Libro III · Título Primero Capítulo XV. De los certificados fiduciarios

Trust certificates may only be issued as a consequence of trusts established for that purpose.

The procedure established by law for the issuance of bank bonds must be followed for the creation of trust certificates.

Trust certificates shall have the character of negotiable instruments and shall confer on their holders one or some of the following rights:

1º.To a proportionate share of the proceeds of the trust property.

2º.To a proportionate share of the right of ownership over said property, or over the price obtained in the sale thereof.

3º.To the right of ownership over a determined part of the trust immovable property.

When the trust property is immovable property, the trust certificates shall be registered.

Trust certificates must contain, in addition to the general requirements established for negotiable instruments, the following:

1º.The statement of being: certificate or trust certificate.

2º.The data identifying the deed of constitution of the trust and the creation of the certificates themselves.

3º.The description of the trust property.

4º.The appraisal of the property, if the certificates have a nominal value.

5º.The powers of the trustee.

6º.The rights of the holders, with express statement of the conditions for their exercise.

7º.The signature of the trustee and that of the representative of the administrative authority intervening in the creation of the instruments.

The term of the trust certificates may not exceed that established for the trust that gave rise to them.