Condonation or remission of the debt 4. Confusion or merger of rights of creditor and debtor 5. Compensation 6. Novation I - PAYMENT OR PERFORMANCE PAYMENT means not only the delivery of money but also the performance‚ in any other manner of an obligation. How must the payment be made? 1. There must be delivery of the thing or rendition of the service that was contemplated. a. The debtor of a thing cannot compel the creditor to accept a different one although the latter may be of the same value
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following can be concluded 1. Bankruptcy is a question of law. It’s upon an adjudication order (judicial declaration that debtors are insolvent) by a court of law that makes them bankrupt. 2. The court of law making that adjudication order must be a court of competent jurisdiction (high court or magistrate court with extended jurisdiction.) 3. The debtor must be first insolvent (whether or not a person is insolvent is purely a question of fact thus a person can be declared insolvent
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contemplated must be delivered or rendered. 1. The debtor of the thing cannot compel the creditor to accept a different one although the latter maybe of the same value as‚ or more valuable than that which is due. 2. In obligations to do or not to do‚ an act or forbearance cannot be substituted by another act or forbearance against the obligee’s will. 3. In obligations to give a generic thing whose quality and circumstances have not been stated‚ the debtor cannot deliver a thing of inferior quality.
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protect a debtor by giving them a fresh start free from creditor’s claims‚ and to ensure equitable treatment to creditors who are competing for debtor’s assets. Bankruptcy Proceedings * The role of Bankruptcy Courts * Bankruptcy proceedings are held in federal bankruptcy courts. * These courts fulfill the role of an administrative court for the federal district court concerning matters in bankruptcy. * These matters concern the administering the estate of the debtor in bankruptcy
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of its kind (Tolentino) - examples: white horse which won the Senior Grand Derby in 1979‚ Samsung G600 G-660#1-1G-6608>PC< - the very same thing promised must be delivered by the debtor and he cannot substitute said thing with another although the substitute is more valuable than that agreed upon unless the creditor agrees to the substitution (Art. 1206 par.1) - 3 accessory obligations (Note: only in
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conditions * by substi another in place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that right or claim) Art. 1291 Obligations may be modified by: (1) Changing their object or principal conditions; (2) Substituting the person of the debtor; (3) Subrogating a third person in the rights of the creditor. (1203) COMPENSATION (Article 1278) * the
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agreement between debtor and creditors for the repayment of debt Debt collection- collects assets and distributes proceeds to the multiple creditors. Debtor relief – legal relief from debt Discharge- forgiving the debt. Exemption – is property that a debtor may protect from seizure by creditors. Assignment for the benefit of creditors- takes place when a debtor‚ assigns its assets to a third party in trust to sell the assets and to apply the proceeds to the payment of the creditors’ claims. Bankruptcy
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b) Acceptance by the creditor of an incomplete or irregular performance‚ without any protest or objection. *There is no right to rescind under this article because there is only slight breach in the obligation. The court may even grant a term or a period for the performance of the obligation. Effects of payment by a third person a) If made without the consent or against the will of the debtor‚ the payor can recover only insofar as the payment was beneficial to the debtor. The recovery is only
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the one performing‚ he can be the debtor himself or his heirs or assigns or his agent‚ or anyone interested in the fulfillment of the obligation; can be anyone as long as it is with the creditor’s consent 3rd person pays/performs - only the creditor’s consent; If performance is done also with debtor’s consent - he takes the place of the debtor. There is subrogation except if the 3rd person intended it to be a donation 3rd person pays/performs with consent of creditor but not with debtor’s consent‚ the
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give‚ to do or not to do.” (Art. 1156) * OBLIGATION * obligatio‚ Latin‚ means tying or binding * tie or bond recognized by law by virtue of which one is bound in favor of another to render something * duty under the law of the debtor or obligor - Civil Code * Juridical Necessity * the rights and duties arising from obligation are legally demandable and the courts of justice may be called upon through proper action to order the performance * Action
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