Page 301 - Important Provisions of The New Civil Code

Article 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.

(1129a)