La póliza de fianza como título ejecutivo.

Abstract

Bail works as a guarantee instrument that supports creditor interests when facing a delay in a payment obligation, in case the principal debtor does not meet the obligation. Bail is a subsidiary guarantee, which is established with the objective of ensuring compliance with an obligation not fulfilled by the secured. Given the guarantee that insurance companies grant, they have to held responsible for the taxable person’s unperformed obligation, and the taxable person must refund the amount that the insurance Company paid for them. In order to start the corresponding action and get the refund made by a third part, the Act provides for the execution of the bail policy that the Insurance Company issues in support of the main debtor, thus, the COGEP partially lists all the enforceable titles, since it’s not enough for the reason we are concerned about. On the other hand, in article 47 of the “Código Orgánico Monetario y Financiero”, “Ley General de Seguros”, confers to this document the title of enforceable title Consequently, bail policy that meets the requirements of enforceable title can be tiggered by the respective means provided in Chapter I of Title II in the COGEP, Executive Procedures.