, grave or affect the property or possession of the same, in terms other than those provided for in law, subtract their components or wear out from their normal use or for some reason intentionally diminish the value thereof, will be punished with imprisonment for up to one year and a fine of one hundred times the daily minimum daily wage in the Federal District, when the amount of the guarantee does not exceed the equivalent of two hundred times that salary.

If that amount exceeds this amount, but not ten thousand, the prison will be one to six years and the fine of one hundred and eighty times the daily minimum daily wage in the Federal District. If the amount is greater than ten thousand times of that salary, the prison will be six to twelve years and the fine of one hundred and twenty times the daily minimum daily wage in force in the Federal District.

Article 407.- The warranty trust shall be governed by the provisions of this section and, only in so far as it is not opposed, in the first section above.

CHAPTER VI

Financial lease

Article 408.- By virtue of the lease agreement, the lessor undertakes to acquire certain goods and to grant their use or temporary enjoyment, to (a) to the lessee, who may be a natural or a moral person, obliging the lessee to pay as consideration, which shall be settled in partial payments, as appropriate, a sum in determined or determinable money, covering the value of purchase of goods, financial charges and other accessories as provided for, and to adopt at the expiration of the contract any of the terminal options referred to in Article 410 of this Law.

Financial leasing contracts must be awarded in writing and must be entered in the Single Section of the Single Register of Movable Guarantees of the Registry Public of Commerce, in the electronic form of the lessor and the tenant, in order to have effects against third parties, without prejudice to other special registers that the laws determine.

In the case of leasing contracts where the delivery of advances by the lessor to suppliers, manufacturers or builders of the the goods covered by such contracts which, by their nature, location or production process, are not delivered at the time their price is paid or part thereof, the lessee shall be obliged to pay the lessor a sum of money, determined or determinable, which will cover only the value of the loads financial and other accessories of the advances until the good in question is delivered, a condition which must be contained in the lease agreement.

In the case referred to in the preceding paragraph, the parties shall agree on the period during which the advances shall be delivered, after which the lessee must cover them in the lease with the characteristics and conditions agreed in the relevant contract.

Article 409.- He or the promissory notes that the tenant grants to the landlord's order, for the total amount of the price agreed, by concept of global income, not may have a maturity after the term of the lease and must be entered in such documents in such a way as to be sufficiently identified. The transfer of these securities, in any event, implies the transfer of the corresponding share of the rights deriving from the lease and other ancillary rights in the proportion that they correspond to.

The subscription and delivery of these receivables will not be considered as payment for consideration or for their bias.

Article 410.- At the end of the term of the contract expiration or when the parties agree to their anticipated maturity and once all the obligations, the tenant must take any of the following terminal options:

I.     The purchase of the goods at a price below their acquisition value, which will be fixed in the contract. In case it has not been fixed, the price must be less than the market value at the date of purchase, in accordance with the bases to be established in the contract;

II.   To extend the time limit for continuing the use or temporary enjoyment, paying a lower income than the periodic payments it had made, in accordance with the bases to be established in the contract; and

III. To participate with the landlord in the price of the sale of the goods to a third party, in the proportions and terms that are agreed in the contract.

Where, in the contract, the tenant's obligation to adopt in advance any of the above options is appropriate, the lessee shall be liable for damages and damages in the event of non-compliance. The lessor shall not object to the exercise of that option.

If in the terms of the contract, the lessee is entitled to adopt the terminal option at the end of the mandatory period, the latter must notify in writing to the lessor, at least one month in advance of the expiration of the contract, which of them is to be adopted, in response to damages in case of omission, regardless of what is necessary in the contract.

Article 411.- In financial leasing contracts where the material delivery of the goods is provided directly to the tenant by the supplier, manufacturer or manufacturer, on the dates previously agreed, the lessee shall be obliged to give proof of receipt of the goods to the lessor. Unless otherwise agreed, the obligation to pay the price of the lease is initiated on the basis of the signature of the contract, even if the material delivery of the goods subject to the lease has not been made.

In the cases referred to in the preceding paragraph, the lessor shall be obliged to provide the lessee with the documents necessary for it to be entitled to end of receiving them directly.

Article 412.- Unless otherwise agreed, the lessee is obliged to keep the goods in the state which permits the normal use which corresponds to them, to give the maintenance necessary for this purpose and, consequently, to make on its own the necessary repairs, as well as to acquire the necessary refactions and implements, as appropriate in the contract. Such refs, implements and goods which are added to those which are the subject of the lease, shall be considered as incorporated therein and, consequently, subject to the terms of the contract.

The tenant must use the goods only for the agreed use, or according to the nature and destiny of these, being responsible for the damages suffer from giving them another use, or because of their fault or negligence, or that of their employees or third parties.

Article 413.- The tenant must select the supplier, manufacturer or builder and authorize the terms, conditions and specifications to be contained in the order or purchase order, identifying and describing the goods to be purchased.

The lessor shall not be liable for any error or omission in the description of the goods that are the subject of the lease contained in the order or purchase order. The signing of the lessee in any of the latter documents implies, among other effects, its conformity with the terms, conditions, descriptions and specifications, provided therein.

Article 414.- Unless otherwise agreed, they are at the risk of the tenant:

I.     The hidden defects or defects of the goods that prevent their partial or total use. In this case, the lessor shall transmit to the tenant the rights that as a buyer have, for the tenant to exercise against the seller, or legitimize it so that the tenant in its representation exercises those rights;

II.   The partial or total loss of the goods, even if this is caused by force majeure or fortuitous case; and

III. In general, all risks, losses, theft, destruction or damage suffered by the assets given in financial leasing.

In the face of the given eventualities, the lessee is not released from the payment of the consideration, and must cover it in the form that has been agreed upon in the contract.

Article 415.- In cases of dispossession, disturbance or any act of third parties, affecting the use or enjoyment of the goods, the possession of the goods or the property, the tenant has an obligation to perform the actions that correspond to recover the goods or to defend the use or enjoyment of the same. It shall also be obliged to exercise the defenses which it shall proceed, when it mediates any act or resolution of authority affecting the possession or ownership of the goods.

When any of these eventualities occur, the lessee must notify the lessor, no later than the third working day following the one with knowledge of these eventualities, being liable for damages, if there is omission. The lessor, in the event that the actions or defenses are not carried out or are not properly exercised, or in order to suit his interests, may directly exercise such actions or defenses, without prejudice to those made by the lessee.

The lessor shall be obliged to legitimize the tenant so that, in his representation, he exercises such actions or defenses, when necessary.

Article 416.- The landlord, to request in the application or during the trial the possession of the goods subject to the financial lease, upon being required an obligation and, in the event of the lessee's failure to comply with the obligations laid down in the contract, must accompany the duly ratified contract to the public purse. Once the possession has been enacted, the lessor shall be entitled to give or dispose of the assets in financial leasing to third parties.

Article 417.- The insurance or guarantee that comes to be agreed in the lease agreements shall cover, in the terms that are agreed, at least, the risks of construction, transportation, reception and installation, according to the nature of the goods, the damage or losses of the property themselves, on the occasion of their possession and use, as well as the civil and professional responsibilities of any nature, which may be caused by the exploitation or enjoyment of the own property, in the case of goods which may cause damage to third parties, their persons or property.

In the contracts or documents on which the guarantee is lodged, it must be noted as the first beneficiary to the lessor so that, first of all, the amount of the (a) compensation shall be paid to the outstanding balances of the agreed obligation, or the liabilities to which it is liable as the owner of the goods. If the amount of compensation paid does not cover such balances or liabilities, the tenant shall be obliged to pay the missing persons.

Article 418.- Insurance premiums and expenses shall be on behalf of the tenant, even if the landlord proceeds to hire the insurance to which he refers the previous article if it is the case that it has been agreed that the insurance must be hired by the lessee and the lessee will not make the respective hiring within three days of the conclusion of the contract. The above, without prejudice to the fact that this omission is currently being considered as a cause of termination.

CHAPTER VII

Financial Factorage

Article 419.- By virtue of the factoring contract, the factorant agrees with the factorate, who may be a natural or moral person, to acquire rights of credit that the latter has in his favour for a certain or determinable price, in national or foreign currency, regardless of the date and the way in which it is paid, it being possible to agree on any of the following:

I.     The fact that the factorate is not obliged to answer for the payment of the credit rights transmitted to the factorant; or

II.   The fact that the factor is jointly and severally obliged to the debtor to respond to the timely and timely payment of the credit rights transmitted to the factoring.

The administration and collection of the credit rights, which are the subject of the factoring contracts, must be carried out by the factorant or by a third party to whom the delegated the same, in terms of Article 430.

All credit rights may be transmitted through a financial factoring contract, without the consent of the debtor, unless the transfer is prohibited by law, does not permit the nature of the right or in the documents in which the rights to be acquired have been expressly agreed that they cannot be the subject of a factoring operation.

The debtor cannot claim against the third party that the right could not be transmitted through a financial factoring contract because that was agreed, when that the convention does not consist of the title constitutive of the right.

Article 420.- The factorant, when concluding contracts with debtors of credit rights constituted in favor of suppliers of goods or services, shall expressly stipulate whether to undertake to acquire such credit rights in the event of acceptance by the suppliers themselves.

Dealing with contracts of promise of factoring in which the delivery of advances to the factor is appropriate, this one will be obliged to pay a quantity of money determined or determinable which shall cover the value of the financial charges and other accessories of the advances as long as the credit claims are transmitted by the conclusion of the relevant factoring contract, condition to be contained in the factoring promise contract financial. In this case, the time limit for advances must be agreed, after which the financial factoring contract must be awarded.

Article 421.- May be the subject of the factoring contract, any credit claim denominated in national or foreign currency that is documented in invoices, counter-receipts, receivables, data messages, in the terms of Title II of the Second Book of the Code of Commerce, or any other documents, that credit the existence of such credit rights.

Article 422.- Factorados will be required to ensure the existence and legitimacy of the credit rights under the factoring contract, at the time of the contract is to be concluded, irrespective of the obligation which, if any, contract in accordance with Article 419 of this Law.

Article 423.- Factorates shall be liable to the detriment of the value of the credit rights under the financial factoring contracts, which are a consequence of the legal act which gave rise to them, with the exception of those documented in credit claims and even where the factoring contract has been concluded in terms of Article 419 (I

.

If the legal act that gave rise to the rights of credit is derived returns, the corresponding goods will be delivered to the factorship, except pact to the contrary.

Article 424.- Only in the financial factoring operations referred to in Article 419, part II, the factorings may subscribe to the order of the (a) the total amount of the obligations assumed by them, in which case it shall be stated in those credit certificates that they are of origin, in such a way as to be sufficiently identified. These promissory notes will be non-negotiable, in the terms of Article 25 of this Law.

The subscription and delivery of such promissory notes shall not be considered as payment or payment of the obligations that they document.

Article 425.- In the operations of financial factoring the transmission of the credit rights includes that of all the ancillary rights to them, except pact to the contrary.

Article 426. The transmission of credit rights made on the occasion of a financial factoring operation shall have effects vis-à-vis third parties, from the date of has been entered in the Single Section of the Single Register of Commercial Guarantees of the Public Registry of Commerce, without the need for it to be granted to the public purse.

Article 427.- The factorant shall notify the respective debtor of the transmission of the credit rights under a financial factoring contract, except in the case of factoring in which the facttorate is granted a mandate for payment or the latter is granted the power to carry out the collection of the corresponding claim. The notification shall be made through any of the following:

I.     Delivery of the document (s) or proof of the right of credit on which the stamp or legend is established regarding the transmission and acknowledgement of receipt by the debtor by means of a password, a counter-receipt or any other unequivocal sign of receipt;

II.   Communication by registered mail with acknowledgement of receipt, telegram, telex or telefacsimile, password that leaves evidence of receipt by the debtor;

III. Notification by public fedatary; and

IV.   Data messages, in the terms of the Second Title of the Second Book of the Commerce Code.

In the case of notifications to have effects abroad, the factor may be made by means of the means indicated in the preceding fractions of this article or by courier with acknowledgement of receipt or by means established in accordance with the provisions of the international treaties or agreements signed by the United Mexican States.

The notifications shall take effect on the working day following the day on which they were made and, in practice, the person concerned shall be provided with a copy of the notify.

In the cases indicated, the notification must be made at the debtor's domicile, and may be made with his legal representative or any of his or her dependents or employees. Any personal notification, carried out with whom it is to be understood, shall be legally valid even if it is not carried out at the respective address.

For the purposes of the notification referred to in the preceding paragraph, the debtor's address shall be that which is indicated in the documents in which the rights of The amount of the credit risk. As regards the place of notification, the provisions of the Trade Code shall be provided when the notification is made by means of a data message in terms of such an arrangement.

In the case of companies in liquidation where several liquidators have been appointed, the notifications or proceedings to be made with those liquidators may be be validly practiced with any of these.

The notification shall be made when the debtors are issued with a password, stamp or any sign that they have received it by any of the means specified in the Article. In addition, the payment made by the debtor or his legal representative to the factorant shall have the effect of notification in form from the date on which such payment is made.

Article 428.- The debtor of the credit rights transmitted by virtue of a financial factoring operation, while the debtor has not been notified of the transmission in terms of the previous article, releases its obligation to the payment that makes the original creditor or who has been the last holder of those rights prior to the factoring, as appropriate. On the other hand, the payment which, after receiving the notification referred to in the preceding article, makes the debtor to the original creditor or to the person who was the last holder of those rights prior to the factoring, as appropriate, does not release it before the factorant itself.

Article 429.- When the factorant of the item of the acquired rights, such guarantee shall be constituted and formalized by contract to be recorded by written, a depositary of the relevant documents may be appointed.

Article 430.- The person who has been granted a mandate for the administration and collection of the credit rights that are the subject of a factoring operation (a) Financial or otherwise granted the right to carry out such acts shall be required to deliver to the factorant the amounts paid to him under the charge he makes, within a time limit which he may not exceed ten working days counted from the date on which such a charge is made.

In the financial factoring contract the relationship of the credit rights that are transmitted shall be included. The relationship shall include at least the names, names, or social reasons of the factate and the debtors, as well as the data necessary to identify the documents to be covered by the credit claims, their corresponding amounts and their due dates.

In case the factorant agrees with the factorate that it will be able to carry out inspection visits at the premises of the persons to whom the power has been conferred (a) to carry out the administration and collection of the credit rights which are the subject of the financial factor, the contract shall be expressly provided for in the contract for the purposes of the visits and the obligation of the (i) to put up minutes in which the procedure used and the results of the the same. Any visit made in violation of the agreed upon as previously provided by this paragraph shall be void.

Article 431.- The factorant may transmit to a third party the credit rights which are the subject of the corresponding financial factoring contract it has concluded, for which it shall be subject to the provisions applicable to such transmission.

Title Third

From Crimes in Matter of Titles and Credit Operations

Single Chapter

Article 432.- It will be punishable by imprisonment of three to nine years and fine of thirty thousand to three hundred thousand days fine, to which without legitimate cause or without consent of who is empowered to do so, in respect of service cards, credit cards or in general, instruments used in the payment system, for the purchase of goods and services, issued at home or abroad, by commercial entities not banking:

I.      Produce, manufacture, reproduce, enter the country, print, dispose, even free of charge, trade or alter, any of the objects referred to in the first paragraph of this article;

II.    Acquire, possess, hold, use or distribute any of the objects referred to in the first paragraph of this article;

III.   Obtain, market or use the information about clients, accounts, or operations of the issuing entities of any of the objects referred to in the first paragraph of this article;

IV.    Alter, copy or reproduce the magnetic stripe or electronic identification means, optical or any other technology, of any of the objects referred to in the first paragraph of this article;

V.     Subtract, copy, or reproduce information contained in any of the objects referred to in the first paragraph of this article, or

VI.    Possess, acquire, use or commercialize electronic, optical or any other technology to subtract, copy or reproduce information contained in any of the objects referred to in the first paragraph of this Article, for the purpose of obtaining economic resources, confidential or reserved information.

For the purposes of this chapter, it is understood by service cards, cards issued by non-bank commercial companies, through a contract that regulates the use of the same, by means of which, the users of the cards, whether natural or moral persons, may use them for the purchase of goods or services in establishments affiliated to the issuing commercial enterprise.

Article 433.- It shall be punishable by imprisonment of three to nine years and fine of thirty thousand to three hundred thousand days fine, to which it possesses, acquires, uses, commercializes or distribute, any of the objects referred to in the first paragraph of Article 432 of this Law, knowing that they are altered or falsified.

Article 434.- It will be punishable by imprisonment of three to nine years and fine of thirty thousand to three hundred thousand days fine, to which without legitimate cause or without consent of who is empowered to do so:

I.      Access to electronic, optical or any other technology of the issuing entities of any of the objects referred to in the first paragraph of Article 432 of this Law, to obtain economic resources, confidential or reserved information, or

II.    Alter or modify the operating mechanism of electronic, optical or other electronic equipment or media for the provision of cash that is used by payment system users to obtain resources economic, confidential or reserved information.

Article 435.- The appropriate penalty may be increased by up to one half, if any of the conduct referred to in Articles 432, 433 and 434 of this Law, it has the character of an adviser, official, employee or service provider of any entity issuing the objects referred to in the first paragraph of Article 432, or to carry them out within two years of have been separated from any of those charges, or is an owner or employee of any trading entity that in exchange for goods or services receives as consideration the payment through any of the instruments referred to in Article 432.

TRANSIENT

Article First.- This Law will take effect on September 15, 1932.

Article Second.- The legal effects of the events prior to their validity shall be governed by it, provided that their application is not retroactive.

Accordingly:

I.- The intrinsic conditions and requirements necessary for the validity of the titles and the acts and contracts prior to 15 September 1932 shall be governed by the laws according to which the former were granted or issued, and executed or concluded the latter;

II.- By the same laws, the rights and obligations arising from those securities, acts and contracts shall continue to be governed, except as provided for in the following fractions:

III.- The admissibility and strength of the preformed evidence and the effects of the legal presumptions relating to the titles, acts and contracts referred to shall be governed by the law in force when the legal relationship was formed or the fact that they are the subject of the first and serve as a basis for the latter;

IV.- The civil liability in which persons who intervene in the titles, acts and contracts before them may incur, shall be governed by the laws in force at the time when the fact that that results took place;

V.- The actions arising out of the titles, acts or contracts mentioned shall be prescribed and shall lapse in the terms of this Law. The period in which the act or due diligence is to be carried out, or the requirement or formality of the omission of which is the expiry of the action, shall be counted from the date on which this law enters into force, where the time limit has begun to run and not has been concluded on that date. It must be counted as part of the term of the prescription, the time usefully passed under the law that is open or repeals; but in no case shall the action be extinguished by prescription before March 15, 1933;

VI.- Actions, procedural exceptions and procedural acts concerning the titles, acts and contracts of which the previous fractions speak shall be governed by the laws of the in force at the time the first is exercised, the latter are proposed and the latter are practised, and the defendant must not therefore be recognised as having his signature, in order to be executed against him, in the case of documents for which this law does not require such a requirement, provided that the car of exequendo is issued after the same takes effect.

Article Third.- Articles 337, 339, 340 to 357, 365 to 370, 449 to 575, 605 to 634 and 1,044, fraction I, of the Trade Code of 15 September 1889, and the Laws of 29 November 1897 and the Laws of 29 November 1897 are hereby repealed. of 4 June 1902.

All other laws and provisions that are opposed to the present shall be repealed.

In compliance with the provisions of Article 89 of the Political Constitution of the United Mexican States and for their publication and observance, this law has been enacted. at the residence of the Federal Executive Branch, in Mexico City, at the twenty-six days of the month of August of a thousand nine hundred and thirty-two.- P. Ortiz Rubio.-Heading.-The Secretary of State and the Office of Finance and Public Credit, A. J, Pani.-Heading.-The Secretary of State and the Office of Industry, Commerce and Labor, Primo Villa Michel.-Heading.-Al C. Secretary of Government.-Present.

What I communicate to you for publication and other purposes.

Effective Suffrage. No Re-election.

Mexico, D. F., on August 26, 1932.-The Secretary of the Interior, Juan José Rios.-Heading.


DECREE for which various provisions of the Code of Commerce, of the General Law of Companies, of the Law of the The Law of Mutual Funds, the General Law of Titles and Operations of Credit, the Federal Law of Rights and the Organic Law of the Federal Public Administration, in relation to the Miscellaneous in Commercial Matters.

Published in the Official Journal of the Federation on June 13, 2014

Article Fourth. Articles 32, last paragraph; 212, third paragraph; 326, fraction IV, and current second paragraph, to be third paragraph; 344; 347, first paragraph; 349; 351, first paragraph; 354; 358, third paragraph; 360; 363; 365, first paragraph; 367, first paragraph; 369; 371, first paragraph; 373; 374, fractions I, II and third paragraph; 376; 389; 397; 398, fraction III; 399, first and last paragraphs; 401, first paragraph; 403, first paragraph; 404; 408, second paragraph; 426; Articles 326, with a second paragraph, passing the current second to third paragraph; 355, with one last paragraph; 363, with one last paragraph; 365, with the second and third paragraphs; 367 Bis; 373, fractions I and II of the first paragraph and a second paragraph; 374, with one last paragraph and points (a) and (b); 382, fifth and sixth paragraphs; 396, with the second, third and fourth paragraphs; 397, with a second paragraph, by reminding the present second and third paragraphs in the subsequent order; 398, with one last paragraph; 404, with the second, third and fourth paragraphs; and Articles 353, second paragraph; 357; 365, second paragraph; 371, fractions I to III, 377; 389, fractions I to III of the General Law of Titles and Credit Operations, to remain as follows:

.........

Transient

First. This Decree shall enter into force on the day following that of its publication in the Official Journal of the Federation.

Second. The Ministry of Economy shall have a period of one year from the day following the publication of this Decree in the Official Journal of the Federation, in order to establish by publication in this means of dissemination, the Articles 50 Bis and 600 of the Code of Commerce; Articles 9, 99, 119, 132, 136, 186, 223, 228 Bis, 243, 247 and 251 of the General Law on Commercial Companies; Article 212 of the General Law on Titles and Operations Credit, as well as in part XXXI of article 34 of the Organic Law of the Federal Public Administration.

Third. The provisions laid down in Articles 163, 199 and 201 of the General Law on Commercial Companies shall enter into force as regards the rights of minorities from the tenth working day following the date of publication of this decree. As a result, all the companies that are established from the day before referred will have to respect the new rights of minorities in their statutes.

Mexico, D.F., on April 29, 2014.-Sen. Raul Cervantes Andrade, President.-Dip. José González Morfin, President.-Sen. Rosa Adriana Díaz Lizama, Secretariat.-Dip. Angelina Carreno Mijares, Secretary.-Rubicas."

In compliance with the provisions of Section 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I request the present Decree in the Federal Executive Branch, in Mexico City, Federal District, to two June two thousand fourteen.- Enrique Peña Nieto.-Heading.-The Secretary of the Interior, Miguel Angel Osorio Chong.- Heading.