Page 321 - Important Provisions of The New Civil Code
P. 321
LOSS
Article 1262. An obligation which consists in
the delivery of a determinate thing shall be
extinguished if it should be lost or destroyed
without the fault of the debtor, and before he
has incurred in delay.
When by law or stipulation, the obligor is liable
even for fortuitous events, the loss of the thing
does not extinguish the obligation, and he shall
be responsible for damages. The same rule
applies when the nature of the obligation
requires the assumption of risk. (1182a)
Article 1263. In an obligation to deliver a
generic thing, the loss or destruction of
anything of the same kind does not extinguish
the obligation. (n)
