Section 2: Term bonds

The obligation is forward when its payability is deferred until the occurrence of a future and certain event, although the date is uncertain.

The term may be express or tacit. Failing agreement, the judge may fix it in consideration of the nature of the obligation and the situation of the parties.

What is only due in time cannot be demanded before the due date; but what has been paid in advance cannot be repeated.

The term benefits the debtor, if it does not follow from the law, the will of the parties or the circumstances that it has been established in favour of the creditor or both parties. The party for whose exclusive benefit the term has been fixed may renounce it without the consent of the other.

The debtor may not claim the benefit of the term if he fails to provide the security promised to the creditor or if he reduces the security securing the obligation.

A debtor’s forfeiture of the term of payment may not be enforced against his co-debtors, even joint and several, and his guarantors.