Pagaré Notarial – A strong investment security with the Samana Group
Discover the power of the Pagaré Notarial, security that we offer to all our investors. In this article we will explain in detail how this legal instrument guarantees high investment security for our clients.
Pagaré Notarial as transaction security
A Pagaré Notarial is an official act that has the force of law under article 545 of the Code of Civil Procedure of the Dominican Republic. This notarial deed provides creditors with security over the debtor’s assets, making it an ideal solution to ensure the safety of commercial transactions. Providing a Pagaré Notarial security for all transactions made with Samana Group is a gesture to our clients and investors.
Why is the Pagaré Notarial such a strong security?
The Pagaré Notarial is a guarantee to the creditor of a quick and effective recovery of the debt from the debtor. This legal instrument significantly shortens the time required to collect the debt, since it has the executive power of a judgment without having to go through the entire judicial process in the Dominican Republic. This is due to the fact that it is issued in front of a notary public and also in the presence of two independent witnesses, who publicly attest to the obligations agreed upon between the parties to the agreement.
The Pagaré Notarial signed by the parties and witnesses before the Notary, is registered in the Civil Registry of the municipality and in the Notarial Protocol. In addition, the notary issues a notarial certificate confirming the existence of the notarial deed in the archives under his responsibility. If the debtor does not fulfill the obligation, an enforcement title is issued with a notarial certificate in the header of the document. After the deadline for payment of the obligation has expired, the claim may be enforced, in particular, by the Executive Department of the Public Prosecutor’s Office. Such an obligation can also be enforced from bank accounts or money owed to the debtor by third parties. We would like to point out that a notarial deed does not require a court order to be enforced, as it is an official document. For this reason, the time required to collect the debt is much shorter than in the case of a mortgage or a court judgment.
The wording of the Pagaré Notarial
For those who are interested, we present below an unofficial translation of Art. 545 of the Dominican Civil Procedure Code, regarding the Pagaré Notarial.
- The first copies of judgments and other judicial decisions and those of notarial acts containing the obligation to pay amounts of money, either periodically or at fixed times, as well as the second or subsequent copies of the same judgments and acts that are issued in accordance with the law in substitution of the first one, are enforceable.
- Paragraph: Without prejudice to the other powers conferred upon them by law, it is the general obligation of the representatives of the public prosecutor’s office, bailiffs and officials entrusted with the deposit of public force to provide their assistance for the execution of the judgments and acts that, pursuant to this Article, are vested with enforceable force, whenever they are legally required to do so.
Samana Group offers Pagaré Notarial security
The purchase of properties offered by Samana Group or investments through our investment vehicles are secured by the Pagaré Notarial over the company’s assets, including land owned by Samana Group with a value of $10 million. The Pagaré Notarial is the strongest possible security that a client purchasing property in the Dominican Republic can receive.
In addition, we commissioned an independent law firm to evaluate the Pagaré Notarial, which determined that this notarial deed is a very strong guarantee for the creditor, much stronger than a typical mortgage backed security.