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Art. 1198. The debtor shall lose every right to make use of the period:
(1) When after the obligation has been contracted, he becomes insolvent, unless he gives a guaranty or
security for the debt;
(2) When he does not furnish to the creditor the guaranties or securities which he has promised;
(3) When by his own acts he has impaired said guaranties or securities after their establishment, and
when through a fortuitous event they disappear, unless he immediately gives new ones equally
satisfactory;
(4) When the debtor violates any undertaking, in consideration of which the creditor agreed to the
period;
(5) When the debtor attempts to abscond.
2. Rescissible Contracts
Art. 1382. Payments made in a state of insolvency for obligations to whose fulfillment the debtor could
not be compelled at the time they were effected, are also rescissible.
Legal Basis:
Article 1177. The creditors, after having pursued the property in possession of the debtor to satisfy their
claims, may exercise all the rights and bring all the actions of the latter for the same purpose, save those
which are inherent in his person; they may also impugn the acts which the debtor may have done to
defraud them.
4. Requisites of Fortuitous Event
(Art. 1174. Except in cases expressly specified by the law, or when it is otherwise declared by stipulation,
or when the nature of the obligation requires the assumption of risk, no person shall be responsible for
those events which could not be foreseen, or which, though foreseen, were inevitable.)
1. Demand by one creditor upon one debtor, produces the effects of default only with respect to the
creditor who demanded and the debtor on whom demand was made, bur not with respect to others.
2. Interruption of prescription by the judicial demand of one creditor upon a debtor, soes not benefit
the other creditors nor interrupt the prescription as to other debtors.
3. Vices of each obligation arising from the personal defect of a particular debtor or creditor does not
affect the obligation or rights of others.
4. Insolvency of a debtor does not increase the responsibility of his co-debtors, nor does it authorize a
creditor to demand anything from his co-creditors.
5. In joint divisible obligation, the defense of res judicata is not extended from one debtor to another.
Alternative answer
subsidiary remedies:
1. accion subtogatoria
2. accion pauliana
3. to exhaust the property in possession of the debtor generallyby attachment
4. accion direct
5. other specific remedies
7. Enumeration of those Contracts stated in Art. 1356 (From Jurado Book and MemAid 2015)
Contracts which require certain forms to be valid, classified as:
However such requirement that it be in be executed in a public/private instrument is only for the
insurance of its efficacy, so that after its existence has been admitted, the party bound may be
compelled to execute the necessary document. -Jurado, Obligations and Contracts, pp.484}