The concept of payment in english and colombian law compared

Little has been written in the law literature about the concept of payment, especially in the Colombian literature. This may be because payment is viewed as a relatively simple procedure, however, further exploration of the matter indicates that in fact there are a string of complexities involved with this transaction. This dissertation will analyse the concept of payment within two different legal systems: The English Legal system and the Colombian law system; the latter founded in the French Civil ‘Code Napoleon’. This analysis will look at the following aspects: The concept of payment in both Jurisdictions, Payment in the Colombian Civil and Commerce Codes, The Role of banks regarding payment, Payment by third parties, Place of Payment, Time of Payment and finally, a comparative conclusion. This writing will not cover every aspect to be considered regarding payment in depth, such as, to give a few examples: funds transfer, the legal actions regarding failure of payment, fraud, bills of exchange and cheques and foreign money obligations.