Conveyance and Mortgage of Immovables – Giving in payment

Conveyance and Mortgage of Immovables – Giving in payment

Art. 2655. Giving in payment, definition. Giving in payment is a contract whereby an obligor gives a thing to the obligee, who accepts it in payment of a debt.

Art. 2656. Delivery essential to a giving in payment. Delivery of the thing is essential to the perfection of a giving in payment.

Art. 2657. Giving in partial payment. An obligor may give a thing to the obligee in partial payment of a debt. A giving in partial payment extinguishes the debt in the amount intended by the parties. If the parties’ intent concerning the amount of the partial extinguishment cannot be ascertained, it is presumed that they intended to extinguish the debt in the amount of the fair market value of the thing given in partial payment.

Art. 2659. Application of general rules of sale. The giving in payment is governed by the rules of the contract of sale, with the differences provided for in this Chapter.