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Is it necessary to include in a promissory note a competent court in case of a lawsuit?
Background Pursuant to article 170 of the General Negotiable Instruments and Credit Transactions Law (the "Law") a promissory note is a negotiable instrument that must contain the following elements to be valid: I. The word pagaré (promissory note) inserted in the...
Is the Insurer’s obligation to pay capitalized interests to insured parties constitutional?
Capitalized interests [1] in commercial agreements is a term permitted by the Mexican Constitution as long as it is not used in an abusive manner on someone else’s property, nor does it generate excessive interest on the debtor’s part. Article 276 paragraph II of the...
Mexican court determines the form in which consent can be granted in a promissory agreement.
Background Through a promissory agreement one or both parties agree to execute within a period of time, a given contract that the parties do not want or may not execute at the moment. It is also known as preliminary agreement, promise of contract, promise to enter...
Challenges arising from the new rules in Mexico allowing the holding of partners’ virtual meetings
On September 12, 2023, the Mexican senate approved the amendments to the General Corporations Law (the Law) to allow the holding of shareholders and partners’ meetings through instant communications platforms (the Amendments). The document containing the Amendments...
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