Obligations+and+Contracts.printable

Each creditor can demand for the payment of his

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Unformatted text preview: ith respect to the debt 2. Interruption in payment by one does not benefit or prejudice the other 3. Vices of one debtor to creditor has no effect on the others 4. Insolvency of one debtor does not affect other debtors SOLIDARY – must be expressed in stipulation or provided by law or by nature of obligation JOINT DIVISIBLE OBLIGATIONS 1. Each creditor can demand for the payment of his proportionate share of the credit, while each debtor can be held liable only for the payment of his proportionate share of the debt 2. A joint creditor cannot act in representation of the other creditors while a joint debtor cannot be compelled to answer for the acts or liability of the other debtors JOINT INDIVISIBLE OBLIGATIONS 1. If there are 2 or more debtors, the fulfillment of or compliance with the obligation requires the concurrence of all the debtors, although each for his own share. The obligation can be enforced only by proceeding against all of the debtors. 2. If there are 2 or more creditors, the concurrence or collective act of all the creditors, although each for his own share, is also necessary for the enforcement of the obligation EFFECT OF BREACH • If one of the joint debtors fails to comply with his undertaking, the obligation can no longer be fulfilled or performed. Consequently, it is converted into one of indemnity for damages. Innocent joint debtor shall not contribute to the indemnity beyond their corresponding share of the obligation. INDIVISIBILITY SOLIDARITY Refers to the Refers to the legal tie and prestation which uickTime™ and a consequently to the Q decompressor constitutes the TIFF (Uncompressed) this picture. or parties of the object to subjects are needed see of the obligation obligation Plurality of subjects is Plurality of subjects is not required indispensable In case of breach, When there is liability on obligation is converted the part of the debtors into 1 of indemnity for because of the breach, damages because of the solidarilty among the debtors remains 1. Active – on the part of creditor or oblige • EFFECTS: • Death of 1 solidary creditor transmits share to heirs (but collectively) • Each creditor represents the other in the act of recovery of payment • Credit...
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This document was uploaded on 02/18/2014 for the course ACC 2001 at Alabama Christian Academy.

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