Extinguishment_of_Obligation.pdf - Extinguishment of Obligation 1 Novation 2 Compensation 3 Confusion or Merger 4 Rescission 5 Payment or Performance 6

Extinguishment_of_Obligation.pdf - Extinguishment of...

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Extinguishment of Obligation 1. Novation 2. Compensation 3. Confusion or Merger 4. Rescission 5. Payment or Performance 6. Loss of the thing due 7. Prescription 8. Remission or Condonation 9. Fulfillment of a resolutory condition 10. Annulment
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Other Forms of Extinguishmen t (FC-MAID) 1. Fortuitous Event 2. Compromise 3.Mutual desistance or withdrawal 4.Arrival of resolutory condition 5.Impossibility of condition 6.Death
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Requisites of Payment 1. Payor or the person who pays 2. Payee or the person to whom payment is made 3.Thing to be paid 4.Manner, time, and place of payment
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Kinds of Payment
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Characteristics of a Valid Payment (1233) 1.Identity- only the prestation agreed upon and no other must be complied with 2.Completeness – the thing or service must be completely delivered or rendered
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Principle of Integrity (1233) General Rule : A debt shall not be understood to have been paid unless the thing or service in which the obligation consists has been completely delivered or rendered as the case may be. Excpn: 1. When the obligation has been substantially performed in good faith, the obligor may recover as though there had been a strict & complete fulfillment less damage suffered by the obligee. (1234) 2. When the obligee accepts performance knowing its incompleteness or irregularity & without expressing any protest (ESTOPPEL) (1235)
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2. Anyone acting on the debtor's behalf
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Third Person who is an Interested Party One who has an interest in the extinguishment ofthe obligation such as: 4. Owners of mortgaged property of pledge
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Effects of Payment 1. The obligation is extinguished 2. The debtor is to fully reimburse the 3 rd person who is an interested party 3.The 3 rd person is subrogated to the rights of the creditor.
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