Article 1216 Right of the creditor to proceed against any solidary debtor * Not applicable to a joint obligation. It reiterates the rule hat in a solidary obligation (passive solidarity)‚ any one or some or all of the solidary debtors may simultaneously‚ may be made to pay the debt so long as it has not been fully collected. Article 1217 Effects of payment by a solidary debtor 1. Between the solidary debtors and creditor(s) –payment made by one of the solidary debtor extinguishes the obligation
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Assignment for the benefit of creditors – the assignment of assets to a third party‚ in trust‚ to sell the assets and apply the proceeds to the payment of creditor claims. 2. Bankruptcy alternatives- assignments for the benefits of creditors‚ bulk sales‚ and composition agreements. 3. Bankruptcy Code- the name of the bankruptcy laws in effect in the United States since October 1‚ 1979. 4. Composition Agreement- an agreement between a debtor and multiple creditors for the repayment of debt.
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give an example: 1. Alternative Obligation An alternative obligation is one where out of two or more prestations which may be given or performed; only one is due and the complete performance of one of them extinguishes the obligation. The Obligee or creditor cannot be compelled to receive part of one and part of the other undertaking or prestation (Article 1199‚ Civil Code) . For example‚ A agrees to give B‚ upon a sufficient consideration‚ a horse‚ or one hundred dollars. Usually‚ when an obligation
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his own initiative and without the knowledge or against the will of the original debtor assumes the latter obligation with the consent of the creditor. 164. Delegacion tdefined and exemplified -delegacion or that which takes place when the creditor accepts a third person to take place of the debtor at the instance of the latter. 165. Requisites of Expromission and Delegacion -In expromission‚ payment by the new debtor gives him the right to beneficial reimbursement under the second paragraph of Article
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default.-Sec. 126. P lends Rs. 5‚000 to Q and R promises to P that if Q does not pay the money R will do so. This is contract of guarantee. Q is called the Principal Debtor‚ P the Creditor‚ and R the Guarantor or the Surety. Classification Contracts of guarantee may be of three types : (1) for payment to the Creditor to the Principal Debtor by the Guarantor ; (2) payment of price for goods sold‚ and (3) Fidelity guarantee i.e. to discharge the liability of a person for good conduct of a service-holder
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BREACH OF CONTRACT 1. 2. 3. 4. 5. Default of the debtor (Mora Debitoris) Default of the creditor (Mora Creditoris) Positive malperformance Repudiation Prevention of performance (rendering performance impossible) Default of the debtor (Mora Debitoris) Any obligation under a contract has a time limit for its performance‚ be it an agreed fixed period or in the absence thereof a reasonable period. If the debtor neglects or fails to perform timeously‚ he/she commits breach of contract. Lawyers then
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he LThe Law of Distressed Real Estate Foreclosure‚ Workouts‚ Procedures By Baxter Dunaway This article is a reprint of Chapter 24 of The Law of Distressed Real Estate‚ and includes the latest information in real estate workout‚ foreclosure and bankruptcy law. It is an exhaustive analysis and dissection of the bankruptcy reorganization process under Chapter 11 of the Bankruptcy Code and focuses on single-asset real estate entities and cases. This chapter was written by John C. Murray‚ Esq.‚ Vice
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INTRODUCTION INTRODUCTION TO LAW Law – means any rule of action or any system of uniformity 2 General Groups Law (in the strict legal sense) – promulgated and enforced by state Law (in the non-legal sense) – not promulgated and enforced by state General Divisions of Law Divine Law o Law of religion and faith; concerns itself with the concept of sin and salvation o Divulged to mankind by direct revelation o Sanction lies in assurance of certain rewards and punishments in the present
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Development Basically the law of bankruptcy has a long history and only a summary of the main developments may be highlighted Summary. 1542 Act - aimed mainly at securing the property of the debtor for his creditors. 1834 Act - extended bankruptcy law to none traders. Some land owners had become debtors and had to be catered for by the law. 1869 Act- to amend and consolidate the existing law was passed. This Act contained many of the substantive bankruptcy law principles which are now in operation
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in bankruptcy filings -- the debtor and the creditor. The debtor is the party who has debt‚ or owes money‚ to the creditor. A debtor can be a company or an individual. The creditor is an organization or company that claims the debtor owes property‚ service‚ or money. Most bankruptcy cases involve several creditors. The purpose of this document is to explore Bankruptcy. Debtors can have two different types of debt -- secured and unsecured. With secured debts‚ creditors have the legal right to something
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