Blanquear en Microondas

Article 167: RIGHT OF EXECUTION OF THE GUARANTY(revoked by Law 27287)

Any joint and several guaranty with a waiver of the right to excussio of a security, confers the right to execution against its subscriber, in the same terms as prescribed by applicable legislation with respect to guarantors.

Article 168: (*) RENEWAL OF SECURITIES IN THE POSSESSION OF COMPANIES OF THE SYSTEM

(*) Amended by Law 27102 of May 5, 1999 and revoked by Law 27287 of June 17, 2000

Any securities in the possession of a company of the

financial system representing obligations in its favor, may be renewed thereby upon expiry or thereafter, provided the

debtor has issued its recent consent in advance and the

negotiable instruments have not been prescribed. In such

case, the calculation of the prescription term shall start on the expiry date of each renewal.

In the case of extension and renewal of warrants with

respect to perishables, the express approval of the general warehouses issuing the instrument must be obtained.

Article 169: PRESUMPTION OF GURANTY ENDORSEMENT

Whenever a security or other instrument subject of

negotiation by endorsement, except for checks, are in the

possession of a company of the financial system, the

endorsement issued thereon shall be presumed to have been made as a guaranty, unless otherwise stipulated.

The mere delivery to a company of the financial system of

bonds and other securities not included in this article

shall not constitute a pledge over such assets to guarantee

any obligations on the part of the party making the

delivery, unless otherwise stipulated.

With respect to the pledging of stock, the pertinent

provisions of the Business Corporations Act or of the

Securities Market Act, as the case may be, shall govern.

Article 171: PRE-EMPTIVE NATURE OF SECURITY

The pre-emptive nature of security, whether or not

registered, shall not be affected by the eventual existence of tax obligations of the debtor.

Article 172: (*) GUARANTIES BACK ALL OBLIGATIONS WITH THE COMPANY

Amended by Law N° 27682, amended by Law N° 27851 of October 21, 2002

All assets pledged in mortgages, as collateral or warrant

in favor of a company of the financial system, back all

existing and future own debts and obligations assumed with the company by the debtor who pledges them as collateral, provided that the contract stipulates so.

When the assets pledged as collateral in favor of a company of the financial system belong to a person different from

the debtor, these only back the debts and obligations of

the debtor expressly specified by the person pledging the collateral.

The release and extinction of any security pledged in favor

of companies of the financial system shall need to be

expressly declared by the creditor company. The extinction

prescribed in Article 3 of Law 26639 shall not be

applicable to any lien instituted in favor of the company.

Article 173: EXTENSION OF CORRESPONDING COMPENSATION

All collateral and mortgages pledged in favor of companies

of the financial system shall be extended to the

corresponding compensation in case of an occurrence, if the

property is insured, and not withstanding any insurance

which may have been contracted in favor of the company.

Without the need of a court order, and upon the simple

written request of the company of the financial system,

insurance companies shall be obliged to provide the

payment in the event that compensation is provided to a third party.

In the case of insurance covering goods backed by warrants, the collection of the relevant compensation shall be done

in accordance with the provisions of Law 2763 governing

warrants and general warehouses.

Article 174: EXTENSION OF THE AMOUNT TO BE PAID BY THOSE RESPONSIBLE FOR PLEDGED ASSETS

The right enjoyed by companies of the financial system

deriving from the pledging of collateral or mortgages in

their favor shall be extended to the amounts to be paid by

those responsible for the loss, damage or destruction of

the assets pledged.

If there was a civil or criminal process underway,

regardless of its status, even if sentence is being

executed, upon the simple written request from the company, the court shall must order that the amount which may have

been determined, be paid directly to the company. The

company shall be considered as part of the proceeding and

may substitute the plaintiff or civil party, as the case

may be.

Article 175: SALE OF PLEDGED ASSETS

Companies of the financial system may request the sale of any assets which may have been pledged as collateral or in mortgage, in the following cases:

1. If the debtor fails to pay one or more installments on the dates established.

2. If the collateral had depreciated or suffered damages to such extent that it may jeopardize the recovery of the credit, as stated by a specialized appraiser registered with the Superintendency.

3. If the debtor or a company of the financial system are

charged with respect to the ownership of the assets

pledged as collateral.

4. If the debtor sells the assets or pledges the assets

offered as collateral to the detriment of the rights

corresponding to the company as a creditor.

5. If under any method, the debtor assigns the possession of the assets pledged as collateral without the consent of the creditor company.

Article 176: REGISTER BLOCKING

Companies of the financial system and of the insurance

system may use register blocking for the recording of any

the provisions of Decree Law 18278 and its amendments and extensions.

Any contracts celebrated between these companies and their

clients may be extended by private document signed or

authenticated before a notary public, which shall be

registered with the corresponding public registry without

the need of granting a public deed, except for contracts

which may exceed forty (40) Tax Units, in which case a

public deed shall be required.

CHAPTER VII