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Notwithstanding, guarantees can be outlined in the contract, in addition to thoseexisting by mere effect of the contract, such as a pledge, a mortgage, or a guaranty trust.In this regard, it is very important to establish clearly in the contract the goods uponwhich the security interest will be created. The pledge can be made by the person whomanages the business whose development is the object of the credit, even if the person isnot the owner, unless the contract is recorded in the corresponding property, agriculturalcredit, mining, or commerce registries, and the company has reserved the right to permitthe formation of the pledge in the given registry. In addition, the pledged goods can remainin the possession of the debtor, who, for the purposes of civil and criminal liability, will beconsidered as a legal depository of the goods over which the pledge was formed.Furthermore, this type of credit allows the borrower to issue a promissory note eachtime that the borrower uses part or all of the money loaned by the bank, as long as thenotes are issued with maturity dates prior to that of the loan contract.198C H A P T E R X I4.2. Formation RequirementsWorking capital loan contracts must be formed through a policy executed before a commercialnotary public (corredor público), in a notarized public instrument or in a privatecontract signed in triplicate and with a ratification of signatures before a certifying publicofficial, thereby acquiring title effects.In order to be enforceable against third parties, these loans must be recorded in thePublic Registry of Property or in the Public Registry of Commerce when the security interestis not over real estate. Moreover, the contract should clearly state the purpose forwhich the credit will be used, the goods over which the security interest will be placed,the duration of the credit, and the form in which the debtor will be able to make use ofthe loan amount. Finally, it must be remembered that once the requirements related to itsgranting are met, the fixed-asset loan or working capital loan contract will be an executoryinstrument, enforcement of which will be via summary proceedings. However, bankscan pursue payment via this method or they can elect to foreclose on the property placedin guarantee in accordance with the terms provided in the General Law of NegotiableInstruments and Credit Operations for the foreclosure of a commercial pledge.5. Mortgage5.1. Real Property MortgageThrough the formation of a mortgage contract, the mortgagor, who can be the debtor ora third party, creates a right in rem over one or more specific properties in favor of alender, without surrendering these properties, so that the lender may satisfy the payment