Section 2 - Obligation with a Period

• ART. 1193. Obligations for whose fulfillment a day certain has been fixed, shall be demandable only when that day comes.

     Obligations with a resolutory period take effect at once, but terminate upon arrival of the day certain.

       A day certain is understood to be that which must necessarily come, although it may not be known when.

       If the uncertainty consists in whether the day will come or not, the obligation is conditional, and it shall be regulated by the rules of the preceding Section. (1125a)
• A period is a future and certain event upon the arrival of which the obligation (or right) subject to it either arises or is terminated. It is a length of time which determines the effectivity or extinguishment of an obligation.
• ART. 1194. In case of loss, deterioration or improvement of the thing before the arrival of the day certain, the rules in Article 1189 shall be observed. (n)
• ART. 1195. Anything paid or delivered before the arrival of the period, the obligor being unaware of the period or believing that the obligation has become due and demandable, may be recovered, with the fruits and interests. (1126a)
• ART. 1196. Whenever in an obligation a period is designated, it is presumed to have been established for the benefit of both the creditor and the debtor, unless from the tenor of the same or other circumstances it should appear that the period has been established in favor of one or of the other. (1127)
• ART. 1197. If the obligation does not fi x a period, but from its nature and the circumstances it can be inferred that a period was intended, the courts may fi x the duration thereof.

   The courts shall also fi x the duration of the period when it depends upon the will of the debtor.

   In every case, the courts shall determine such period as may under the circumstances have been probably contemplated by the parties. Once fixed by the courts, the period cannot be changed by them. (1128a)
• 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;
•  1198 (2) (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. (1129a)
• • An obligation with a period is one whose demandability or extinguishment is subjected to the expiration of the term which must necessarily come.
  • Obligations with a resolutory period take effect at once, but terminate upon arrival of the day certain.
  • A day certain is understood to be that which must necessarily come, although it may not be known when. (Art. 1193)
• • In case of loss, deterioration or improvement of the thing before the arrival of the day certain, the rules in article 1189 shall be observed. (Art. 1194)
  • Whenever in an obligation a period is designated, it is presumed to have been established for the benefit of both the creditor and the debtor, unless from the tenor of the same or other circumstances it should appear that the period has been established in favor of one or of the other. (Art. 1196)
• • Anything paid or delivered before the arrival of the period, the obligor being unaware of the period or believing that the obligation has become due and demandable, may be recovered, with the fruits and interests.(Art. 1195)
  • "when my means permit me to do so-the obligation shall be deemed to be with a period
  • If the obligation does not fix a period, but from its nature and the circumstances it can be inferred that a period was intended, the courts may fix the duration thereof.
• • The courts shall also fix the duration of the period when it depends upon the will of the debtor.
  • In every case, the courts shall determine such period as may under the circumstances have been probably contemplated by the parties. Once fixed by the courts, the period cannot be changed by them. (Art. 1197)
• When debtor loses his right to make use of the period(IGIVA)

  • Insolvent, unless he gives a guaranty or security for the debt
  • Guaranties/securities promised were not furnished

  Impairs the guaranties or securities by his own acts or when through fortuitous event they disappear, unless he gives new ones equally satisfactory

  Violates any undertaking in consideration of which the creditor agrees to the period

  Attempts to abscond