Section 1: Redemption option.

The repurchase option is a pact by which the seller reserves the right to take back the thing sold, in return for the return of the principal price and the reimbursement referred to in article 1673.

The buyback option may not be stipulated for a term exceeding five years. If it has been stipulated for a longer term, it is reduced to that term.

The term set is mandatory and cannot be extended by the judge.

If the seller fails to exercise his action for redemption within the prescribed period, the purchaser remains the irrevocable owner.

The time limit runs against all persons, even against the minor, except, where applicable, recourse against whomsoever.

The seller with a repurchase agreement may exercise his action against a second purchaser, even if the repurchase option was not declared in the second contract.

The purchaser with a pact of redemption exercises all the rights of his seller; he may prescribe both against the true master and against those who claim rights or mortgages on the thing sold.

He may set up the benefit of the discussion against his seller’s creditors.

If the purchaser with a pact of redemption of an undivided part of an inheritance has become the successful bidder for the whole on an auction caused against him, he may oblige the seller to withdraw the whole when the latter wishes to make use of the pact. .

If several persons have sold jointly, and by a single contract, an inheritance common to them, each may exercise the action for redemption only in respect of the share which he had in it.