The contractual balance in the relationship of the security interests: regarding the Law 1676 of 2013

The aim of the paper is to address the balance of the contractual relationship made by the legislature in Act 1676 of 2013, also known as the Law of Secured Transactions. In this Act there is an evident weighting by the legislature of the interests involved in a secured transaction. In this article the reasons justifying the reform of the Colombian secured transactions regime are reviewed. In particular, issues such as the qualification of a security interest as a main contract, the acceptance of an appropriation pact and the rights and duties of the parties are covered. The article intends to highlight the value of general principles of law such as the prohibition to abuse rights or the proportionality in secured transactions in order to ensure that the logic of the new statute which seeks to leave the protection of potential abuses in the hands of a judge and not in the writings of the law, can be achieved in an effective way. The task is not small and the potential abuses are lurking.