ARTICLE 14A: CASE IN WHICH THERE IS NO ALIENATION IN TITLE LOANS OR SECURITIES LENDING

It is understood that there is no alienation in the operations of title loans or securities lending for the delivery of the goods lent to the borrower and for the restitution of the same to the lender, provided that the goods are effectively restore no later than the expiration of the operation and they are carried out in accordance with the general rules issued by the Service Tax Administration (Servicio de Administración Tributaria). In the case of non-compliance with any of the requirements established in this article, the alienation shall be deemed to have been made at the time title loans or securities lending operations were carried out, as appropriate.