Issue #
January 2011

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Recent Case Decision – Promissory Notes and Place of Execution

January 4, 2011

Mexico’s Supreme Court of Justice (Suprema Corte de Justicia de la Nación or SCJN) recently published in theJudicial Weekly of the Federation case decision number 1a./J.65/2010, entitled “Promissory Notes. The requirementto establish place of execution, according to the terms of section V of article 170 of the General Law of CreditInstruments and Transactions, is satisfied when a federal state within the Mexican Republic has been designated asthe place such promissory note was created.” In its decision, the SCJN held, contradicting prior lower court decisions,that insofar as the place of execution is designated as any federal state, for purposes of the formal requirement ofindicating the place of execution of a promissory note, such requirement is thus fully satisfied. The above implies thefederal nature of the issue, given that any federal state may be a “place,” especially when throughout the MexicanRepublic promissory notes are governed by the federal General Law of Credit Instruments and Transactions and, ifnot applicable, by special commercial laws and, finally, if neither apply, by the Federal Civil Code, all of which arefederal in nature.

Important Amendments to IMMEX Decree

January 4, 2011

On December 24, 2010, Mexico published important amendments to the Decree for the Development of theManufacturing, Maquiladora and Export Services Industry (IMMEX Decree) in the Official Journal of the Federation(Diario Oficial de la Federación or DOF). Among other important points, the amendments eliminate the ALTEX andECEX Decrees, establish a new definition for the concept of “maquila operations,” as well as provide new causes forcancellation and suspension of IMMEX programs. The IMMEX Decree amendments will become effective 90 daysfollowing their publication in the DOF (except for the definition of the term “maquila operations,” which becameeffective January 1, 2011), and apply to all companies operating under the IMMEX program. Such companies shouldcarefully review how the changes could potentially impact their operations. For more details on the changes, we referyou to the article prepared by Cacheaux, Cavazos & Newton (CCN) and published at the