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On the excess over 100,000 and up to 200,000-up to 4 percent.
On the excess over 200.000 and up to 400,000-up to 3 percent.
On the excess over 400,000-up to 2 percent.

The auctioneers who sell property of the estate may charge the buyers the commissions which according to the schedules, usage, and practices of the place where the property is located, may be charged. (Arts. 97-103.)

CLASSES AND RANKING OF CREDITS (CLAIMS)

The creditors are divided into creditors of the estate and creditors of the insolvent. The former are those whose claims arise out of expenses necessary to safeguard, preserve, and manage the property of the estate, and those arising out of judicial and extrajudicial proceedings, if duly authorized. Among such expenses are included the fees of counsel and judicial agent (procurador) who represented the debtor in the composition or bankruptcy proceedings, or who requested and obtained a declaration in bankruptcy, fees of the receiver, liquidator, supervisory board and their counsel, when the proceedings are terminated with liquidation, with or without declaration of bankruptcy. These credits are entitled to be paid in preference to the creditors of the insolvent; however, they do not take preference over creditors claiming ownership (acreedores de dominio) and those with special privilege. With regard to the latter, only the costs relating especially to them and the expenses necessary for the safeguarding and liquidation of such property or collection of these credits are entitled to privilege over them; the amount thereof will be fixed by the court when they are payable out of the general estate.

The creditors of the estate are divided into five classes: (1) Creditors claiming ownership; (2) creditors with general privilege; (3) creditors with special privilege; (4) mortgage creditors; and (5) common creditors.

The preference in payment among creditors with privilege is graduated according to the character of the privilege without regard to time. Those belonging to one class will be paid pro rata. The privileges may be general over all the property, or special over certain personal or real-estate property. In case of bankruptcy, mortgage creditors may demand the institution of a special proceeding (concurso), but this will not be provided for until after the examination of claims. (Arts. 123-126.)

CREDITORS CLAIMING OWNERSHIP

The following are classed as creditors claiming ownership:

(1) Those entitled to property which the insolvent has by way of deposit, pledge, management, lease, gratuities, loan, under consignment to purchase, sell, transport, delivery, or any other manner by which ownership is not transferred.

(2) Creditors on bills of exchange or any other commercial securities sent, delivered, or endorsed, without transfer of ownership, or for remittances made to the bankrupt for a determined purpose.

(3) The vendor who has not been paid the price as stated in article 133 and following.

(4) The child, for any existing separate property; the heir or legatee, for the inherited or bequeathed property; and a minor or one under legal disability, for the property under guardianship or curatorship.

(5) A married woman, (a) for any existing property of her own which she brought into the marriage, provided receipt thereof is evidenced by document recorded in the Public Registry of Commerce; (b) for the property acquired by her during the marriage by inheritance, legacy, or gift, whether it is in the same form or has been subrogated by or converted into other property, provided it is proven that the husband had possession of it and the relevant instruments were recorded in the registry; (c) for the property acquired in accordance with law 11357 (concerning women's rights). However, the lack of such recordation in these cases will not prevent the exercise of the woman's rights legally proved in an ordinary action without prejudice to the liability imposed on the husband.

The generic deposits, without specification of kind, and the money earning interest do not come under this class. Nor are deposits of money not in specie or sums delivered to bankers to be withdrawn at will, whether or not they earn interest, so considered. (Arts. 127, 128.)

CREDITORS WITH GENERAL PRIVILEGE

Creditors have general privilege when their credits arise from the following cause:

(1) Funeral expenses, when the declaration in bankruptcy took place after the death. These expenses, when the death followed after the bankruptcy, are privileged when made by the receiver or liquidator with the court's authorization.

(2) Expenses of the last illness, in case of bankruptcy declared after death. (3) Salaries of managers, clerks, and servants of the insolvent, or of laborers directly employed by him during the 6 months immediately preceding the declaration in bankruptcy.

(4) Provisions (alimentos) supplied to the bankrupt and his family, managers, and clerks, who live in the house of the insolvent during the 6 months preceding the declaration in bankruptcy.

(5) Credits of the Treasury and the municipalities for taxes not yet paid. (Art. 129.)

OTHER CREDITORS

Creditors with special privilege are those whose credits arise out of the following causes:

(1) Accrued rent, up to three consecutive periods, on everything existing within the estate leased, including harvest, in the case of cultivated lands. The same privilege is extended for the damages caused to the leased estate, for the repairs chargeable to the tenant and everything relating to performance of the contract. However, the privilege does not affect that which the bankrupt held on consignment, deposit, or any other manner by which ownership was not transferred.

(2) The sale price, while the thing sold is in the possession of the buyer. (3) Credit on a pledge in the possession of the creditor.

(4) Expenses incurred in the construction, improvement, and preservation of an object while it is in the possession of the person in whose behalf the expenses were incurred.

(5) Credits referred to in part 16 of the book III of the Code of Commerce (maritime credits such as salaries of crews, salvage, cost of transportation, insurance premiums, bottomry loans, taxes, conservation, repairs, and construction cost of vessels).

(6) Warehousing contractors and managers of storehouses, on the goods existing in their warehouse or stores, for the payment of wages and expenses incurred in safekeeping the goods.

(7) The agent, on the objects of the agency, for the amounts owed to him in consequence thereof.

(8) The commission agent, on the effects consigned to him, for the payment of advances, transport, and storage expenses, as well as for the respective commissions and interest under the terms and conditions of article 279 of the Code of Commerce.

(9) The shipper, for the goods carried, on the animals, vehicles, vessels, rigging, and all other principal and accessory instruments of transport. (10) The costs of transportation or freightage on the goods loaded. (11) In all other cases in which the laws grant a right of retention (lien), and in the other cases expressly stated in this law, the Civil Code, and special legislation.

MORTGAGE CREDITORS

Mortgage creditors are those whose credits are secured by mortgage, while unsecured or common creditors are those not included in this and the preceding sections. (Arts 130–132.)

REVINDICATION IN BANKRUPTCY

Revindication in bankruptcy is the right of persons to recover from the mass of the bankrupt's estate property belonging to them. Article 133 of the law provides that the seller may recover the goods sold, when the buyer goes into bankruptcy before paying for them, provided that before presentation of his petition for composition or his bankruptcy, or before the latter is declared at the request of a lawful creditor, the insolvent or his agent did not acquire possession of the goods, even though symbolic delivery took place (such as delivery of keys to the place where the goods are, receipt of invoices, etc.) (See Art. 463, Code of Commerce.) If the property in (title to) the goods has passed to the insolvent, the seller cannot recover them, even though the price has not been paid, whether or not a time was stipulated for payments. The right to rescind the contract (Art. 216, Code of Commerce) lapses when the purchaser becomes bankrupt.

The right of revindication can be exercised only with regard to goods which have not been confused with others of like kind and are identically the same that were sold. Proof of such identity is admissible, even though the bales are torn, or the cases are open, or the number has been diminished. If only a portion of the goods sold remain in the mass, the restitution will be made in proportion to the total sale price.

If it has been stipulated that the risk of loss of the thing sold is to be borne by the vendor until delivery, another sale made before actual delivery does not prevent the exercise of the right of revindication. If the goods are pledged to a third person in good faith, the seller may revindicate them, but he must reimburse the third person the amount loaned, stipulated interest, and expenses. The receiver and liquidator may retain the goods whose revindication is sought, by paying the seller the price stipulated with the bankrupt.

When composition proceedings are commenced by the writ convoking a meeting of creditors, the action of revindication may be exercised as in bankruptcy. (Árts. 133, 134, 136, 141–143, 149.)

CONDITIONAL REVINDICATION

If the purchaser has paid a part of the price, the seller must return it to the estate before the goods sold can be recovered. Similarly, he must reimburse the estate any amount paid or owed by the estate for taxes, transportation, commission, insurance, general average, and expenses for safekeeping of the goods. He cannot claim the damages suffered by him up to the time of recovery of the goods. (Arts. 135, 137.)

WHEN NO REVINDICATION LIES

No revindication is allowed when the seller receives a bill of exchange or other negotiable instrument for the total price of the goods sold, and he gives a receipt thereof or makes a note of the payment without referring to the instruments just mentioned. If he took the bills of exchange for only a part of the purchase price, the revindication will be allowed if security is given against any claims which may arise out of the bills. The revindication is not allowed when the insolvent sold the goods before taking possession of them, while the invoice, bill of lading, or way bill were on the way; however, the original seller may avail himself of the action of the insolvent against his buyer, when the purchase price of the second sale has not been paid, up to the amount owed to the original vendor. Such amount will not form part of the mass of the estate. The original creditor has an election of remedies in this situation, so that if he elects to proceed against the second purchaser he cannot subsequently claim against the bankrupt's estate, and vice versa. The same will apply in all cases wherein the bankrupt entered into contracts on behalf of a third party, even if no statement to that effect is made. (Arts. 138-140.)

REVINDICATION OF CONSIGNMENTS AND COMMERCIAL PAPER

Goods consigned to a commission agent and in his possession, or in that of a third person who holds or keeps them in his name, may be recovered by the consignor after complying with any obligations due to third-party pledgees, as already previously indicated. The consignor may also recover the purchase price of goods sent on consignment and sold and delivered by the consignee, provided the amount of the purchase price was not paid before the bankruptcy of the consignee or set off in current account between him and his buyer, even if the consignee received a del credere commission. If the insolvent bought goods for a third person and he goes into bankruptcy before the purchase price is paid, the vendor of the goods may avail himself of the action of the agent against his third-party principal, even though the latter is an undisclosed principal, up to the amount due the vendor, and this sum will not form part of the estate. The provision of the previous sentences applies in this case. If the goods consigned to the bankrupt were pledged to another person, the obligations due such third-party pledgee must be performed before revindication can take place.

When there are in the estate bills of exchange or other commercial paper not yet matured, or matured and not yet paid, and the insolvent was but a collector or payment agent, these papers may be recovered even though a third person may hold them in the agent's name; but the estate may require security against any liabilities which may arise therefrom against the bankkrupt. Even if there has been no disposal of the funds nor acceptance in the manner just indicated, these papers and any others may be recovered, even if entered in current account, provided the sender did not at the time of remitting them owe the bankrupt any sum other than the expense of such remittance. (Arts. 144-148.)

LIQUIDATION AND DISTRIBUTION

Once the liquidator is placed in possession of the assets, he must take such measures as are necessary to preserve them and the rights of action and other rights of the estate. He must proceed to liquidate the estate as soon as possible. The liquidator must also collect the matured credits due the estate and must institute the necessary actions of the insolvent and his estate, without authority except those indicated by articles 110 and 111, for which the consent of the board of supervisors or the meeting of creditors must be obtained.

Personal property and realty must be sold at public auction, by an auctioneer appointed by the court, after publication of notices of such sale in two newspapers during 5 to 15 days; the formality of valuation is not necessary. In exceptional cases, when the bankrupt estate would obviously benefit thereby, the court may allow the private sale of some of the property. The meeting of creditors may permit the assignment or transfer of the commercial assets subject to the approval of the court.

Securities, shares, and bonds or debentures will be sold on the stock exchange at the place where the court is situated, or at the exchange in the capital which the court may designate. The remaining property and valuables will be disposed of in accordance with their nature, with due regard to the need for publicity. If a privi-· leged creditor does not proceed against the property affected with the privilege, it will be disposed of in accordance with the previous rules; but the proceeds thereof will be set aside, after deduction of all expenses, to meet the privileged credits.

The proceeds of the liquidation, as well as any other receipts which the receiver or liquidator may obtain and which belong to the estate, must be deposited immediately to the order of the court in the Banco de la Nación (Bank of the Nation), or in the official bank in the court's jurisdiction. No funds can be withdrawn therefrom without court authority.

The creditors of the estate cannot set off their credits with the value of any property of the estate purchased by them. The liquidator may not make any submission to arbitration, or make settlement, without the authorization of the board of supervisors, if there is one; if not, of that of the court. (Arts. 150–154.)

PRESENTATION OF REPORTS BY THE LIQUIDATOR

The liquidator must present a report concerning the condition of the liquidation every 15 days. This report is kept in the office of the clerk of the court at the disposal of creditors. Should the liquidator fail to do this, or should he be negligent in the discharge of his duties, he will lose all rights to receive any fees, is subject to removal, and to liability as prescribed by article 93.

The liquidator must submit to the court within 8 days of the order approving the last conveyance of the estate's property (a) a statement of assets realized; (b) a statement of property which could not be liquidated, unrecoverable credits, and those concerning which judicial proceedings are pending; (c) the accounts of his management, accompanied by the proper vouchers; (d) a suggestion for distribu

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