The Pledge Bond is the security or financial document that certifies the relationship or the presence of a pledge credit on the goods or merchandise indicated in a certificate of deposit, to which said bond is attached.
The bonds issued may be attached to the certificate or separated from it. The certificate guarantees the ownership of the deposited products that are in a warehouse.
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These two documents are produced by a depository warehouse. This is considered in the legal statute as a financial institution duly supervised and authorized by the Superintendency of Banks.
Being able to negotiate with the pledge bonds through the stock market empowers the productive sector to use its inventories of finished products or raw materials as a source of financing.
There are two possible forms of payment for the pledge bond. The first, with the pledge debtor, whose financial strength and moral quality were assessed before making the investment. The second, through the auction of the products that make up the guarantee of the title.
characteristics
The pledge voucher and the certificate of deposit are created so that the depositor can place or sell merchandise that is in a warehouse without having to remove it. You could also pawn it without having to move it.
The pledge bond has been an attached title, because it is issued based on the certificate of deposit.
In the case of individually designated merchandise, only one voucher will be issued. If it refers to generically designated goods, a voucher will be issued attached to the certificate of deposit.
In any case, the stores will issue the vouchers by detaching them from checkbooks. The same data of the issued certificates will be recorded there.
The pledge bond can only be negotiated for the first time, separately from the certificate of deposit, with the interposition of the warehouse that has released these documents. Otherwise, with the interposition of a credit organization.
Negotiating the pledge bond represents how to apply for a loan, delivering the pledge bond as collateral for it. This in order that the borrower holds the pledge on the goods insured by the bond.
Expiration
The actions against the endorsers and their guarantors, to be carried out by the holder of the pledge bond, expire for the following reasons:
- By the holder not having requested the sale of the stored products.
- Not having claimed the voucher in the terms established by law.
- For not having taken an action within the next three months after the date of sale of the deposited goods, or the day when the warehouse informs the bondholder that such sale cannot be made, or the day when the warehouse opposes grant the amounts indicated by law.
Even if the actions against the endorsers and their guarantors expire, the holder of the pledge bond may maintain its action towards the person who first negotiated the bond apart from the certificate, and against its guarantors.
Expiration
Actions from the certificate of deposit to withdraw the goods prescribe in three years, from the expiration of the term indicated in the certificate for the deposit.
The shares from the pledge bond also prescribe in three years, from the expiration of the bond.
For what do you use it?
The pledge voucher is used to evidence the establishment of a pledge credit on the goods or merchandise mentioned in the corresponding certificate of deposit.
This certificate of deposit endorses the possession of the goods or merchandise protected in the depository warehouse that issued said certificate
On the other hand, the pledge voucher confirms that there is a pledge credit, composed of the merchandise or goods listed in the certificate of deposit to which it is attached. The pledge bond itself grants the privileges and rights of the pledge.
When merchandise is deposited in a general warehouse and the depositor requests that pledge bonds be issued together with the certificate, this will be detached from the check book that the warehouse has for that purpose.
In addition, it will deliver blank forms of pledge bonds so that, when the depositor so wishes, they can be used to give the merchandise that they receive as collateral.
From the moment they are delivered, the depositor will have the option of "encumbering" their merchandise by filling in and delivering the pledge bonds for it. You can also not do it and wait for the term of the deposit to end to collect your goods.
Negotiation
In the event that the depositor requires any assistance that in order to obtain it, a guarantee is requested, he / she may offer it by physically delivering the duly filled pledge bonds. Briefly, the procedure is as follows:
The pledge bond can be negotiated by several people and on different occasions. However, the first time it is negotiated, it must be done with the interposition of the warehouse where the merchandise is deposited. Failing that, with the filing of a credit agency.
During the negotiation act, the voucher form issued by the warehouse for this must be filled out. The data must be filled in accurately both by the warehouse and by the certificate holder. They will be responsible for any inaccuracies or omissions incurred.
When the lender receives the duly completed pledge bond, it becomes the exchange creditor of the person who paid it in his favor.
The holder of the certificate that offered the bond to the lender must comply with his payment commitment within the term indicated in the bond.
Failure to do so will result in a delinquent debtor. Therefore, the creditor may ask the warehouse for the execution of the merchandise added to the bond.
Examples
The financial documents (certificate of deposit and pledge bond), as shown in the following image, must contain the following:
- The allusion of being a pledge bond and certificate of deposit.
- The designation and authorized signature of the warehouse.
- The number of the title.
- The description of the goods or merchandise deposited.
- The date of issue of the title.
- The term indicated for the deposit.
- The mention that the deposit has been established with a generic or individual designation of the respective effects or merchandise.
- The mention that the merchandise or goods component of the warehouse are or are not subject to the payment of rights.
- The place of deposit.
- Fiscal responsibilities or taxes, which must be the same for the relative pledge bond or bonds and for the certificate of deposit.
- The mention of the fees or debits in favor of the warehouse, or. the reference of no such debits.
References
- Wikipedia (2019). Pledge voucher. Taken from: es.wikipedia.org.
- Legal Definition (2016). The Pledge Bond. Taken from: definicionlegal.blogspot.com.
- Legal Definition (2016). Content of the Deposit and Bonus Notes in Pledge. Taken from: definicionlegal.blogspot.com.
- Angela María Zambrano Mutis (2017). How should I collect a pledge bond? Manage. Taken from: gerencie.com.
- Glossaries (2017). Pledge bonds. Taken from: server-alicante.com.
- Elías Guirola Henríquez (2012). The Pledge Bond. University panameric. Taken from: lineadebatalla.blogspot.com.