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Colombia’s New Law on Security Interest over Movable Assets Comes Into Effect



by Douglas A. Doetsch
Mayer Brown LLP - Chicago Office

David K. Duffee
Mayer Brown LLP - New York Office

Juan Pablo Moreno
Mayer Brown LLP - Chicago Office

April 30, 2014

Previously published on April 28, 2014

On February 21, 2014, a new law on security interests over movable assets (Law 1676 of 2013, “Law 1676”) came into effect in Colombia. Law 1676 replaced the regulations on creation, perfection and enforceability (oponibilidad) of security interests over mo vable assets set forth in the Code of Commerce of Colombia of 1971 (the “Code of Commerce”). The purpose of Law 1676 is to increase access to the financial products of medium and small-sized companies (“PYMES ” ). It accomplishes this by reducing the time, procedures and cost needed to perfect and enforce security interests and by expanding the types of assets that can be subject to a security interest. Despite this limited purpose, the application of Law 1676 promises to be far reaching and will impact not only security interests created by PYMES, but also the way all security interests over movable assets are perfected, monitored and enforced in Colombia.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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Douglas A. Doetsch
David K. Duffee
Juan Pablo Moreno
 
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