On July 26, 1931, President Carlos Ibáñez del Campo resigned, following the economic crisis caused by the market crash of 1929. The office was assumed by the president of the Senate, Pedro Opazo Letelier, who promptly himself resigned (the very next morning) after naming Juan Esteban Montero as his successor. Montero, as a way out of the political impasse, immediately called for presidential elections. In the meanwhile he assumed as Vice President. Since Montero was constitutionally banned from standing as a candidate while still in office, as a way out of the political impasse, and in order to qualify, he resigned his vice-presidency effective on August 20, 1931. The position was assumed by Manuel Trucco as Vice President.