Juan Velasco Alvarado

This means that only the issuing undertaking and their guarantors will be the only ones obliged to payment. Not being the endorsers of the title value. therefore only proceed action would change more direct, not for return. L.T.V. Art. 218-222.

VIII. Exchange actions is required protest to exercise direct exchange rate action? For procedurally exercise direct exchange rate action and the banking certificate to have executive merit, protest or substitute any formality is not required. Therefore, to allow the holder to exercise such action would change will suffice only deadline and breach of the obligation. As we have already pointed out, only proceed action would change against the issuer financial banking certificate and their eventual guarantors, because subsequent endorsers of the title value does not constitute forced solidarity in return path. L.T.V.

Art. 22. IX. legislation to) the banking licence in foreign currency in the Peruvian legal system, foreign currency banking certificate (considered as the beginning of the dollarization in the banking system) was regulated for the first time with the Decree Law N 22038; in the Government of Gral. Francisco Morales Bermudez, during the second stage of the military regime. It is interesting to discuss one of the recitals of the above-mentioned decree-law where is set as purpose promoting the saving of resident foreigners, making settled difference with the first phase of clear leaning of the regime in charge of the Gral. Juan Velasco Alvarado (including arriving to take them from their savings, prohibit the possession and procurement in currency foreign. making it a crime of possession – unauthorized possession of foreign currency), and is that, during this second stage, as well says castellares, sought regain the lost confidence of the foreign savers during the velasquista phase. Since then it has been received by the savers in foreign currency, mainly for being a value issued to the bearer, to order and in hard currency other than the national, and whose interests are exempted of the income tax, from its creation to date.