REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
INTRODUCCIÓN El presente trabajo, tiene como finalidad desarrollar los conceptos básicos acerca de los títulos valores, así como también de sus reglas generales que le fueran aplicables. Hacemos referencia explícita a los primeros 25 artículos de la e! de "ítulos #alores, que detallan las reglas generales aplicables a los títulos valores. $gualmente, a los "ítulos valores especiales. %ara el estudio de las reglas generales aplicables a los títulos valores, recurriremos a doctrina nacional ! extranjera, a fin esquemati&ar los conceptos que nuestra le! no determine con claridad. 'os remontaremos también a la e! base de todo el ámbito jurídico( el )*digo )ivil, para una ma!or comprensi*n de términos o situaciones cambiarias, que requieran de un ma!or alcance, como para definir conceptos acerca de responsabilidad solidaria, solidaria, mérito ejecutivo de los títulos valores, entre otros. +inalmente, cabe acer menci*n a la importancia del estudio de este punto de la materia, puesto que sin un debido estudio de los temas preliminares, sería mu! difícil entender ! encaminar el verdadero sentido de los títulos valores ! del significado que ellos ellos conten contengan gan ! desee deseen n difund difundir ir.. $gualm $gualment ente, e, en el caso caso de los título títuloss valore valoress especiales, requieren de un análisis cuidadoso, para poder determinar sus alcances.
3
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES 1. 1.11.
CONC CONCEP EPT TO DE DE TÍT TÍTUL ULO O VA VALOR: LOR:
%ara %ara -odr -odrig igo o Henr Henr!! tít títul ulo o valo valor r es aque aquell sopo soport rte e mate materi rial ali& i&ad ado o /pap /papel el00 o desma desmater terial iali&a i&ado do /en una anotac anotaci*n i*n en cuenta cuenta regist registrad rada a en una una $nstit $nstituci uci*n *n de )ompe )ompensa nsaci* ci*n n ! iqui iquida daci* ci*n n de #alore alores0 s0 formal formal,, desti destina nado do a la circu circulac laci*n i*n,, que que contiene un negocio jurídico por el cual un deudor se compromete a efectuar una presta prestaci* ci*n n patrim patrimoni onial al /pued /pueden en repres represent entar ar derec derecos os credit creditic icios ios,, derec derecos os de participaci*n, derecos reales o derecos de garantía0 a favor de un acreedor . acreedor .1 En pala palabr bras as más más senc sencililla las, s, los los títu título loss valo valore ress son son una una clas clase e de docu docume ment ntos os /documento entendido como cualquier soporte que registre informaci*n, por tanto también inclu!e los títulos valores desmateriali&ados0 mu! especiales que se usan con fines fines comerc comercial iales, es, son especi especial ales es porqu porque e al estar estar en un docum documen ento to facili facilitan tan la transmisi*n de los valores que representan. os valores que pueden representar son dinero /como por ejemplo un ceque por 3 1444.44, una letra de cambio por E644.44 o un pagaré por 7 894.440 , otros representan derecos /como por ejemplo las acciones en las sociedades an*nimas, otorgan dereco de :propiedad: sobre la empresa ! el dereco a :votar: en las decisiones de la misma empresa0 ! finalmente otras representan bienes /como por ejemplo el conocimiento de embarque que es el cont contra rato to de tran transp spor orte te inte intern rnac acio iona nall que que repr repres esen enta ta las las merc mercan ancí cías as que que son son exportadas de un país, el ;arrant que representa las mercancías que están en un dep*sito o el título de crédito ipotecario negociable que representa una casa0. < manera general un títul tulo valores es un tít título /un soporte mater terial o desmateriali&ado3informático0 que representa un valor /en dinero, en dereco o en bienes0. 1.2.. 1.2
TEOR TEORÍA ÍA GENE GENERA RAL L DE LOS LOS TÍTUL TÍTULOS OS VALORES LORES
a construcci*n doctrinaria de los títulos valores se inicia con <#$='> que aport* la idea de la incorporaci*n del dereco al documento. ?ás tarde, @-A''E- agreg* la nota de literalidad ! finalmente B<)C@$ aDadi* el elemento de la legitimidad. a
1 Rodríguez. Henry, Apuntes Básicos sobre Títulos Valores [en línea, página
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
f*rmula qued* integrada por ##<'"E, al expresar éste que los títulos valores son los documentos necesarios para ejercer el dereco literal ! aut*nomo que en ellos se consigna. %ara ?essineo, Fel título de crédito /título valor0 es un documento consistente en un escrit escrito o que enunci enuncia a una determ determina inada da oblig obligaci aci*n *n !, por este este motivo motivo,, un derec dereco o subjetivo. %ero, como entre el dereco subjetivo ! el documento que lo menciona pasa cierto cierto nexo nexo caract caracterí erísti stico co ! exclu exclusiv sivo o lo que no ocurre ocurre con todos todos los derec derecos os subjetivos, pues en mucos casos el documento no cumple la misma funci*n, e documento asume el carácter de título solamente cuando en él el dereco está incorporado, como transfundido, de tal modo que documento ! dereco /promesa0 están en conexi*n permanente, por lo cual puede invocarse el dereco en cuanto se encuentra en una cierta relaci*n jurídica con el documentoG. El )*digo sui&o de las Cbligaciones acoge estos conceptos cuando al referirse a ellos expresa que son aquellos documentos a los cuales se incorpora un dereco, de tal manera que sea imposible darle valor a éste, o transferirlo, independientemente del título /art. 650. El mismo concepto está contenido en el art. 5 de la e! =eneral de "ítulos ! Cper Cperac acio ione ness de )réd )réditito o de ?éji ?éjico coII en el art. art. JJ6 JJ6 del del )*di )*digo go de )ome )omerc rcio io de HondurasI en el art. 1 del %ro!ecto de e! niforme para )entroaméricaI ! en el art. 1 del %ro!ecto de e! niforme para
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
El destino circulatorio del título valor está destacado por %$'C )<-%$Q 2 , cuando cuando expresa que el eco de que el documento emitido no circule ! se quede en poder del primitivo girado Ra querido decir giradorS, no atenta contra su destinoI pues la esencia del título valor es que pueda circular mas no que en realidad circule. a virtualidad de la circulaci*n de un título valor nace de la promesa unilateral, sincera ! de buena fe, que ace el librador del documento de que la obligaci*n que éste contiene será pagada a quien al final de la circulaci*n resulte el titular del crédito frente al titular de la obligaci*n. a circulaci circulaci*n *n del título puede puede restringi restringirse rse o limitars limitarse e mediante mediante cláusulas cláusulas que se incorporen en el mismo, es así que en el caso del título valor emitido incompleto se admite, segPn el art. 14.2 de la e!, que se puede agregar en el documento una cláusula que limite su transferencia, o en el caso del endoso la inclusi*n de las cláusu cláusulas las Fsin Fsin respon responsab sabili ilidad dadG, G, o Fno Fno negoc negociab iable leG, G, Fintra Fintransf nsferi erible bleG, G, que que se mencionan en los artículos 86 ! J8 Tinfra J8 ! JK0. as reglas que gobiernan los problemas cambiarios resultan de específica aplicaci*n cuando el título a circulado para pasar a poder de terceros, ajenos a la relaci*n original, verdaderos destinatarios destinatarios de todo el andamiaje cambiario. %ara <-)<'=E$ 8, la teoría de los títulos de crédito debe proponerse un doble fin( por una una part parte, e, dete determ rmin inar ar la ra&* ra&*n n de ser ser de esta esta cate catego gorí ría, a, pone ponerr de reli reliev eve e sus sus caractere caracteress esenciale esenciales, s, marcar marcar sus límites, límites, clasificar clasificar sus especiesI especiesI por otra parte, penetr penetrar ar en la esenci esencia a de las relaci relacione oness jurídi jurídicas cas,, estre estreca camen mente te ligada ligadass a la formaci*n ! circulaci*n de los títulos. n aspecto que tiene relaci*n con la circulaci*n del título valor, así como la posibilidad o no de revocar su contenido es el concerniente a la creaci*n ! emisi*n del título. a creaci*n es el acto volitivo de confecci*n ! firma de un valor que permanece en pode poderr de su crea creado dor. r. En camb cambio io la emis emisi* i*n n impo importa rta el acto acto subs subsig igui uien ente te de transferencia del valor al acreedor o beneficiario.
% 2AR45, Re6igio, 7ey 89 10#! sobre Títulos +alores. :u estudio doctrinario, co6entado y concordado, 7i6a, 1;", p. %1.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
?E$' ?E$'EC EC J expresa que la creaci*n, que se podría llamar también la confecci*n gráfica del título ! que culmina con la suscripci*n firma, tiene un valor que se podría llamar llamar :inter :interno no:, :, en el sentid sentido o de que, que, aunque aunque esté esté cread creado, o, mientr mientras as contin continPe Pe permaneciendo en poder del suscriptor, no contiene todavía una promesa obligatoria. Es una fase meramente preparatoria o un título en formaci*n. olamente la emisi*n, es decir la entrega a alguien es el momento cronol*gico ! l*gico a partir del cual el documento se convierte en título de crédito, o, cuando menos, en título de crédito vinculante. ?ientras el valor no a sido emitido, es decir transferido al tercero beneficiario o portador, el creador puede revocar el mismo pero una ve& emitido el valor, éste es irrevocable. 1.3.. 1.3
LOS LOS TÍT TÍTUL ULOS OS VA VALORES LORES EN EN LA LEGI LEGISLA SLACI CIÓN ÓN PER PERUA UANA NA
1.3.1. 1.3 .1. Valore Valoress matera materal! l!a"o a"os. s. a definici*n clásica lo i&o #ivante 5 expresando que el título de crédito es un documento necesario para ejercitar el dereco literal ! aut*nomo expresado en el mismo. @roseta %ont dice que en la doctrina inglesa se destaca que el título valor /negotiable instrument0 contiene Uuna promesa de pago, exigible por cualquier poseedor de buena fe, al que no podrá podrán n opone oponerse rse excepc excepcion iones es person personale aless deriv derivad adas as del del anteri anterior or poseedorU. En la doctrina italiana destaca por su valor descriptivo la definici*n de
' ?=::48=, rancisco, ?anual de (erec)o 2i+il y 2o6ercial, =C= A, Buenos Aires, 1;#', T. 4V, p. %3#.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
%ara la le! de "ítulos #alores los valores materiali&ados /títulos valores en sentido escrito0 son documentos de carácter formal que representan o contienen /incorporen0 derecos patrimoniales patrimoniales ! que están destinados a la circulaci*n /
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
mecanismo tradicional tradicional de la incorporaci*n incorporaci*n del dereco al título o soporte documentado en papel para atender las nuevas necesidades, iniciándose así un proceso de crisis. )risis propiciada por la excesiva manipulaci*n ! movili&aci*n de documentos de un lado a otro en el mercado financiero, básicamente en aquellos sectores del mismo /bursátil ! bancario0. We acuerdo a C$#E')$< citado por #alen&uela =arac dice que :las ventajas del papel acababan desembocando en los inconvenientes del papeleo: K . El enorme volumen de títulos que actualmente son objeto de transacciones en bolsa, a obligado a que en la ma!oría de los países, se sustitu!a el documento, soporte del dere derec co, o, por por una una anot anotac aci* i*n n cont contab able le.. e debe debe acla aclara rarr que que esta esta prob proble lemá mátitica ca solamente afecta a aquellos títulos que son coti&ados ! negociados en los mercados de valores. o que significa que la aparici*n de los valores representados representados en anotaci*n de cuentas no constitu!e, una alteraci*n universal del concepto de tít ulo valor. $# 'e()me 'e()me(o (o "e "e la "esm "esmater ateral al!a& !a&)( )( )on la desmater desmateriali iali&aci &aci*n *n se busca busca darle darle ma!or ma!or agilidad agilidad,, eficienc eficiencia, ia, segurida seguridad d ! disminuci*n de costos al mercado de valores a efecto de lograr un mejor desarrollo del mismo. El adelanto de la ciencia a trascendido el umbral de los títulos valores, ! a traído como consecuencia que la tecnología brinde nuevos métodos de representar valores, reformulando los conceptos jurídicos en los que descansaba el dereco cartular o dereco dereco cambiari cambiario. o. El adelanto adelanto tecnol*gico tecnol*gico a obligado obligado a revisar revisar los postulad postulados os consagrados en el dereco cambiario ! aceptar nuevas perspectivas, situaciones ! regist registros ros en los los que reposa reposan n derec derecos os valori valori&ab &able less ! negoci negociabl ables, es, pero pero que que se incorporan material ni físicamente en un documento cartular, !, no obstante ello, es preciso otorgarle efectos jurídicos negociables. Este avance tecnol*gico induce a reconocer la posibilidad de desmateriali&ar los títulos valores, prescindiendo del papel
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
documentaci*n por medios contables o informáticos: 6 . )on la desmateriali&aci*n o con la inmovili&aci*n de los valores se elimina las inexactitudes derivadas de procesos manuales ! del trasiego físico de títulos, en igual forma con la desmateriali&aci*n se disminu!en una serie de costos asociados al uso de papel pape l14 . a desmateriali&aci*n desmateriali&aci*n implica la prescindencia prescindencia del soporte material o papel para acer constar el valor en un registro o acer que éste tenga un soporte electr*nico o virtual. a desmateriali&aci*n de los títulos valores se efectPa mediante las anotaciones en cuenta ! la inscripci*n correspondiente de éstos en el registro contable que lleve una instituci*n de )ompensaci*n ! iquidaci*n de #alores. os valores que generalmente se representan por anotaci*n en cuenta son las acciones, las obligaciones ! derecos de suscripci*n preferente. as anotaciones en cuenta cumplen una importante funci*n, pues, a través de ellas se agili&a ! se brinda seguridad al tráfico jurídico mercantil ! a los derec derecos os así así repres represent entado ados. s. Esta Esta modali modalidad dad de repre represen sentac taci*n i*n consi consiste ste en sustituir el papel por una técnica que recurre a una simple anotaci*n del dereco en un registro contable 11 a anotac anotaci*n i*n en cuenta cuenta consti constitu! tu!e e un sistem sistema a que, que, utili& utili&and ando o básic básicame amente nte las las modernas técnicas informáticas, suprime el movimiento de masas ingentes de papel ! devuelve a los mercados de capitales la agilidad que abían perdido. as anotaciones en cuenta suponen, una técnica de representaci*n de posiciones jurídicas alternativa a la tradicional de los títulos valores, que, como ésta, imprime un particular régimen al ejercicio ! a la transmisi*n de los derecos que se instrumentan a través de ellas 12 . Valore Valores s S*+etos S*+etos a la re,rese re,rese(ta (ta&)( &)( e( e( &*e(ta &*e(ta
! ?8TA ?8TA A7B=RT4, Hernando. 8ue+a 7ey de Títulos Valores. Valores.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
-esulta pertinente manifestar que la representaci*n de valores mediante anotaciones en cuenta no puede extenderse a todos los títulos valores, encontrando su natural marco de aplicaci*n en los valores mobiliarios o valores emitidos en masa o serie /con igual contenido de derecos0. %or ejemplo los llamados títulos de inversi*n, como las acciones ! obligaciones /bonos o papeles comerciales0 de las sociedades an*nimas ! los títulos de deuda pPblica. )iertamente, el carácter fungible de los mismos los ace id*neos para no contar con más soporte que el asiento contable. "# Le- Le-sl sla& a&) )( ( os valores representados por anotaciones en cuenta fueron regulados por primera ve& en nuestro país en el derogado Wecreto egislativo 'L K55, e! del ?ercado de #alore #alores. s.
a decisi*n voluntaria del emisorI er una condici*n de la emisi*nI
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
caso la e! del ?ercado de #alores /?#0, ! por la e! de "ítulos #alores en todo lo que no resulte incompatible con su naturale&a. i bien en los títulos representados por anotaciones en cuenta no se dan los requisitos formales de los valores representados en un documento, le es aplicable el aspecto referente a la circulaci*n que menciona el art. 1.1 /supra 10. /# Ve(ta+as Entre las ventajas de los títulos valores representados por anotaciones en cuenta se pueden mencionar( •
Evita trasladar físicamente en cada operaci*n los títulos aspecto que reviste
•
particular importancia cuando se trata de emisiones masivas. %ermite determinar a los titulares de los valores ! la cantidad que cada uno de
• • • •
•
ellos posee. a rapide& en el tratamiento t ratamiento de la informaci*n. Elimina los riesgos de destrucci*n, robo o extravio de los títulos. Evita las falsificaciones. falsificaciones.
-# Co(s Co(se& e&*e *e(& (&a ass as consecuencias que se derivan de los valores mobiliarios anotados en cuenta, tienen una relaci*n directa con los efectos de su transmisi*n, las excepciones, la legitimaci*n, constituci*n de gravámenes, pago, ! mérito ejecutivo, todo lo que se resume seguidamente. seguidamente. a transmisi*n de los valores representados mediante anotaciones en cuenta opera por transferencia contable, basta en consecuencia la inscripci*n en el registro contable
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
que ubiese podido invocar de aber estado los valores representados por medio de títulos /art. 21J, ?#0. Xuien apare&ca con dereco inscrito en los asientos del registro contable de la $)# es repu reputa tado do titu titula larr legí legítitimo mo ! pued puede e exig exigir ir al emis emisor or el cump cumplilimi mien ento to de las las prestaciones que se derivan del valor. En este sentido, el emisor que, de buena fe ! sin culpa, realice la prestaci*n en favor de quien figure con dereco en el registro contable, queda liberado de su obligaci*n, aPn en el caso de que el receptor no sea el titular del valor /art. 215, ?#0. a titularidad para la transmisi*n ! el ejercicio de los derecos derivados de los valores representados por anotaciones en cuenta o de los derecos limitados o gravámenes constituidos sobre ellos, pueden ser acreditados con certificados otorgados para el efecto por la correspondiente $)# /art. 21, ?#0. %ara %ara efecto efectoss de la consti constituc tuci*n i*n del derec dereco o de usufru usufructo cto,, de gravám gravámene eness ! de embargo sobre los valores representados por anotaciones en cuenta, debe inscribirse en el correspondiente registro contable. En cuanto a la inscripci*n de la prenda equivale al despla&amiento posesorio del título /art. 21K, ?#0. We acuerdo a lo seDalado por el artículo 255.9 de la e! de "ítulos #alores, las medidas cautelares, embarg embargo o ! demás demás manda mandatos tos de autori autoridad dad compe competen tente te surte surten n efecto efecto desde desde su inscripci*n en el registro correspondiente. En lo que respecta al pago de los valores representados por anotaci*n en cuenta , se verificará a través de la respectiva $nstituci*n de )ompensaci*n ! iquidaci*n de #alores #alores o en la forma seDalada en el registro. e reputa titular t itular legítimo pudiendo exigir al emisor el cumplimiento de las prestaciones que se derivan del valor a quien apare&ca con dereco inscrito en los asientos del registro contable de la instituci*n de compensaci*n ! liquidaci*n de valores.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
1.0.. 1.0
PRINC PRINCIP IPIOS IOS U URÍ RÍDI DICO COS S DE LOS LOS TÍTU TÍTULO LOS S VA VALORES LORES
os principios que rigen los títulos valores son los que se detallan a continuacion 1J( a# I(&o I(&or, r,or ora& a&) )( ( En virtud del principio de la incorporaci*n, el título valor es un documento probatorio, constitutivo ! dispositivo que contiene una declaraci*n unilateral unilateral de voluntad, de la que deriva una obligaci*n a cargo del que suscribe el título ! un dereco en favor del beneficiario del mismo. in el título no se tiene el dereco, precisa =Q?EN =C-WC< 15, la incorporaci*n del dereco en el documento ace que el documento se convierta en dereco, es tal la fuer&a de la incorporaci*n del dereco al título que a! una verdadera transfiguraci*n del peda&o de papel para convertirse en un título de crédito, en un título valor, en un valor, sin dejar de ser un peda&o de papel. a prestaci*n tiene un contenido patrimonial de orden econ*mico, segPn lo destaca la definici*n del art. 1.1 de la e!. El dereco que deriva del título valor se encuentra como aderido al título, sin el cual ese dereco no puede circular. %or eso, se abla de Ftítulo valorG, o sea, el valor, es decir, el dereco, unido indisolublemente al documento que lo contiene, sin el cual no pued puede e ace acers rse e vale valerr. %or %or esto esto,, a la inco incorp rpor orac aci* i*n n se le a llam llamad ado o tamb tambié ién n
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES 3.'. Por el Princi!io de (ncor!oraci#n del derec$o su%"etio& se !roduce la a%stracci#n de la relaci#n relaci#n "urídico material que dio ori)en al título alor& esto es& que la o%li)aci#n o%li)aci#n contenida en la cam%ial es e*i)i%le !or si sola& no siendo necesario determinar la relaci#n "urídico material de la que emana& quedando su eficacia cartular su!editada al cum!limient cum!limiento o de todas las formalidades formalidades !reistas !or +ey., +ey., E*!ediente E*!ediente / 03-'22& 03-'22& Resolu Resoluci# ci#n n / 23 del 2' de setiem setiem%re %re de '224. '224. En5 “+a 6ustic 6usticia ia es!eci es!eciali7 ali7ada ada comercial5 8elecci#n de autos y sentencias de la 8ala y 6u7)ados comerciales de +ima. Rui7 Torres& 9ustao y otros. Palestra Editores. +ima : '220. !. 1124
a tenencia del título resulta así indispensable para el ejercicio de los derecos incorporados, al mismo tiempo que dica posesi*n legítima, acredita ! comprueba la calidad de titular del documento. El eco de que, tratándose de determinados títulos valores, puedan ejercitarse los derecos que de ellos emergen sin la posesi*n material del título, como ocurre tratándose de las acciones de las sociedades an*nimas en los casos en que aPn no se ubieran emitido o cuando sus dueDos los ubieran entregado entregado en prenda ! no los tuvieran materialmente en su poder, no es una excepci*n a la regla, pues en el primer caso la ip*tesis es que el título definitivo no se a emitido. We aberse emitido, resultaría en principio necesaria su presentaci*n. En el segundo caso, como en la entrega del título en prenda, debe probarse que aunque no tenga el accionista la posesi*n material, es a él a quien pertenece el título, lo que debe ser feaci feacient enteme emente nte acredi acreditad tado. o. El caso caso está está previs previsto to en los artícu artículos los 146, 146, segun segundo do párrafo, ! 9J Pltimo párrafo, de la e! =eneral de ociedades 1.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
nominativo ante terceros, en tal caso tendría que mostrar su título, pues ante terceros, éste reconoce como nuevo titular a quien resulta tenedor del título. En lo que respecta al tenedor de un título a la orden o de un título al portador, aquí se requiere la presencia del título para reconocer el dereco del titular. El titular será, pues, en el caso del título al portador, quien lo porta, quien lo tieneI en el caso del título a la orden, el título debe de estar emitido a su orden. $# La lteral"a lteral"a" " la la a*to(oma a*to(oma "el "ere&4o "ere&4o "o&*me(tal. "o&*me(tal. a literalidad ! la autonomía del dereco documental significan significan que s*lo lo que resulta de los términos en que está redactado el título determina el contenido, los alcances ! modos de ejercicio de los derecos cartulares. We esta manera, ni el acreedor ni el deudor podrán invocar acciones que no apare&can del documento. Ha! pues, una objetivaci*n de derecos que adquieren determinada forma. )on referencia a la autonomía la ala '@ 2 de la )orte uperior de ima a resuelto(
El título de cam%io es un documento aut#nomo& inde!endiente de la relaci#n "urídica que la $aya !odido ori)inar& siendo esencialmente formal. o s#lo re!resenta un cr;dito sino que constituye el título y el derec$o mismo& !or lo que se le !uede efectii7ar sin más que a su !resentaci#n E*!. < 310-=0& 8ala < '& +ima& einte de mayo de mil noecientos noentioc$o410 .
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES •
El título alor es un documento esencialmente formal& !or lo que la falta o defecto de los requisitos que esta%lece la ley lo conierte en inefica7 E"ecutoria de 1> de a%ril de
•
1=0'. Reista de 6uris!rudencia Peruana& < 3==& !. >=>4. o es facti%le co%rar el im!orte de títulos alores si no es con los requisitos y en la forma esta%lecidos en la ley de la materia y en las normas de !rocedimiento E"ecutoria
•
de 13 de diciem%re de 1=0. Reista de 6uris!rudencia Peruana < >'1& !. 10?4. El c$eque emitido con los requisitos de ley es un documento que a!are"a e"ecuci#n y consecuentemente el e"ecutante no tiene !or qu; !ro%ar la relaci#n causal en irtud de los !rinci!ios de a%stracci#n y literalidad cam%iaría E"ecutoria de 12 de enero de 1=='. Reista 6urídica del Per@& a%ril 1=='-diciem%re 1==>& !. 1004.
El principio resulta de suma utilidad para la circulaci*n de los títulos valores porque así se protege al tercer poseedor de buena fe, !a que el obligado a satisfacer la prestaci*n no puede oponer otros medios de defensa que los que resulten del título mismoI !, de otro lado, no se le puede exigir otra responsabilidad que la que surge del documento. %ara M<WE?<- +E--E$-< 19 , la literalidad del dereco incorporado en el título significa que el dereco mencionado en él se tiene como literal, por estar configurado segPn el exacto tenor de su contexto. "iene la literalidad por funci*n prestarles liquide&, certe&a ! seguridad. iquide& en cuanto a su monto, certe&a del dereco en él expresado ! seguridad en su reali&aci*n. El concepto de autonomía la doctrina lo coloca en la misma línea que la literalidad,
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
adquiere de buena fe un título de crédito, no pueden oponérsele las excepciones personales que tal ve& pudieron oponerse a su causante. FEl dereco es aut*nomo dice #$#<'"E 24 explicando su definici*n antes transcrita, porque el poseedor de buena fe ejercita un dereco propio, que no puede limitarse o destru destruirs irse e por relaci relacione oness que a!an a!an mediad mediado o entre entre el deudo deudorr ! los preced precedent entes es poseedores.: %or otra parte, el contenido ! extensi*n del dereco cartular están determinados determinados por el tenor literal del documento. %ara el titular del mismo son irrelevantes las relaciones personales, personales, o los medios de defensa que ubiesen podido formularse frente a quienes le antecedieron en la tenencia legítima del título. as relaciones extracartulares que puedan afectar el dereco mencionado en el título, s*lo pueden oponerse a quienes intervinieron como parte en la conclusi*n de esas relaciones extracartulares extracartulares ! al tercer poseedor de mala fe. We este modo, la autonomía comien&a a funcionar desde la primera transferencia posterior a la emisi*n ! en favor de los terceros que adquirieron el título de buena fe. La Le- Le-tma tma&)( &)( a&t5a a&t5a ,as5 ,as5aa a legitimaci*n reviste dos formas( la activa ! la pasiva. a activa concierne a la posici*n del titular como abilitado para exigir el cumplimiento
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
pertenencia del dereco de crédito. Es legitimado el que tiene la posesi*n conforme a la le! de circulaci*n del título, ! que es diversa en los títulos nominativos, en los títulos a la orden ! en los títulos t ítulos al portador:. En cuan cuanto to a la le)itimaci#n !asia, !asia , ella determina que el deudor que, sin dolo o negligencia, cumple las prestaciones frente al poseedor legitimado, queda liberado aunque aunque éste éste no sea el titul titular ar verdad verdadero ero del derec dereco, o, sino sino meram meramen ente te un titul titular ar aparente. )on referencia a la autonomía ! autonomía ! a la le)itimaci#n, le)itimaci#n , la )orte uprema, a resuelto que( El !oseedor le)ítimo de una letra de cam%io tiene el derec$o de e*i)ir su !a)# al o%li)ado a $acerlo& sin que !roceda inocar !or ;ste& !ara e*tin)uir tal o%li)aci#n& el !a)o que $i7o al )iradorA y que los títulos alores son documentos aut#nomos y !rue%an !or sí mismos la e*istencia de la o%li)aci#n E"ecutoria de 1= de a%ril de 1 =0'. Boletín 6udicial& '& de 31 de "ulio de 1=0'& !. 1204.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
abía sido robado3 la doctrina sostiene que la buena fe del poseedor intermedio sana la mala fe del sucesivo, de suerte que la buena fe se exige para la adquisici*n a non domino pero no para la adquisici*n adquisici*n a domino domino ! esto por exigencias exigencias de la circulaci*n, circulaci*n, afirma $ ?YCN28 e# De Dest st(o (o Cr&* Cr&*lat lator oro o =$E%%E +E--$ dice que en los títulos de crédito no a! transmisi*n del dereco de crédito, ! más que de circulaci*n de crédito podría ablarse de una circulaci*n de la posici*n de acreedor. Esta destinaci*n inicial a la circulaci*n, ínsita en la voluntad del creador del título, constitu!e la esencia del título de crédito, el elemento discriminante ! del cual derivan las características propias de la disciplina, pero constante ! presente en todos los títulos de crédito está la voluntad de crear un título circulatorioU 2J. M$'$ M$'$NO NO$$ los los deno denomi mina na Vtítu Vtítulo loss circ circul ulat ator orio iosU sU fund fundán ándo dose se en que que el fen* fen*me meno no econ*mico de la circulaci*n es el denominador comPn de todos los documentos que
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
en realidad circule. a virtualidad de la circulaci*n de un títulovalor nace de la promesa unilateral, sincera ! de buena fe, que ace el librador del documento de que la obligaci*n que éste contiene será pagada a quien al final de la circulaci*n resulte el titular del crédito frente al titular de la obligaci*n 2K. En conclusi*n, estos documentos circulan con gran intensidad en el tráfico econ*mico, tien tienen en fáci fácill real reali& i&ac aci* i*n n del del créd créditito o que que ello elloss cont contie iene nen, n, está están n dest destin inad ados os a la circulaci*n, aunque no circulen. Hernando ?onto!a dice que la le! de títulos valores exclu!e de la aplicaci*n de su normatividad a los boletos, contraseDas, ficas, tarjetas de crédito o débito u otros documentos análogos que care&can de aptitud o destino circulatorio ! que sirvan exclu exclusiv sivame amente nte para para identi identific ficar ar a quien quien tiene tiene el derec dereco o de exigi exigirr la presta prestaci* ci*n n respectiva, consagrándose así la esencia de la circulaci*n de los títulos para ser calificados como títulos valores 29 . < dicos instrumentos se le conoce como títulos
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
egPn WEE?C, citado por ilva #allejo, el "ítulo de crédito, Vaparte de ser un documento especial es también un documento formal que obedece a los requisitos de forma prescritos por la le! bajo conminaci*n de la invalide& del título como talU. V'o basta, por tanto, la escritura, sino que son necesarias todas las indicaciones indicaciones que la le! requiere para que el título de crédito asuma un determinado tipo ! pueda considerar regular !, por lo tanto, despliegue la eficacia que le es propiaU 84. El
CLAS CLASI' I'IC ICAC ACIÓ IÓN N DE LOS LOS TÍT TÍTUL ULOS OS VA VALORE LORES S
Ha! mucos criterios para la clasificaci*n de los títulos valores.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
%or la forma de extinci*n de los derecos que emergen del título, se clasifican en títulos de ejercicio instantáneo o de ejercicio continuado. En los primeros, el ejercicio del dereco origina de inmediato su consunci*n, como ocurre con el título de cambioI en los segundos, la relaci*n jurídica, emergente del título, no desaparece con el ejer ejerci cici cio o de los los dere derec cos os que que de él deri deriva vanI nI por por ejem ejempl plo, o, las las acci accion ones es de las las sociedades, que representan un vínculo asociativo. We acuerdo con las exigencias formales, se clasifican en títulos de formalidad rigurosa o de formalidad atenuada. En el primer caso, la falta de determinadas indicaciones origina la pérdida de su naturale&a ! eficacia, como ocurre con el título de cambio. En el segundo, segundo, esa omisi*n omisi*n no determin determina a la invalide invalide&& del título, título, como sucede con las acciones de las sociedades, porque éstas no son la fuente de donde deriva el dereco del titular, sino el pacto social al que el título debe acer referencia, por no ser, tampoco titulo completo.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
sea lesiva al dereco ajeno. Ella representa en cierto modo la voluntad de la le! frente a la voluntad privada. We lo que resulta claro /excluidos los negocios abstractos, que no expresan por si una causa ! por esto mismo son capaces de acoger varias ! diversas0 que todo tipo de negocio tiene una causa propia, correspondiente a la funci*n funci*n específica específica que reali&a reali&a,, una cusa que imprime en él carácter carácter ! justifica justifica el reconocimiento. We lo expresado se desprende que todos os negocios jurídicos tienen una causa. %ero
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
)omo consecue consecuencia ncia de lo anterior, anterior, en los títulos valores valores causales causales el tenedor está expuesto a ver afectado su dereco si el deudor acredita la inexistencia de la causa, su falsedad o cualquier vicio que origin* su emisi*n. C sea, que está sujeto al influjo de las relaciones de las que emerge el título. En el dereco alemán, se a eliminado definitivamente toda consideraci*n de causa debendi en las relaciones cambiariasI de modo que el título abstracto significa una completa independencia de la promesa que constitu!e la relaci*n causal.
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En el dereco anglosajon, no se reconoce a la voluntad unilateral como fuente de obligaciones, obligaciones, ! donde el título de cambio tiene naturale&a contractual, contractual, corresponde a lo denominada consideration asumir el rol de fundamento econ*mico de la obligaci*n. Ella viene a ser, así, una especie de causa en sentido econ*micoI de allí que tratándose del dereco cambiario, la consideration consideration es alguna cosa de valor, value /por eso se le denomina valuable consideration0, dada por el acreedor al deudor , o por una perdida sufrida por el primero a favor de segundo, siempre a cambio de la obligaci*n
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
%ara la le! de ?ercado de valores, Wecreto egislativo 'Z 91, art.69, ! la le! de títulos valores, art.2J, para el caso de los títulos emitidos ! colocados como oferta pPbl pPblic ica a o priv privad ada a se cons consid ider eran an a cort corto o pla& pla&o o /men /menos os de un aDo0 aDo0 los los pape papele less comerciales /infra 8420 ! los bonos como obligaciones obligaciones a pla&o ma!or de un aDo. 85 Ctros procedimientos ! otros mecanismos se an adoptado para la movili&aci*n de los créditos a corto pla&o, que también se a utili&ado para los créditos a mediano pla&o. %ero, en todo caso, se a eco valer un documento representativo, susceptible de
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deuda como una obligaci*n abstracta, enteramente desvinculada de toda noci*n de causa. En los títulos representativos de derecos a largo pla&o, la inoponibilidad de las excepciones no juega sino bajo reserva de los límites congénitos al título o de los derecos del tenedor inicial. a sociedad an*nima tiene siempre el dereco de oponer al portador de una acci*n las disposiciones estatutarias que limiten el dereco de los tenedores, o de acer valer contra un obligacionista las cláusulas del contrato de
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES >.1 El te*to del documento determina los alcances y modalidad de los derec$os y
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
momento de la emisi*n del título !, segPn otros, en el momento de su creaci*n, que
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n requisito esencial es que en el título conste una suma de dinero, debiendo
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esencial, por lo que debe seDalarse correctamente la respectiva unidad o signo
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES ?.?
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
través de mecanismos centrali&ados, dica responsabilidad será de cargo del agente de intermediaci*n que efectPe la transacci*n por cuenta del adquirente. /. Res&ate Res&ate "e los los Valo Valores res "e Em,re Em,resas sas e( e( Co(&* Co(&*rso rso8= En cuanto al rescate por parte del deudor de los #alores #alores de Empresas en )oncurso, la primera forma seria mediante la amorti&aci*n en los casos que se produ&ca el pago del dereco de crédito contenido en el titulo, conforme a las reglas previstas dentro de la e! general del istema )oncursal. We tratarse de un pago parcial es de obligaci*n del deudor, su =erente =eneral o quien aga sus veces, de emitir un nuevo titulo por el saldo del dereco de crédito pendiente de pago, acorde con las reglas establecidas en el reglamento. %uede también efectuarse en el caso de producirse la conversi*n de los #alores de Empres Empresa a en )oncu )oncurso rso en accio acciones nes,, en aquell aquellos os supues supuestos tos en que que la junta junta de acreedores de deudor apruebe la capitali&aci*n de créditos conforme a las normas sobre la materia. < efecto de respetar el dereco de suscripci*n preferente que trata la = en su artículo 24KZ, se reconoce en el articulo 6Z del -eglamento que la conversi*n de los #alores de Empresa en )oncurso en acciones no restringe el ejercicio. 2. 2.22.
VALOR LOR DE DE PRO PRODU DUC CTO AGRA GRARIO RIO81
Entre los mecanismo mecanismoss de financia financiamien miento to que se an desarrollado desarrollado destinados destinados al financiamiento del agro, se encuentra la celebraci*n de contratos de compraventa entre el productor ! el comprador, comprador, que se considera el adelanto de recursos /semillas, fertili&antes u otros0 por parte de este Pltimo al productor por un porcentaje del valor nego negoci ciad ado. o. We esta esta form forma a los los agri agricu cultltor ores es pued pueden en inic inicia iarr sus sus cult cultiv ivos os ! los los compradores pueden asegurase el abastecimiento de los productos necesarios para sus operaciones. operaciones. < efecto de dotar de ma!or seguridad ! formalidad a los contratos de compraventa ! además acer posible que los compradores puedan transferir sus derecos a terceros
" Op.cit p.982
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
en la misma cadena productiva, a bancos o inversionistas en el mercado de capitales, es que nace un titulo valor dirigido a esta finalidad.
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
)omo )omo ejemp ejemplo lo de las las utili& utili&aci acione oness que podrí podría a tener tener este este titul titulo, o, el Wicta Wictamen men del %ro!ecto de le! de la )omisi*n del )ongreso /58932442)- de 26 de abril de 24480, menciona entre otros los siguientes casos. a. na na asocia asociaci* ci*n n de product productore oress de maí& requier requiere e de fertili& fertili&an antes tes por un monto de 1844 d*lares, para tal efecto emite a la orden de una empresas distribuidora distribuidora de fertili&antes un #%< ! se compromete a entregarle 14 "? de maí& cu!o valor asciende a 1544 d*lares en un pla&o de J mesesI a su ve& la empresa distribuidora de fertili&antes vende el #%< a la empresa avícola por 1J44 d*lares en la feca de entrega seDalada en el #%<, la asociaci*n de productores entrega las 14 "? de maí& al tenedor de la #%<. En este sentido la
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
del del cult cultiv ivo. o. < su ve& ve& se a gara garant nti& i&ad ado o a la empr empres esa a expo export rtad ador ora a el abastecimiento de uva para sus operaciones además de poder utili&ar la #%< como garantía de préstamo obtenidos de entidades bancarias, lo que podrá destinar a cualquiera de las operaciones que ésta realice. En la feca de entrega contenida en el #%<, la empresa exportadora debe aber pagado al banco el crédito obtenido, caso contrario el @anco solicitará al agric agricult ultor or la entre entrega ga de la uva, uva, queda quedand ndo o el expor exportad tador or liber liberad ado o de entregar nuevamente la uva al exportador. in embargo, el exportador no queda liberado de pagar al agricultor el saldo aun pendiente de pago de acuerdo a lo establecido en el respectivo contrato privado. i por el contario, la empresa exportadora paga el préstamo al banco ! recuperará la #%<, el agricultor entregará la uva a la empresa exportadora ! esta le pagará la diferencia entre el valor de venta de lo pactado ! el adelanto de los recursos reali&ado al agricultor de conformidad con los términos del contrato $. Ca Cara ra&t &ter ers st t&a &as. s.83 Entre las principales características, se pueden mencionar las siguientes(
Es un un titul titulo o valor valor a la la orde orden n trans transfer feribl ible e por por endo endoso. so.
%ued %uede e emit emitir irse se por por cual cualqu quie ierr prod produc ucto to agro agrope pecu cuar ario io natu natura ral,l, proc proces esad ado o o industriali&ado, productivo por el emitente del #%<, o por las asociaciones o cooperativas que lo representen.
%uede %uede incorp incorpora orarr garantí garantías as librem librement ente e pactada pactada entre entre las las partes, partes, sean sean reales reales o personales, como la ipoteca, la prenda, el aval, ! la fian&a, siempre que sean admitidas por la le! de títulos valores. En lo que se refiere a la descripci*n de los bienes afectados en garantía, se ará el #%< o en documento anexo que se adiera como apéndice del titulo valor conforme a los art. J.1 ! J.2 de la e! de "ítulos #alores. En el caso de inmuebles o muebles con registro, deberá dejarse constancia en el #%< de las referencias registrales registrales de su constituci*n. "ratándose "ratándose del caso del aval o fian&a
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
otorgado en favor del emitente tales garantes responderán por la entrega de los productos descritos en el #%<.
%uede %uede ser nego negocia ciado do en la @olsa @olsa de prod product uctos, os, queda quedando ndo éstas éstas autor autori&a i&adas das a aprobar formatos estandari&ados del #%< para cada producto ! a ponerlos a disposici*n del pPblico en sus respectivas páginas ;eb u otros medios de comunicaci*n comunicaci*n masiva.
Es compl compleme ementa ntario rio al contr contrato ato de comp comprav ravent enta a celebra celebrado do entre entre el emite emitente nte ! primer beneficiario del referido titulo valor. 'o libera al productor emitente ni al primer beneficiario de las obligaciones de entrega ! pago, respectivamente, asumid asumidas as en l contr contrato ato de compra compraven venta ta celebr celebrad ados os sobre sobre los los produ producto ctoss descritos en el #%<, de manera privada o a través de la @olsa de %roductos.
%odr %odrán án esta estarr repre represe sent ntad ados os medi median ante te el sopor soporte te pape papell
tamb tambié ién n media mediant nte e
representaci*n representaci*n electr*nica o desmateriali&ada. desmateriali&ada. &. Co(te("o80 El artículo J de la le! indica que debe contener el #%<, lo que reviste un carácter de mandato. a falta de alguno de éstos determinará que no se considere el documento como título valor. F
En este sentido el #%< debe contener(
F
a denominaci*n de #alor de %roducto
a indica indicaci* ci*n n del del lugar lugar ! feca feca de su emisi* emisi*nI nI
El nombr nombre, e, numer numero o de docum documen ento to ofici oficial al de iden identitida dad, d, domic domicililio io ! firm firma a de emitente, que desde entonces asume la calidad de obligado principalI principalI
El nombre nombre,, numero numero de de docume documento nto oficia oficiall de identidad identidad ! domicil domicilio io del del comprad comprador or o adquirente de los productos descritos en el #%<, !a cu!a orden se emiteI
a descri descripci pci*n *n de los produc productos tos,, seDaland seDalando o su clase, clase, serie, serie, calidad calidad,, cantidad cantidad,, estado ! además referencia que permitan determinar la naturale&a, género, especie, ubicaci*n ! valor patrimonialI
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
a fec feca a fija fija de de ent entre rega ga del del pro produ duct ctoI oI
a indic indicaci* aci*n n del del ligar ligar de entreg entrega a ! condicio condiciones nes de entreg entregaI aI !, !,
El prec precio io unit unitar ario io del del produ producto cto que que podr podrá á ser ser fijo fijo o por por fijar fijar..
"ratándose de precio por fijar, se podrá utili&ar las modalidades reconocidas por el -eglamento de Cperaciones de -ueda de %roductos de la @olsa de %roductos. %ara tal efecto se podrá utili&ar cualquiera de las siguientes modalidades. i.
+ran +ranja ja(( El comp compra rado dorr ! ven vende dedo dorr acue acuerd rdan an un prec precio io máxi máximo mo de vent venta a! un precio mínimo de compra. i la coti&aci*n en @olsa esta por encima del precio máximo de venta pactado, el vendedor deberá vender a este Pltimo precio. i la coti&aci*n estuviere por debajo del precio minio de compra, el comprador esta obligado a comprar este Pltimo precio.
ii. ii.
)on )on pri prima ma,, paga pagada da por por el el vend vended edor or o com compr prad ador or(( En el el prim primer er cas caso, o, el el comprador ! el vendedor acuerdan un precio mínimo de compra ! una prima o pago que el vendedor debe efectuar a favor del comprador. comprador. i la coti&a coti&aci* ci*n n de @olsa @olsa fuera fuera infer inferio iorr al precio precio acorda acordado do,, el compra comprador dor deberá adquirir los productos a este ultimo precioI en cambio, si la coti&aci*n fuera superior al precio acordado, el comprador está obligado a adquirirlos a la coti&aci*n de la @olsa. %uede darse el caso que se acue acuerd rde e un prec precio io máxi máximo mo de ven venta ! una una prim prima a o pago pago que que el comprador debe efectuar a favor del vendedor. i la coti&aci*n de @olsa fuera superior al precio acordado, el vendedor deberá venderlos a la coti&aci*n de la @olsa.
iii. iii.
)on )on pará paráme metr tro o de refe refere renc ncia ia(( as as part partes es acu acuer erda dan n que que el pre preci cio o será será fija fijado do toma tomand ndo o como como refe refere renc ncia ia coti coti&a &aci cion ones es del del prod produc ucto to de un
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
". Prm Prmer er ?e(e/ ?e(e/&a &ar ro. o.86 El primer beneficiario vendría a ser el acreedor original. En virtud de las relaciones come comerc rcia iale les, s, así así como como el emit emiten ente te será será el prod produc ucto torr agro agrope pecu cuar ario io,, el prim primer er benefi beneficia ciario rio podrá podrá ser una empres empresa a distri distribui buido dora ra de insum insumos, os, de fertil fertili&a i&ante ntes, s, proveedores de maquinarias, empresas agroexportadoras. En el primer beneficiario, en tanto endosante del #%<, puede obligarse a pagar al tenedor del #%< del valor de los productos descritos en el respectivo título valor. El importe a pagar resulta de multiplicar la cantidad de productos seDalados en el titulo por el precio unitario del producto consignado en el #%<. En este caso, deberá incluirse en el #%< la clausula Vpago por parte del beneficiarioU ! ser refrendada con firma del primer beneficiario, quien desde entonces tendrá la calidad de obligado principal. < falta de esta cláusula, el obligado principal del #%< será el emitente, mientras que el primer beneficiario que lo a!a endosado asumirá la calidad de obligado solidario, solidario, conforme al artículo 8.2 de la e!. e. E("oso.87 a le! define que el #%< es u titulo valor a la orden !, en consecuencia, transmisible por endoso, el que deberá cumplir las formalidades a que se refiere el artículo 8J.1 de la e! 'Z 2K29K, e! de "ítulos #alores. En cuanto a la obligaci*n solidaria que asumen los endosantes, a excepci*n del primer endosante, los endosantes subsiguientes no asumen la responsabilidad solidaria a que se refiere el artículo 11 de la le! de "ítulos #alores, la misma que tiene por finalidad incentivar la negociaci*n secundaria del #%<. /. I(&* I(&*m, m,l lm me( e(to to "e "e e(tr e(tree-aa88
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REGLAS GENERALES APLICABLES A LOS TÍTULOS VALORES / TÍTULOS Y VALORES ESPECIALES
En caso de incumplimiento de entrega del producto por parte del emitente en la feca contenida en el #%<, se faculta al tenedor de éste optar por la venta directa ! extrajudicial de los bienes muebles constituidos en garantía siempre que se ubiesen establecido en el #%<, caso contrario se procederá a la venta judicial, la que se ará con arreglo al )*digo %rocesal )ivil. "ratándose de bienes inmuebles constituidos en garantía, luego de protestado el #%< u obtenida la formalidad sustitutoria respectiva, procederá la venta directa del bien ipotecado, sin intervenci*n de la autoridad judicial, al mejor postor, siempre que el precio por el que se enajene no sea inferior al K5` de la valori&aci*n seDalada en el #%< ! la venta se confíe a una empresa a una empresa del sistema financiero nacional autori&ada a operar comisiones de confian&a o fideicomisos, distinta al ejecutante. in embargo, el tenedor del #%< podrá optar por solicitar la ejecuci*n judicial de la ipoteca conforme al )*digo %rocesal )ivil. -. Caso 'ort* 'ort*to to o /*er /*er!a !a maor maor 8 El artículo 1815L del )*digo )ivil se ocupa del caso fortuito o fuer&a ma!or. V)aso +ort +ortui uito to o fuer fuer&a &a ma!o ma!orr es la caus causa a no impu imputa tabl ble, e, cons consis iste tent nte e en un even evento to extraordinario, imprevisible e irresistible, que impide la ejecuci*n de la obligaci*n o determ determina ina su cumpli cumplimie miento nto parcia parcial,l, tardío tardío o defect defectuos uosoU. oU. We presen presentar tarse se estas estas circunstancias, circunstancias, el artículo KL de la le! faculta al emitente a entregar al tenedor del #%< en dinero el valor de los productos contenidos en el #%<.