3284 Articles 537 and 554 of the Commercial Code are hereby amended, the texts of which shall read:
"Article 537.- Pledges in which automotive vehicles, vessels, or aircraft are offered as security must be constituted by public deed. Those constituted in relation to other movable property of a different nature may be granted in a public or private document or on official contract forms. In these last two cases, the signature of the debtor, duly authenticated by a notary public, shall be required.
The debtor shall retain, in the name of the pledgee, the possession of the pledged thing and shall assume the obligations and responsibilities of a depositary; in addition, the debtor shall be liable for damages suffered by the things that do not arise from a fortuitous event, force majeure, or the very nature of the objects. The document or certificate proving the constitution of the pledge or the certification from the Pledge Registry shall serve as proof of the deposit." "Article 554.- The pledge contract, its amendments, extensions, nominative endorsements or assignments, novations, total or partial cancellations, or any other legal act linked to it, must be in writing and shall be made by public deed, in cases where the encumbrance must be constituted with this formality. The contract must contain the name, surnames, qualifications, and domicile of the creditor, if a natural person, or the company name or denomination, if a legal entity. It must set forth an exact description of the goods given as security, their liability, the appraisal for auction, the indication of who the depositary is, the specification of the insurance, if any, the place of payment of principal and interest, the maturity date, and all other data essential to identify the goods given as security and their liability.
When the pledge certificate or documents are not constituted by public deed, like the registration, they must be written in letters, without numbers or abbreviations, except when these form part of a trademark or distinctive sign. Every error, omission, or interlineation must be corrected by a note, and blank spaces shall be covered with a typed line or with ink. Anything written on the back of the certificate as a complementary part of the contract must be backed by the duly authenticated signatures of those who subscribe to it.
The pledge certificate or public document in which the contract is constituted shall bear the tax stamp corresponding to the transaction, according to the general rule set forth in the final part of subsection 5) of Article 272 of the Tax Code, unless the stamp has been affixed and canceled on the public instrument where the original contract has been recorded. In such a circumstance, the notary or scrivener shall record this fact in the certificate. In the case of pledges on mortgage certificates, on registered pledges, or when the pledge is kept in the possession of the creditor, only the tax stamp corresponding to the promissory note recording the debt shall be paid. The registry that verifies the registration shall cancel the tax stamp affixed to the pledge certificate.
The stamped paper of the pledge certificate shall have the same dimensions and quality as that used in documents or instruments registrable in the Public Registry; but it shall be of the same three values required for promissory notes or IOUs, pursuant to Articles 248, 249, and 250 of the Tax Code."