Procedure for the Entity Receiving an Attachment Order
By: Dr. Luz Eneida Saldaña, Attorney (Universidad del Rosario), specialist in Administrative and Financial Law
Under the sole paragraph of Article 594 of the General Code of Procedure (Código General del Proceso, CGP), "Judicial or administrative officials shall refrain from issuing attachment orders on unattachable funds. Where the law allows the measure to be ordered despite the funds' unattachable nature, they must state in the attachment order the legal basis for its validity."
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Regarding the procedure financial institutions must follow when they receive attachment orders against unattachable funds that are not based on any of the legal exceptions to the principle of unattachability, financial institutions may legitimately refrain from complying with the order, informing the authority that issued the measure (judicial or administrative), on the business day following receipt, that they are refraining because the funds subject to the measure are unattachable.
The authority that issued the measure must respond within three (3) business days of the date the communication was sent as to whether any legal exception to the unattachability rule applies. If after three (3) business days the recipient receives no official letter, the precautionary measure is deemed revoked.
If the judicial or administrative authority insists on the attachment, the receiving institution will comply with the order but freeze the funds in a special account that earns interest on the same terms as the account or product from which the debit for the attachment is made. In any case, the withheld sums will only be placed at the court's disposal once the judgment or decision ending the proceeding that so orders becomes final.
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Source: Article 594 of the CGP
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