Certificate of Deposit: Data, What It Is For and MORE

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The Certificate of deposit It is a document titled to certify the ownership of a merchandise or real assets that are kept in a warehouse or conditioned premises. For that reason, in Colombia, the Financial Superintendency controls this type of public or private establishments, which are dedicated to taking care of third-party inventories and assets.

If you are an entrepreneur who has nowhere to store your merchandise, don’t worry, keep reading. In this regard, there are warehouses in Colombia that make this type of receipt in exchange for granting the Certificate of Deposit. In this way, as a merchant or entrepreneur, you will have a legal title that proves the ownership in your name of said merchandise in custody.

Therefore, this article will interest you.

Data to Contain

Next, it is important to understand that the Certificate of Deposit It is a title of a nominal nature, which has an asset value. Also, it can be negotiable. For this reason, this document contains a series of data that characterizes it. In this regard, we invite you to know what these data are:

  • Identification of the warehouse or warehouse.
  • Subscription of the person who authorizes the title or certificate.
  • Address of the warehouse where the merchandise or goods of the entrepreneur or merchant are kept.
  • Date of the Certificate of Deposit.
  • Certificate number.

  • Identification and detail of the merchandise protected in the warehouse.
  • Period of storage of merchandise or goods inventory.
  • Data of the depositor of the merchandise, that is, the certificate holder.
  • Notification of the taxable status associated with the goods or item in deposit.
  • Indication of the fees charged by the warehouse for the depositary service.

What is the Certificate of Deposit for

This will interest you: The Colombian Commercial Code is the legal order that clearly establishes the usefulness of the Certificates of Deposit. In this regard, this type of nominal title that guarantees the warehouse, serves to guarantee the property or the right of a citizen or company over a merchandise in deposit. Therefore, it behaves like a current asset on a trade balance sheet.

In accordance with the aforementioned, this title issued by the depositary is useful for a sale operation of the goods in custody. In this sense, the Certificate of deposit has for its owner a series of rights that can be opposed in a commercial transaction.

According to the foregoing, said certificate also serves as a guarantee to negotiate a financing that has the goods on deposit as collateral. For that, the Warehouse will not only issue the Certificate of deposit but also the so-called Pledge Bonus.

In this sense, the Pledge Bond certifies to a borrower or bank that the latter has the reservation of ownership over the merchandise indicated in the Certificate. Keep reading, this is for you.

For that reason, if you have your Certificate of deposit, don’t misplace it, since with that document you can remove your goods that are in custody in a warehouse. But you know, if there is a collateral on that merchandise with a bank, you will not be able to withdraw those assets until you have settled the debt and then release the protected assets that are in collateral.

Laws Regarding the Certificate of Deposit

Did you know that the Colombian Commercial Code has a section in its regulations to regulate the handling of Certificates of Deposit? Therefore, this code in its section V explains the legal bases of the Certificate of deposit and the Pledge Bond. In this regard, there is an article in this section of the Commercial Code that deals with this matter.

Thus we have that article 758 indicates that the only establishments that can issue certificates of deposit are the so-called General Deposit Warehouses. As you know, these entities can be public or private and will be under the supervision of the Colombian Financial Superintendency.

In addition, the same article legally defines the certificate of deposit as a title that grants rights or powers to a depositor. In this regard, these proprietary attributions will be over the stored goods and the depositor can enforce them when he wishes to sell them to another person. That is why the endorsement of that asset is nominally indicated in the certificate.

Other articles on the Certificate of Deposit

Regarding Article 759 of section V of the Commercial Code, there are some legal requirements that Certificates of Deposit and Pledge Bonds have in common. Namely:

  • Title Type: Certificate of Deposit
  • Subscription of the person authorizing the certificate.
  • Address of the warehouse where the merchandise or goods are stored.
  • Date of the Certificate of Deposit.
  • Certificate number.
  • Identification and detail of the merchandise protected in the warehouse.
  • Certificate of constitution of the custody of the merchandise or property.
  • The cost of warehousing services.
  • The value of insurance coverage for damage to inventory or property
  • Period of storage of merchandise or goods inventory.
  • Data of the depositor of the merchandise, that is, the certificate holder.
  • Indicate an approximate value of the merchandise on deposit.
  • Any additional requirement that is indicated in the regulations associated with the matter.

On the other hand, Articles 763 and 764 characterize the Certificate of deposit as a nominal title to bearer or to order. Also, said document may be tradable for sale as an asset individually or in conjunction with the Pledge Bond.

Additionally, according to Article 766, the legal handling of the Certificate of deposit the regulations established for exchange drafts and commercial promissory notes are applied to it. This is indicated by the nature of the Certificate of Deposit of being a nominal title to assign rights or sell said ownership of property.

Cases in which the Certificate of Deposit is Issued

Now we are going to point out the main cases where Certificates of Deposit are issued. In this regard, you should know that this type of ownership of rights is made when there is merchandise or goods that can be disposed of. Therefore, there is a need to transfer a property under certain conditions. So, said certificate is issued when:

  • A commercial or manufacturing company needs to safeguard finished merchandise, raw materials, goods and even intermediate products.
  • In these cases, if the company does not have adequate space to store these goods, it must resort to the General Deposit Warehouses in Colombia. Thus, these establishments can guard the merchandise in exchange for issuing the Certificate of Deposit.
  • A money-borrowing entity grants financing to a company that places a merchandise under the custody of a Warehouse as collateral.
  • In these cases, the Warehouse of Deposit must issue the Certificate of Deposit as a nominal title for the owner of the merchandise. However, it must also issue the Pledge Bond for the financier who needs the guarantee of the merchandise on deposit.

Who Issues the Certificate of Deposit?

In another vein, in Colombian territory, the so-called General Deposit Warehouses are the entities in charge of issuing the Certificate of deposit. This instruction is legally established in article 757 of the Colombian Commercial Code. In these cases, the warehouse issues said title to assert with full confidence, the ownership of the merchandise stored in the name of a certain company.

According to the foregoing, the General Deposit Warehouses have the competence to maintain in their premises, the safeguarding of the goods and merchandise that a legal person has entrusted to them. However, these agencies cannot be held responsible for damage caused to these goods due to acts of force majeure and uncontrollable, or for deterioration of the goods themselves.

On the other hand, there are special regulations for some warehouses such as silos or bulk to return merchandise in case of losses. Therefore, these considerations are indicated in the regulations on the use of General Warehouses in Colombia.

If you still do not know some General Deposit Warehouses that may interest you in Colombia for your care and custody of merchandise and goods, ¡¡we are going to tell you!

  • Almacenes Generales de Depósito Almagrario SA
  • Vopak Colombia SA
  • Almacenadora Interamericana de Carga SAS
  • Alcomex SA
  • Customs Deposit Aviatur SA
  • Roldán y CIA LTDA
  • OPP Graneles SA
  • Cimpex SAS
  • Suppla SA
  • CI Unión de Bananeros de Urabá SA
  • Alpopular Almacén General de Depósito SA
  • Among other warehouses

What is it?

In Colombia, continuously, buying and selling companies, manufacturers, importers, exporters and others, need to store their products, raw materials and goods. Therefore, many times they do not have enough spaces to protect their goods. In this sense, they resort to the General Deposit Warehouses who provide the storage service.

In short, companies receive in exchange for the deposit service of their merchandise the Certificate of deposit. This document accredits the owner of the assets in custody and conservation as their rightful owner. Therefore, this title has the legal value to support any transaction with the merchandise (sale, collateral, withdrawal, claim, etc.).

Do not run out of Certificate of Deposit, the security of your assets is worth your effort!

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