November 4, 2016 in English Legal Notes, Litigation |

Embargo on Bank Accounts

In accordance with the provisions of the legislation in the Dominican Republic, any creditor with documentary credit may proceed with a so-called retentive embargo, which entails the freezing of credits owned by the debtor. Any type of credit may be frozen, including securities held in accounts at financial institutions.

The debtor must be in arrears for this course of action to be taken. The measure must be carried out by an authorized public official. This embargo must be followed by both the sending of a notification thereof to the debtor on whom the embargo is placed, and corresponding legal action in pursuit of a legal ruling requiring the debtor to pay the amounts owed.

In the event that the debtor's credit is not adequately documented, prior authorization from the competent judge is required.

When the retentive embargo is executed without the applicable laws being observed, the presiding judge can lift such an embargo.

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