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LOAN Art. 1938.

The bailor in commodatum need not be the owner of


Art. 1933. the thing loaned.
By the contract of loan,
one of the parties delivers to another, Art. 1939.
either something not consumable Commodatum is purely personal in character.
so that the latter may use the same for a Consequently:
certain time and return it,
(1) The death of either the bailor or the bailee
in which case the contract is called a
extinguishes the contract;
commodatum;
Or (2) The bailee can neither lend nor lease the object of
money or other consumable thing, the contract to a third person.
upon the condition
that the same amount of the same kind and However, the members of the bailee's
quality shall be paid, household
in which case the contract is simply called a may make use of the thing loaned,
loan or mutuum. unless there is a stipulation to the contrary,
or unless the nature of the thing forbids such
Commodatum is essentially gratuitous. use.
Simple loan may be gratuitous or with a stipulation to Art. 1940.
pay interest. A stipulation that the bailee may make use of the fruits
of the thing loaned is valid.
In commodatum,
the bailor retains the ownership of the thing Obligations of the Bailee
loaned,
while in simple loan, Art. 1941.
ownership passes to the borrower. The bailee is obliged to pay
for the ordinary expenses
Art. 1934. for the use and preservation of the thing
An accepted promise to deliver something loaned.

by way of commodatum or simple loan Art. 1942.


is binding upon parties, The bailee is liable for the loss of the thing, even if it
should be through a fortuitous event:
but the commodatum or simple loan itself
shall not be perfected (1) If he devotes the thing to any purpose different
until the delivery of the object of the contract. from that for which it has been loaned;

(2) If he keeps it longer than the period stipulated,


or after the accomplishment of the use
COMMODATUM for which the commodatum has been
Nature of Commodatum constituted;

Art. 1935. (3) If the thing loaned has been delivered with
The bailee in commodatum appraisal of its value,
acquires the used of the thing loaned unless there is a stipulation exempting the
but not its fruits; bailee
from responsibility in case of a fortuitous
if any compensation is to be paid by him who event;
acquires the use,
(4) If he lends or leases the thing to a third person,
the contract ceases to be a commodatum.
who is not a member of his household;
Art. 1936.
(5) If, being able to save either the thing borrowed or
Consumable goods may be the subject of
his own thing,
commodatum
he chose to save the latter.
if the purpose of the contract is not the
consumption of the object,
as when it is merely for exhibition. Art. 1943.
The bailee does not answer
Art. 1937.
for the deterioration of the thing loaned
Movable or immovable property may be the object of
due only to the use thereof
commodatum.
and without his fault.
Art. 1944. except when they are so urgent
The bailee cannot retain the thing loaned that the reply to the notification cannot be
on the ground that the bailor owes him awaited without danger.
something,
even though it may be by reason of expenses. If the extraordinary expenses arise
on the occasion of the actual use of the thing
However, the bailee has a right of retention by the bailee,
for damages mentioned in Article 1951. even though he acted without fault,
they shall be borne equally
by both the bailor and the bailee,
unless there is a stipulation to the contrary.

Art. 1950.
Art. 1945. If, for the purpose of making use of the thing,
When there are two or more bailees
the bailee incurs expenses other than those
to whom a thing is loaned in the same
referred to in Articles 1941 and 1949,
contract,
he is not entitled to reimbursement.
they are liable solidarily.
Art. 1951.
Obligations of the Bailor The bailor who, knowing the flaws of the thing loaned,
does not advise the bailee of the same,
Art. 1946.
The bailor cannot demand the return of the thing shall be liable to the latter for the damages
loaned which he may suffer by reason thereof.
till after the expiration of the period stipulated,
Art. 1952.
or after the accomplishment of the use
The bailor cannot exempt himself from the payment of
for which the commodatum has been
expenses or damages
constituted.
by abandoning the thing to the bailee. (n)

However, if in the meantime,


he should have urgent need of the thing, SIMPLE LOAN OR MUTUUM
he may demand its return or temporary use.
Art. 1953.
A person who receives a loan of money or any other
In case of temporary use by the bailor,
fungible thing
the contract of commodatum is suspended
acquires the ownership thereof,
while the thing is in the possession of the
and is bound to pay to the creditor
bailor.
an equal amount of the same kind and quality.

Art. 1947. Art. 1954.


The bailor may demand the thing at will, and the A contract whereby one person transfers the ownership
contractual relation is called a precarium, in the of non-fungible things to another
following cases: with the obligation on the part of the latter
to give things of the same kind, quantity, and
(1) If neither the duration of the contract quality
a. nor the use to which the thing loaned shall be considered a barter.
should be devoted,
b. has been stipulated; or Art. 1955.
The obligation of a person who borrows money shall be
(2) If the use of the thing is merely tolerated by the governed by the provisions of Articles 1249 and 1250
owner. of this Code.

Art. 1948. If what was loaned is a fungible thing other than


The bailor may demand the immediate return of the money,
thing the debtor owes another thing of the same
if the bailee commits any act of ingratitude kind, quantity and quality,
specified in Article 765. even if it should change in value.
In case it is impossible to deliver the same
Art. 1949. kind,
The bailor shall refund the extraordinary expenses its value at the time of the perfection of the
during the contract for the preservation of the loan shall be paid.
thing loaned,
provided the bailee brings the same to the Art. 1956.
knowledge of the bailor No interest shall be due unless it has been expressly
before incurring them, stipulated in writing.
Art. 1957. Art. 1967.
Contracts and stipulations, under any cloak or device An extrajudicial deposit
whatever, intended to circumvent the laws against is either voluntary or necessary.
usury shall be void. The borrower may recover in
accordance with the laws on usury.
VOLUNTARY DEPOSIT
Art. 1958.
In the determination of the interest, if it is payable in Art. 1968.
kind, its value shall be appraised at the current price of A voluntary deposit
the products or goods at the time and place of is that wherein the delivery
payment.
is made by the will of the depositor.
Art. 1959.
A deposit may also be made
Without prejudice to the provisions of Article 2212,
interest due and unpaid shall not earn interest. by two or more persons
However, the contracting parties may by stipulation each of whom believes
capitalize the interest due and unpaid, which as added himself entitled to the thing deposited with a
principal, shall earn new interest. third person,
who shall deliver it in a proper case
Art. 1960. to the one to whom it belongs.
If the borrower pays interest when there has been no
stipulation therefor, the provisions of this Code Art. 1969.
concerning solutio indebiti, or natural obligations, shall A contract of deposit may be entered into orally or in
be applied, as the case may be. writing.

Art. 1961. Art. 1970.


Usurious contracts shall be governed by the Usury Law If a person having capacity to contract
and other special laws, so far as they are not accepts a deposit made by one
inconsistent with this Code. (n) who is incapacitated,
the former shall be subject to all the
obligations of a depositary,
and may be compelled to return the thing by
DEPOSIT
DEPOSIT IN GENERAL AND ITS DIFFERENT KINDS
the guardian, or administrator, of the person
who made the deposit,
Art. 1962. or by the latter himself if he should acquire
A deposit is constituted capacity.
from the moment a person receives a thing
belonging to another, Art. 1971.
with the obligation of safely keeping it If the deposit has been made
and of returning the same.
by a capacitated person
with another who is not,
If the safekeeping of the thing delivered
is not the principal purpose of the contract,
the depositor shall only have an action to
there is no deposit but some other contract.
recover the thing deposited
while it is still in the possession of the
Art. 1963.
An agreement to constitute a deposit is binding, depositary,
but the deposit itself is not perfected or to compel the latter to pay him
until the delivery of the thing. the amount by which he may have enriched
or benefited himself with the thing or its price.

Art. 1964. However, if a third person who acquired the


A deposit may be constituted judicially or thing acted in bad faith,
extrajudicially. the depositor may bring an action against him
for its recovery.
Art. 1965.
A deposit is a gratuitous contract,
except when there is an agreement to the
contrary, Obligations of the Depositary
or unless the depositary
is engaged in the business of storing goods. Art. 1972.
The depositary
Art. 1966. is obliged to keep the thing safely
Only movable things may be the object of a deposit. and to return it, when required,
to the depositor,
or to his heirs and successors,
or to the person who may have been without the express permission of the
designated in the contract. depositor.
Otherwise, he shall be liable for damages.
His responsibility, with regard to the safekeeping and
the loss of the thing, shall be governed by the However, when the preservation of the thing deposited
provisions of Title I of this Book. requires its use,
it must be used but only for that purpose.
If the deposit is gratuitous,
this fact shall be taken into account Art. 1978.
in determining the degree of care that the When the depositary has permission to use the thing
depositary must observe. deposited,
the contract loses the concept of a deposit
Art. 1973. and becomes a loan or commodatum,
Unless there is a stipulation to the contrary, o except where safekeeping
the depositary cannot deposit the thing with a o is still the principal purpose of the
third person. contract.

If deposit with a third person is allowed, The permission shall not be presumed, and its
the depositary is liable for the loss existence must be proved.
if he deposited the thing with a person who is
manifestly careless or unfit. Art. 1979.
The depositary is liable for the loss of the thing through
a fortuitous event:
The depositary is responsible for the negligence of his (1) If it is so stipulated;
employees. (2) If he uses the thing without the depositor's
permission;
Art. 1974. (3) If he delays its return;
The depositary may change the way of the deposit (4) If he allows others to use it,
if under the circumstances even though he himself may have been
he may reasonably presume that the authorized to use the same.
depositor would consent to the change
if he knew of the facts of the situation. Art. 1980.
Fixed, savings, and current deposits of money in banks
and similar institutions
However, before the depositary may make
such change, shall be governed by the provisions concerning
simple loan.
he shall notify the depositor thereof
and wait for his decision,
Art. 1981.
o unless delay would cause danger When the thing deposited
is delivered closed and sealed,
Art. 1975.
the depositary must return it in the same
The depositary holding
condition,
certificates, bonds, securities or instruments
and he shall be liable for damages
which earn interest
should the seal or lock be broken through his
shall be bound to collect the latter when it
fault.
becomes due,
and to take such steps as may be necessary Fault on the part of the depositary is presumed,
in order that the securities may preserve their unless there is proof to the contrary.
value
and the rights corresponding to them according As regards the value of the thing deposited,
to law. the statement of the depositor shall be
accepted,
The above provision when the forcible opening is imputable to the
shall not apply to contracts depositary,
for the rent of safety deposit boxes. should there be no proof to the contrary.

Art. 1976. However, the courts may pass upon


Unless there is a stipulation to the contrary, the credibility of the depositor with respect to
the depositary may commingle grain the value claimed by him.
or other articles of the same kind and quality,
in which case the various depositors When the seal or lock is broken,
shall own with or without the depositary's fault,
or have a proportionate interest in the mass. he shall keep the secret of the deposit.

Art. 1977.
The depositary cannot make use of the thing deposited
Art. 1982. Art. 1987.
When it becomes necessary to open a locked box or If at the time the deposit was made
receptacle, a place was designated for the return of the
the depositary is presumed authorized to do so, thing,
if the key has been delivered to him; the depositary must take the thing deposited
or when the instructions of the depositor as to such place;
regards the deposit but the expenses for transportation shall be
cannot be executed without opening the box or borne by the depositor.
receptacle.
If no place has been designated for the return,
Art. 1983. it shall be made where the thing deposited
The thing deposited may be,
shall be returned with all its products, even if it should not be the same place where
accessories and accessions. the deposit was made,
provided that there was no malice on the part
Should the deposit consist of money, of the depositary.
the provisions relative to agents in article 1896
shall be applied to the depositary. (1770) Art. 1988.
The thing deposited
must be returned to the depositor upon
Art. 1984. demand,
The depositary even though a specified period of time for
cannot demand that the depositor such return
prove his ownership of the thing deposited. may have been fixed.

Nevertheless, should he discover This provision shall not apply when the thing is
that the thing has been stolen judicially attached
and who its true owner is, while in the depositary's possession,
he must advise the latter of the deposit. or
should he have been notified of the opposition
If the owner, in spite of such information, of a third person
does not claim it within the period of one to the return or the removal of the thing
month, deposited.
the depositary shall be relieved of all
responsibility In these cases, the depositary must
by returning the thing deposited to the immediately inform the depositor
depositor. of the attachment or opposition.

If the depositary has reasonable grounds to believe Art. 1989.


that the thing has not been lawfully acquired Unless the deposit is for a valuable consideration,
by the depositor, the depositary who may have justifiable
the former may return the same. reasons for not keeping the thing deposited
may, even before the time designated,
Art. 1985. return it to the depositor;
When there are two or more depositors,
if they are not solidary, and if the latter should refuse to receive it,
and the thing admits of division, the depositary may secure its consignation
each one cannot demand more than his share. from the court.

When there is solidarity or the thing does not admit of Art. 1990.
division, the provisions of Articles 1212 and 1214 shall If the depositary by force majeure or government
govern. order
loses the thing
However, if there is a stipulation that the thing should and receives money or another thing in its
be returned to one of the depositors, the depositary
place,
shall return it only to the person designated.
he shall deliver the sum or other thing to the
Art. 1986. depositor. (
If the depositor should lose his capacity to contract
Art. 1991.
after having made the deposit,
The depositor's heir
the thing cannot be returned except to the
who in good faith may have sold the thing
persons
which he did not know was deposited,
who may have the administration of his
shall only be bound to return the price he may
property and rights.
have received
or to assign his right of action against the
buyer
in case the price has not been paid him.

Obligations of the Depositor

Art. 1992.
If the deposit is gratuitous,
the depositor is obliged to reimburse the Art. 1998.
The deposit of effects
depositary
made by the travellers in hotels or inns
for the expenses he may have incurred
shall also be regarded as necessary.
for the preservation of the thing deposited.

Art. 1993. The keepers of hotels or inns


The depositor shall reimburse the depositary shall be responsible for them as depositaries,
for any loss arising from the character of the provided that notice was given to them,
thing deposited, or to their employees,
unless at the time of the constitution of the o of the effects brought by the guests
deposit and that,
o on the part of the latter,
the former was not aware of, o they take the precautions
or was not expected to know the dangerous o which said hotel-keepers or their
character of the thing, substitutes advised relative to the care
or unless he notified the depositary of the and vigilance of their effects.
same,
Art. 1999.
or the latter was aware of it without advice
The hotel-keeper is liable
from the depositor.
for the vehicles, animals and articles
Art. 1994. which have been introduced or placed
The depositary may retain the thing in pledge in the annexes of the hotel.
until the full payment of what may be due him
Art. 2000.
by reason of the deposit.
The responsibility referred to in the two preceding
articles
Art. 1995.
A deposit its extinguished: shall include the loss of,
or injury to the personal property of the guests
(1) Upon the loss or destruction of the thing deposited; caused by the servants or employees of the
keepers of hotels or inns
(2) In case of a gratuitous deposit, as well as strangers;
upon the death of either
the depositor or the depositary. but not that which may proceed from
any force majeure.

NECESSARY DEPOSIT The fact that travellers are constrained to rely


on the vigilance of the keeper of the hotels or
Art. 1996. inns
A deposit is necessary: shall be considered in determining the degree
of care required of him.
(1) When it is made in compliance with a legal
obligation; Art. 2001.
The act of a thief or robber,
(2) When it takes place on the occasion of any
who has entered the hotel is not deemed force
calamity,
majeure,
such as fire, storm, flood,
unless it is done with the use of arms
pillage, shipwreck,
or through an irresistible force.
or other similar events.
Art. 2002.
Art. 1997. The hotel-keeper is not liable for compensation
The deposit referred to in No. 1 of the preceding article if the loss is due to the acts of the guest, his
shall be governed by the provisions of the law
family, servants or visitors,
establishing it, and in case of its deficiency, by the
or if the loss arises from the character of the
rules on voluntary deposit.
things brought into the hotel.
The deposit mentioned in No. 2 of the preceding article
shall be regulated by the provisions concerning Art. 2003.
voluntary deposit and by Article 2168. The hotel-keeper cannot free himself from
responsibility
by posting notices to the effect
that he is not liable for the articles brought by
the guest.

Any stipulation between the hotel-keeper and


the guest
whereby the responsibility of the former as set
forth in articles 1998 to 2001
is suppressed or diminished
shall be void.

NATURE AND EXTENT OF GUARANTY

Art. 2004. Art. 2047.


The hotel-keeper has a right to retain the things By guaranty a person, called the guarantor,
brought into the hotel by the guest, binds himself to the creditor
as a security for credits on account of lodging, to fulfill the obligation of the principal debtor
and supplies in case the latter should fail to do so.
usually furnished to hotel guests.
If a person binds himself solidarily with the principal
SEQUESTRATION OR JUDICIAL DEPOSIT debtor, the provisions of Section 4, Chapter 3, Title I of
this Book shall be observed. In such case the contract
Art. 2005. is called a suretyship.
A judicial deposit or sequestration takes place
when an attachment Art. 2048.
or seizure of property in litigation A guaranty is gratuitous,
is ordered. unless there is a stipulation to the contrary.

Art. 2006.
Movable as well as immovable property may be the Art. 2049.
object of sequestration. A married woman may guarantee an obligation
without the husband's consent,
Art. 2007. but shall not thereby bind the conjugal
The depositary of property or objects sequestrated partnership,
cannot be relieved of his responsibility except in cases provided by law.
until the controversy which gave rise thereto
has come to an end, unless the court so orders. Art. 2050.
If a guaranty is entered into without the knowledge or
Art. 2008. consent, or against the will of the principal debtor, the
The depositary of property sequestrated provisions of Articles 1236 and 1237 shall apply.

is bound to comply, with respect to the same,


with all the obligations of a good father of a
Art. 2051.
family.
A guaranty may be
Art. 2009. conventional,
As to matters not provided for in this Code, judicial legal or judicial,
sequestration shall be governed by the Rules of Court. gratuitous, or by onerous title.

It may also be constituted,


not only in favor of the principal debtor,
but also in favor of the other guarantor,
o with the latter's consent,
o or without his knowledge,
o or even over his objection.

Art. 2052.
A guaranty cannot exist without a valid obligation.

Nevertheless, a guaranty may be constituted


to guarantee the performance of a voidable or
an unenforceable contract.
It may also guarantee a natural obligation.

Art. 2053.
A guaranty may also be given
as security for future debts, Art. 2058.
the amount of which is not yet known; The guarantor cannot be compelled to pay the creditor
unless the latter has exhausted all the property
there can be no claim against the guarantor of the debtor,
until the debt is liquidated. and has resorted to all the legal remedies
against the debtor.
A conditional obligation may also be secured.
Art. 2059.
Art. 2054. The excussion shall not take place:
A guarantor may bind himself for less,
but not for more than the principal debtor, (1) If the guarantor has expressly renounced it;
both as regards the amount
(2) If he has bound himself solidarily with the debtor;
and the onerous nature of the conditions.
(3) In case of insolvency of the debtor;
Should he have bound himself for more, (4) When he has absconded, or cannot be sued within
his obligations shall be reduced the Philippines unless he has left a manager or
to the limits of that of the debtor. representative;

Art. 2055. (5) If it may be presumed that an execution on the


A guaranty is not presumed; property of the principal debtor would not result in the
it must be express satisfaction of the obligation.
and cannot extend to more than what is
stipulated therein. Art. 2060.
In order that the guarantor may make use of the
If it be simple or indefinite, benefit of excussion,
it shall compromise not only the principal he must set it up against the creditor
obligation, upon the latter's demand for payment from
but also all its accessories, him,
including the judicial costs, and point out to the creditor available property
of the debtor within Philippine territory,
provided with respect to the latter, sufficient to cover the amount of the debt.
that the guarantor shall only be liable for those
costs incurred
after he has been judicially required to pay.

Art. 2056.
Art. 2061.
One who is obliged to furnish a guarantor
The guarantor having fulfilled all the conditions
shall present a person required in the preceding article,
who possesses integrity, the creditor who is negligent in exhausting the
capacity to bind himself, property pointed out
and sufficient property to answer for the shall suffer the loss,
obligation which he guarantees. to the extent of said property,
for the insolvency of the debtor resulting from
The guarantor shall be subject to the such negligence.
jurisdiction of the court of the place
where this obligation is to be complied with. Art. 2062.
In every action by the creditor,
which must be against the principal debtor
Art. 2057. alone,
If the guarantor should be convicted in first instance except in the cases mentioned in Article 2059,
of a crime involving dishonesty
or should become insolvent, the former shall ask the court
to notify the guarantor of the action.
the creditor may demand another
who has all the qualifications required in the The guarantor may appear so that he may, if he so
preceding article. desire,
set up such defenses as are granted him by
The case is excepted where the creditor law.
has required and stipulated that a specified
person The benefit of excussion mentioned in Article
should be the guarantor. 2058 shall always be unimpaired,
even if judgment should be rendered against
Effects of Guaranty the principal debtor and the guarantor
Between the Guarantor and the Creditor in case of appearance by the latter.
Art. 2063. more than what he has really paid.
A compromise between the creditor and the principal
debtor Art. 2068.
benefits the guarantor If the guarantor should pay without notifying the
but does not prejudice him. debtor,
the latter may enforce against him all the
That which is entered into between the defenses
guarantor and the creditor which he could have set up against the creditor
benefits at the time the payment was made.
but does not prejudice the principal debtor.
Art. 2069.
Art. 2064. If the debt was for a period
The guarantor of a guarantor and the guarantor paid it before it became due,
shall enjoy the benefit of excussion, he cannot demand reimbursement of the
both with respect to the guarantor debtor
and to the principal debtor. o until the expiration of the period
o unless the payment has been ratified
Art. 2065. by the debtor.
Should there be several guarantors
of only one debtor Art. 2070.
and for the same debt, If the guarantor has paid without notifying the debtor,
the obligation to answer for the same is divided and the latter not being aware of the payment,
among all. repeats the payment,

The creditor cannot claim from the guarantors the former has no remedy whatever against
except the shares which they are respectively the debtor,
bound to pay, but only against the creditor.
unless solidarity has been expressly stipulated.
Nevertheless, in case of a gratuitous guaranty,
The benefit of division against the co-guarantors if the guarantor was prevented by a fortuitous
ceases event
in the same cases from advising the debtor of the payment,
and for the same reasons o and the creditor becomes insolvent,
as the benefit of excussion against the o the debtor shall reimburse the
principal debtor. guarantor for the amount paid.

Effects of Guaranty Art. 2071.


Between the Debtor and the Guarantor The guarantor, even before having paid, may proceed
against the principal debtor:
Art. 2066.
The guarantor who pays for a debtor must be (1) When he is sued for the payment;
indemnified by the latter.
(2) In case of insolvency of the principal debtor;
The indemnity comprises:
(3) When the debtor has bound himself
(1) The total amount of the debt; to relieve him from the guaranty within a
specified period,
(2) The legal interests thereon and this period has expired;
from the time the payment was made known to
the debtor, (4) When the debt has become demandable,
even though it did not earn interest for the by reason of the expiration of the period for
creditor; payment;

(3) The expenses incurred by the guarantor after (5) After the lapse of ten years,
having notified the debtor that payment had been when the principal obligation has no fixed
demanded of him; period for its maturity,
unless it be of such nature that it cannot be
(4) Damages, if they are due. extinguished
except within a period longer than ten years;
Art. 2067.
The guarantor who pays (6) If there are reasonable grounds to fear that the
is subrogated by virtue thereof to all the rights principal debtor intends to abscond;
which the creditor had against the debtor.
(7) If the principal debtor is in imminent danger of
If the guarantor has compromised with the creditor, becoming insolvent.
he cannot demand of the debtor
In all these cases, the action of the guarantor is to Art. 2076.
obtain release from the guaranty, The obligation of the guarantor is extinguished
or to demand a security that shall protect him at the same time as that of the debtor,
from any proceedings by the creditor and for the same causes as all other
and from the danger of insolvency of the obligations.
debtor.
Art. 2077.
Art. 2072. If the creditor voluntarily accepts
If one, at the request of another, immovable or other property in payment of the
becomes a guarantor for the debt of a third debt,
person who is not present, even if he should afterwards lose the same
the guarantor who satisfies the debt through eviction,
may sue either the person so requesting the guarantor is released.
or the debtor for reimbursement.
Art. 2078.
Effects of Guaranty as Between Co-Guarantors A release made by the creditor in favor of one of the
guarantors,
Art. 2073. without the consent of the others,
When there are two or more guarantors benefits all
of the same debtor to the extent of the share of the guarantor
and for the same debt, to whom it has been granted.

the one among them who has paid Art. 2079.


may demand of each of the others An extension granted to the debtor by the creditor
the share which is proportionally owing from without the consent of the guarantor
him. extinguishes the guaranty.

If any of the guarantors should be insolvent, The mere failure on the part of the creditor to
his share shall be borne by the others, demand payment
including the payer, after the debt has become due
in the same proportion. does not of itself constitute any extention of
time referred to herein.
The provisions of this article shall not be applicable,
unless the payment has been made by virtue Art. 2080.
of a judicial demand The guarantors, even though they be solidary,
or unless the principal debtor is insolvent. are released from their obligation
whenever by some act of the creditor
they cannot be subrogated to the rights,
mortgages, and preference of the latter.
Art. 2074.
In the case of the preceding article, the co-guarantors Art. 2081.
may set up against the one who paid, The guarantor may set up against the creditor
the same defenses which would have pertained all the defenses which pertain to the principal
to the principal debtor against the creditor, debtor
and which are not purely personal to the and are inherent in the debt;
debtor. o but not those that are personal to the
debtor.
Art. 2075.
A sub-guarantor, in case of the insolvency of the
guarantor for whom he bound himself,
is responsible to the co-guarantors
in the same terms as the guarantor.

EXTINGUISHMENT OF GUARANTY

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