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Debt collection in Chile: executive titles, the executive procedure, promissory notes, invoices and interest caps

Last verified: 2026-10-26 · Status: Stable

A creditor holding an executive title can skip a full trial. The court orders payment and seizure without hearing the debtor, and the debtor has 8 business days to oppose, on a closed list of 18 defences (Código de Procedimiento Civil art. 434, 441, 459 and 464). Executive titles include final judgments, public deeds, notarised promissory notes and cheques, and electronic invoices that were not disputed within 8 calendar days (Ley Nº 19.983 art. 3 and 5). The short limitation periods are the main risk: one year for actions on bills of exchange and promissory notes and one year for executive collection of invoices (Ley Nº 18.092 art. 98; Ley Nº 19.983 art. 10). Interest on money loans is capped at the maximum conventional rate. That is the higher of 1.5 times the current rate set by the CMF and the current rate plus 2 percentage points; any excess is cut back to the current rate (Ley Nº 18.010 art. 6 and 8).

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (CVE 2891564). UTM and UTA amounts use the October 2026 values published by the SII (UTM CLP 72,151; UTA CLP 865,812). Conversions are for orientation only.

Key facts

Deadline for a debtor to oppose an executive claim served within the court's territory	8 business daysCódigo de Procedimiento Civil art. 459, as of 2026-10-26 · in force
Number of defences admissible against an executive claim	18 Código de Procedimiento Civil art. 464, as of 2026-10-26 · in force
Time for the court to give judgment after an opposed executive case closes	10 daysCódigo de Procedimiento Civil art. 470, as of 2026-10-26 · in force
Limitation of the holder's actions on a bill of exchange or promissory note	1 yearsLey Nº 18.092 art. 98, as of 2026-10-26 · in force
Limitation of the executive action to collect an invoice	1 yearsLey Nº 19.983 art. 10, as of 2026-10-26 · in force
Days for a buyer to dispute an invoice before it is irrevocably accepted	8 calendar daysLey Nº 19.983 art. 3, as of 2026-10-26 · in force
Maximum conventional interest rule	Higher of 1.5 times the current rate and the current rate plus 2 percentage points Ley Nº 18.010 art. 6, as of 2026-10-26 · in force
Minimum period for capitalising interest	30 daysLey Nº 18.010 art. 9, as of 2026-10-26 · in force

The rule

1. The executive procedure applies to obligations to pay when the creditor holds one of these titles: a final judgment, an authorised copy of a public deed, a settlement record approved by the court, a private document recognised in court, a judicial confession, bearer or registered securities representing matured obligations, and any other title the law declares executive (art. 434). A bill of exchange, promissory note or cheque is an executive title without prior recognition against any signatory whose signature was authorised by a notary (art. 434 Nº 4). A creditor without a title can prepare one by summoning the debtor to recognise a signature or confess the debt. The debt must be a liquid sum of money that is due, payable, in writing and not time barred, and if the debtor fails to appear without good reason or answers evasively, the signature is deemed recognised or the debt confessed (art. 435).
Cost to do it: Notarising the debtor's signature on a pagaré at signing costs a notary fee and avoids a preparatory hearing later. Notary fees are covered on the entities pages.
Example: A Chilean customer signs a pagaré for CLP 49,329,000 before a notary. If it does not pay, the creditor can start the executive procedure at once. Without the notarised signature, it would first need a hearing to recognise the signature. / The same note is for about US$50,000. Taking notarised pagarés or public deeds as security when extending credit to Chilean buyers shortens collection by a full preliminary step.Código de Procedimiento Civil (Ley Nº 1.552 of 1902), Art. 434 and art. 435, 1902-08-30 official text · verified 2026-10-26

2. The court examines the title and issues or denies the enforcement order without hearing or notifying the debtor (art. 441). It must deny enforcement if the executive action is time barred (art. 442). The order instructs the process server to demand payment from the debtor personally and, if the debtor does not pay on the spot, to seize enough assets to cover the debt, interest and costs (art. 443). A debtor served in the court's territory has 8 business days to oppose (art. 459), and the term starts on the day of the demand (art. 462). The term is extended for debtors served elsewhere in Chile or abroad (art. 460 and 461). Opposition is admissible only on the 18 defences listed in art. 464, which include incompetence of the court, falsity of the title, lack of the requirements for executive force, payment, set off, novation, settlement, limitation and res judicata. The creditor has 4 days to respond (art. 466), and the judgment must be given within 10 days after the case closes (art. 470). If the debtor does not oppose, no judgment is needed and the enforcement order alone allows the creditor to sell the seized assets (art. 472). Costs follow the result (art. 471).
Cost to do it: Process server fees for the demand and seizure, counsel, and appraisal and auction costs. If enforcement proceeds, the debtor is ordered to pay the costs (art. 471).
Example: A creditor's demand for CLP 49,329,000 is served on the debtor in Santiago on a Monday. The debtor's 8 business day window to oppose runs from that day. If it raises no defence on the art. 464 list, the creditor moves straight to the sale of the seized assets. / The same debt is about US$50,000. A debtor who argues the goods were defective must fit that argument into a listed defence, such as nullity of the obligation, or take it to an ordinary trial (art. 464 and 473).Código de Procedimiento Civil (Ley Nº 1.552 of 1902), as amended by Ley Nº 21.394 of 2021, Art. 441, art. 442, art. 443, art. 459, art. 460, art. 461, art. 462, art. 464, art. 466, art. 470, art. 471 and art. 472, 1902-08-30 official text · verified 2026-10-26

3. Seized assets are sold under the enforcement procedure. Securities that can be sold immediately are sold by a broker without appraisal (art. 484). Other assets are appraised and sold at public auction before the enforcing court, and the court can order a remote auction (art. 485). Real estate is appraised at its tax roll value unless the debtor asks for a new expert appraisal. The parties have three days to challenge the appraisal (art. 486), the court's ruling on the challenges cannot be appealed (art. 487), and once the appraisal is approved the court sets the auction date (art. 488).
Cost to do it: Appraisal by experts if the debtor requests it, auction notices and process server costs, all charged as costs of the enforcement.
Example: A seized office worth CLP 98,658,000 on the tax roll is auctioned on that appraisal unless the debtor asks for an expert valuation. Each side has three days to challenge the appraisal. / The same office is worth about US$100,000 on the tax roll. Where tax roll values lag market values, creditors should expect the debtor to request a new appraisal.Código de Procedimiento Civil (Ley Nº 1.552 of 1902), as amended by Ley Nº 21.394 of 2021, Art. 484, art. 485, art. 486, art. 487 and art. 488, 1902-08-30 official text · verified 2026-10-26

4. Ley Nº 18.092 governs bills of exchange and promissory notes. All signatories of a bill are jointly liable to the holder, and if the bill is not protested for non payment in due time and form, the holder loses its actions against the drawer, endorsers and their guarantors, unless the bill carries the clause "devuelta sin gastos" or "sin protesto" (art. 79). The holder's actions on the bill against those obliged to pay expire one year after the maturity date (art. 98). Limitation is interrupted only as to the obligor served with the claim or a preparatory step (art. 100). A promissory note must state that it is a pagaré, contain an unconditional promise to pay a determined or determinable sum, the place and time of payment, the payee, the place and date of issue and the maker's signature. Without a maturity date it is payable at sight (art. 102). The rules on bills apply to promissory notes where compatible (art. 107).
Cost to do it: Protest costs and notary fees where the note is notarised. No statutory figure was confirmed in this review.
Example: A pagaré for CLP 49,329,000 matured on 30 June 2026. The holder must serve a claim or a preparatory step on each obligor by 30 June 2027, or the actions on the note against that obligor expire. / The same note is for about US$50,000. Serving only the maker interrupts the limitation period only for the maker, not for the guarantors (art. 100).Ley Nº 18.092 on bills of exchange and promissory notes (Ministerio de Justicia), Diario Oficial 14 January 1982, Art. 79, art. 98, art. 100, art. 102 and art. 107, 1982-01-14 official text · verified 2026-10-26

5. A copy of an invoice issued under Ley Nº 19.983 is an executive title if four conditions are met. The invoice was not disputed, payment is due and the action is not time barred, receipt of the goods or services is recorded or presumed, and the debtor, once notified in court, does not allege material forgery within three days or the allegation is rejected (art. 5). An invoice is irrevocably accepted unless the buyer returns it on delivery or disputes its content or the delivery within eight calendar days of receipt (art. 3). If no receipt is given within eight calendar days and there is no dispute, delivery is presumed (art. 4). The executive action to collect an invoice against the debtor expires one year after its due date (art. 10). Agreements restricting the free transfer of invoice credits are prohibited, and the local police court can order compensation of two to five times the value of the invoices (art. 4).
Cost to do it: No court fee. A debtor who wilfully and unsuccessfully alleges forgery must pay the unpaid balance plus an equal sum as damages, with interest at the maximum conventional rate (art. 5).
Example: A seller issues an electronic invoice for CLP 9,865,800 due 31 March 2026. The buyer does not dispute it within 8 calendar days, so it is irrevocably accepted. The seller can enforce it as an executive title until 31 March 2027. / The same invoice is for about US$10,000. After one year from maturity, the seller loses the fast executive route and must sue in an ordinary trial.Ley Nº 19.983 regulating the transfer of invoices and granting them executive force (Ministerio de Economía), Diario Oficial 15 December 2004, as amended by Ley Nº 20.956 and Ley Nº 21.131, Art. 3, art. 4, art. 5 and art. 10, 2004-12-15 official text · verified 2026-10-26

6. The current interest rate is the weighted average of rates charged by banks in Chile, determined by the Comisión para el Mercado Financiero by type of operation and published monthly on its website and in the Diario Oficial. The maximum conventional interest is the higher of 1.5 times the current rate in force when the agreement is made and that current rate plus 2 percentage points a year (art. 6). Any interest agreement above the maximum is deemed unwritten and the interest is reduced to the current rate (art. 8). Interest can be capitalised only for periods of 30 days or more (art. 9). A debtor in default owes current interest from the date of default unless a higher lawful rate was agreed, and default interest cannot be added on top of another interest on the same amount (art. 16).
Cost to do it: No cost to apply. The CMF's monthly rate tables were not reachable in this review, so no current rate is shown here.
Example: On a CLP 49,329,000 loan, if the current rate for that type of operation were 10 percent a year, the cap would be the higher of 15 percent and 12 percent, so 15 percent. Agreeing 18 percent would cut the interest back to the current rate of 10 percent (hypothetical rate, for illustration only). / For a US$50,000 intercompany or trade loan documented in Chile, check the CMF table for the right segment before fixing the interest clause; the CMF can set separate current rates for foreign currency operations (art. 6).Ley Nº 18.010 on credit operations and other money obligations, Diario Oficial 27 June 1981, as amended by Ley Nº 20.715 and Ley Nº 21.314, Art. 6, art. 8, art. 9 and art. 16, 1981-06-27 official text · verified 2026-10-26

Document	Executive without more?	Limitation to watch	Norm
Final judgment	Yes	3 years for executive actions (Código Civil art. 2515)	Código de Procedimiento Civil art. 434 Nº 1
Public deed (for example a loan or mortgage)	Yes	3 years for executive actions	Código de Procedimiento Civil art. 434 Nº 2
Promissory note or bill with notarised signature	Yes	1 year from maturity for actions on the note	Ley Nº 18.092 art. 98; Código de Procedimiento Civil art. 434 Nº 4
Promissory note without notarised signature	After protest without forgery objection, or after signature recognition	1 year from maturity	Código de Procedimiento Civil art. 434 Nº 4 and art. 435
Electronic invoice not disputed within 8 days	Yes, after court notice without forgery objection	1 year from due date	Ley Nº 19.983 art. 3, art. 5 and art. 10
Email or unsigned purchase order	No, ordinary trial or a confession hearing	5 years ordinary action (Código Civil art. 2515) or 4 years commercial (Código de Comercio art. 822)	Código de Procedimiento Civil art. 435

Which collection route fits which document (sources in the rules above).

Worked example

A US exporter sells equipment to a Chilean buyer for CLP 49,329,000 (about US$50,000), payable in 90 days, and takes a pagaré signed before a Chilean notary (Ley Nº 18.092 art. 102; Código de Procedimiento Civil art. 434 Nº 4).
The buyer does not pay at maturity. The exporter's Chilean lawyers lodge the original note at the court and file the executive claim electronically (Ley Nº 20.886 art. 6).
The court issues the enforcement order without hearing the buyer. A process server demands payment and seizes assets (art. 441 and 443).
The buyer has 8 business days to oppose on a listed defence. If it does not, the seized assets go to auction without a judgment (art. 459, 464 and 472). The whole claim must be started within one year of maturity (Ley Nº 18.092 art. 98).

Step by step

1. When extending credit, take an executive title: a pagaré with notarised signature, a public deed, or an electronic invoice with recorded receipt.
2. Diarise limitation: 1 year from maturity for notes and invoices, 3 years for other executive titles (Ley Nº 18.092 art. 98; Ley Nº 19.983 art. 10; Código Civil art. 2515).
3. Keep paper originals in Chile, ready to lodge at the court (Ley Nº 20.886 art. 6).
4. Before filing, identify the debtor's assets so the process server can seize them (Código de Procedimiento Civil art. 443).
5. Respond to any opposition within 4 days and prepare evidence for the listed defences (art. 466).
6. Track the appraisal and auction, and challenge the appraisal within 3 days if needed (art. 486).

Common traps

The one year limitation on promissory notes and bills catches foreign creditors used to longer periods (Ley Nº 18.092 art. 98).
Serving one co obligor does not interrupt limitation for the others (Ley Nº 18.092 art. 100).
Failing to protest a bill in time loses the actions against drawer, endorsers and their guarantors unless the bill says "sin protesto" (Ley Nº 18.092 art. 79).
Buyers must dispute invoices within 8 calendar days; silence makes them irrevocably accepted and enforceable (Ley Nº 19.983 art. 3).
Contract clauses that ban assignment of invoice credits are prohibited and can trigger compensation of two to five times the invoice value (Ley Nº 19.983 art. 4).
Interest above the maximum conventional rate is not just reduced to the cap; it falls to the current rate (Ley Nº 18.010 art. 8).

Sources

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