Title IX.

- PARTNERSHIP

CHAPTER 1
GENERAL PROVISIONS

Art. 1767. By the cotr!ct o" #!rter$hi# t%o or &ore #er$o$ 'i(
the&$el)e$ to cotri'*te &oey+ #ro#erty+ or i(*$try to ! co&&o
"*(+ %ith the itetio o" (i)i(i, the #ro"it$ !&o, the&$el)e$.
T%o or &ore #er$o$ &!y !l$o "or& ! #!rter$hi# "or the e-erci$e o"
! #ro"e$$io. .166/!0
Art. 1761. The #!rter$hi# h!$ ! 2*(ici!l #er$o!lity $e#!r!te !(
(i$tict "ro& th!t o" e!ch o" the #!rter$+ e)e i c!$e o" "!il*re to
co&#ly %ith the re3*ire&et$ o" Article 1774+ "ir$t #!r!,r!#h.
Art. 1765. I (eter&ii, %hether ! #!rter$hi# e-i$t$+ the$e r*le$
$h!ll !##ly6
.10 E-ce#t !$ #ro)i(e( 'y Article 114/+ #er$o$ %ho !re ot
#!rter$ !$ to e!ch other !re ot #!rter$ !$ to thir( #er$o$7
.40 Co-o%er$hi# or co-#o$$e$$io (oe$ ot o" it$el" e$t!'li$h !
#!rter$hi#+ %hether $*ch-co-o%er$ or co-#o$$e$$or$ (o or
(o ot $h!re !y #ro"it$ &!(e 'y the *$e o" the #ro#erty7
.80 The $h!ri, o" ,ro$$ ret*r$ (oe$ ot o" it$el" e$t!'li$h !
#!rter$hi#+ %hether or ot the #er$o$ $h!ri, the& h!)e !
2oit or co&&o ri,ht or itere$t i !y #ro#erty "ro& %hich
the ret*r$ !re (eri)e(7
.90 The recei#t 'y ! #er$o o" ! $h!re o" the #ro"it$ o" !
'*$ie$$ i$ #ri&! "!cie e)i(ece th!t he i$ ! #!rter i the
'*$ie$$+ '*t o $*ch i"erece $h!ll 'e (r!% i" $*ch #ro"it$
%ere recei)e( i #!y&et6

.!0 A$ ! (e't 'y i$t!ll&et$ or other%i$e7
.'0 A$ %!,e$ o" ! e&#loyee or ret to ! l!(lor(7
.c0 A$ ! !*ity to ! %i(o% or re#re$et!ti)e o" !
(ece!$e( #!rter7
.(0 A$ itere$t o ! lo!+ tho*,h the !&o*t o" #!y&et
)!ry %ith the #ro"it$ o" the '*$ie$$7
.e0 A$ the co$i(er!tio "or the $!le o" ! ,oo(%ill o" !
'*$ie$$ or other #ro#erty 'y i$t!ll&et$ or other%i$e.
Art. 177:. A #!rter$hi# &*$t h!)e ! l!%"*l o'2ect or #*r#o$e+ !(
&*$t 'e e$t!'li$he( "or the co&&o 'ee"it or itere$t o" the
#!rter$.
;he ! *l!%"*l #!rter$hi# i$ (i$$ol)e( 'y ! 2*(ici!l (ecree+ the
#ro"it$ $h!ll 'e co"i$c!te( i "!)or o" the St!te+ %itho*t #re2*(ice to
the #ro)i$io$ o" the Pe!l Co(e ,o)eri, the co"i$c!tio o" the
i$tr*&et$ !( e""ect$ o" ! cri&e. .1666!0
Art. 1771. A #!rter$hi# &!y 'e co$tit*te( i !y "or&+ e-ce#t
%here i&&o)!'le #ro#erty or re!l ri,ht$ !re cotri'*te( thereto+ i
%hich c!$e ! #*'lic i$tr*&et $h!ll 'e ece$$!ry. .1667!0
Art. 1774. E)ery cotr!ct o" #!rter$hi# h!)i, ! c!#it!l o" three
tho*$!( #e$o$ or &ore+ i &oey or #ro#erty+ $h!ll !##e!r i !
#*'lic i$tr*&et+ %hich &*$t 'e recor(e( i the O""ice o" the
Sec*ritie$ !( E-ch!,e Co&&i$$io.
<!il*re to co&#ly %ith the re3*ire&et$ o" the #rece(i, #!r!,r!#h
$h!ll ot !""ect the li!'ility o" the #!rter$hi# !( the &e&'er$
thereo" to thir( #er$o$.
Art. 1778. A cotr!ct o" #!rter$hi# i$ )oi(+ %hee)er i&&o)!'le
#ro#erty i$ cotri'*te( thereto+ i" ! i)etory o" $!i( #ro#erty i$
ot &!(e+ $i,e( 'y the #!rtie$+ !( !tt!che( to the #*'lic
i$tr*&et. .1661!0
Art. 1779. Ay i&&o)!'le #ro#erty or ! itere$t therei &!y 'e
!c3*ire( i the #!rter$hi# !&e. Title $o !c3*ire( c! 'e co)eye(
oly i the #!rter$hi# !&e.
Art. 177/. A$$oci!tio$ !( $ocietie$+ %ho$e !rticle$ !re =e#t $ecret
!&o, the &e&'er$+ !( %herei !y oe o" the &e&'er$ &!y
cotr!ct i hi$ o% !&e %ith thir( #er$o$+ $h!ll h!)e o 2*ri(ic!l
#er$o!lity+ !( $h!ll 'e ,o)ere( 'y the #ro)i$io$ rel!ti, to co-
o%er$hi#. .16650
Art. 1776. A$ to it$ o'2ect+ ! #!rter$hi# i$ either *i)er$!l or
#!rtic*l!r. A$ re,!r($ the li!'ility o" the #!rter$+ ! #!rter$hi# &!y
'e ,eer!l or li&ite(. .1671!0
Art. 1777. A *i)er$!l #!rter$hi# &!y re"er to !ll the #re$et
#ro#erty or to !ll the #ro"it$. .16740
Art. 1771. A #!rter$hi# o" !ll #re$et #ro#erty i$ th!t i %hich the
#!rter$ cotri'*te !ll the #ro#erty %hich !ct*!lly 'elo,$ to the&
to ! co&&o "*(+ %ith the itetio o" (i)i(i, the $!&e !&o,
the&$el)e$+ !$ %ell !$ !ll the #ro"it$ %hich they &!y !c3*ire
there%ith. .16780
Art. 1775. I ! *i)er$!l #!rter$hi# o" !ll #re$et #ro#erty+ the
#ro#erty %hich 'elo,$ to e!ch o" the #!rter$ !t the ti&e o" the
co$tit*tio o" the #!rter$hi#+ 'eco&e$ the co&&o #ro#erty o" !ll
the #!rter$+ !$ %ell !$ !ll the #ro"it$ %hich they &!y !c3*ire
there%ith.
A $ti#*l!tio "or the co&&o e2oy&et o" !y other #ro"it$ &!y
!l$o 'e &!(e7 '*t the #ro#erty %hich the #!rter$ &!y !c3*ire
$*'$e3*etly 'y iherit!ce+ le,!cy+ or (o!tio c!ot 'e icl*(e(
i $*ch $ti#*l!tio+ e-ce#t the "r*it$ thereo". .1679!0
Art. 171:. A *i)er$!l #!rter$hi# o" #ro"it$ co&#ri$e$ !ll th!t the
#!rter$ &!y !c3*ire 'y their i(*$try or %or= (*ri, the e-i$tece
o" the #!rter$hi#.
>o)!'le or i&&o)!'le #ro#erty %hich e!ch o" the #!rter$ &!y
#o$$e$$ !t the ti&e o" the cele'r!tio o" the cotr!ct $h!ll coti*e
to #ert!i e-cl*$i)ely to e!ch+ oly the *$*"r*ct #!$$i, to the
#!rter$hi#. .167/0
Art. 1711. Article$ o" *i)er$!l #!rter$hi#+ etere( ito %itho*t
$#eci"ic!tio o" it$ !t*re+ oly co$tit*te ! *i)er$!l #!rter$hi# o"
#ro"it$. .16760
Art. 1714. Per$o$ %ho !re #rohi'ite( "ro& ,i)i, e!ch other !y
(o!tio or !()!t!,e c!ot eter ito *i)er$!l #!rter$hi#.
.16770
Art. 1718. A #!rtic*l!r #!rter$hi# h!$ "or it$ o'2ect (eter&i!te
thi,$+ their *$e or "r*it$+ or $#eci"ic *(ert!=i,+ or the e-erci$e o"
! #ro"e$$io or )oc!tio. .16710

CHAPTER 4
OBLIGATIONS O< THE PARTNERS

SECTION 1. - O'li,!tio$ o" the P!rter$ A&o, The&$el)e$

Art. 1719. A #!rter$hi# 'e,i$ "ro& the &o&et o" the e-ec*tio o"
the cotr!ct+ *le$$ it i$ other%i$e $ti#*l!te(. .16750
Art. 171/. ;he ! #!rter$hi# "or ! "i-e( ter& or #!rtic*l!r
*(ert!=i, i$ coti*e( !"ter the ter&i!tio o" $*ch ter& or
#!rtic*l!r *(ert!=i, %itho*t !y e-#re$$ !,ree&et+ the ri,ht$
!( (*tie$ o" the #!rter$ re&!i the $!&e !$ they %ere !t $*ch
ter&i!tio+ $o "!r !$ i$ co$i$tet %ith ! #!rter$hi# !t %ill.
A coti*!tio o" the '*$ie$$ 'y the #!rter$ or $*ch o" the& !$
h!'it*!lly !cte( therei (*ri, the ter&+ %itho*t !y $ettle&et or
li3*i(!tio o" the #!rter$hi# !""!ir$+ i$ #ri&! "!cie e)i(ece o" !
coti*!tio o" the #!rter$hi#.
Art. 1716. E)ery #!rter i$ ! (e'tor o" the #!rter$hi# "or %h!te)er
he &!y h!)e #ro&i$e( to cotri'*te thereto.
He $h!ll !l$o 'e 'o*( "or %!rr!ty i c!$e o" e)ictio %ith re,!r( to
$#eci"ic !( (eter&i!te thi,$ %hich he &!y h!)e cotri'*te( to
the #!rter$hi#+ i the $!&e c!$e$ !( i the $!&e &!er !$ the
)e(or i$ 'o*( %ith re$#ect to the )e(ee. He $h!ll !l$o 'e li!'le
"or the "r*it$ thereo" "ro& the ti&e they $ho*l( h!)e 'ee (eli)ere(+
%itho*t the ee( o" !y (e&!(. .1611!0
Art. 1717. ;he the c!#it!l or ! #!rt thereo" %hich ! #!rter i$
'o*( to cotri'*te co$i$t$ o" ,oo($+ their !##r!i$!l &*$t 'e &!(e
i the &!er #re$cri'e( i the cotr!ct o" #!rter$hi#+ !( i the
!'$ece o" $ti#*l!tio+ it $h!ll 'e &!(e 'y e-#ert$ cho$e 'y the
#!rter$+ !( !ccor(i, to c*rret #rice$+ the $*'$e3*et ch!,e$
thereo" 'ei, "or !cco*t o" the #!rter$hi#.
Art. 1711. A #!rter %ho h!$ *(ert!=e to cotri'*te ! $*& o"
&oey !( "!il$ to (o $o 'eco&e$ ! (e'tor "or the itere$t !(
(!&!,e$ "ro& the ti&e he $ho*l( h!)e co&#lie( %ith hi$ o'li,!tio.
The $!&e r*le !##lie$ to !y !&o*t he &!y h!)e t!=e "ro& the
#!rter$hi# co""er$+ !( hi$ li!'ility $h!ll 'e,i "ro& the ti&e he
co)erte( the !&o*t to hi$ o% *$e. .16140
Art. 1715. A i(*$tri!l #!rter c!ot e,!,e i '*$ie$$ "or
hi&$el"+ *le$$ the #!rter$hi# e-#re$$ly #er&it$ hi& to (o $o7 !(
i" he $ho*l( (o $o+ the c!#it!li$t #!rter$ &!y either e-cl*(e hi&
"ro& the "ir& or !)!il the&$el)e$ o" the 'ee"it$ %hich he &!y h!)e
o't!ie( i )iol!tio o" thi$ #ro)i$io+ %ith ! ri,ht to (!&!,e$ i
either c!$e.
Art. 175:. ?le$$ there i$ ! $ti#*l!tio to the cotr!ry+ the #!rter$
$h!ll cotri'*te e3*!l $h!re$ to the c!#it!l o" the #!rter$hi#.
Art. 1751. I" there i$ o !,ree&et to the cotr!ry+ i c!$e o" !
i&&iet lo$$ o" the '*$ie$$ o" the #!rter$hi#+ !y #!rter %ho
re"*$e$ to cotri'*te ! !((itio!l $h!re to the c!#it!l+ e-ce#t !
i(*$tri!l #!rter+ to $!)e the )et*re+ $h!ll he o'li,e( to $ell hi$
itere$t to the other #!rter$.
Art. 1754. I" ! #!rter !*thori@e( to &!!,e collect$ ! (e&!(!'le
$*& %hich %!$ o%e( to hi& i hi$ o% !&e+ "ro& ! #er$o %ho
o%e( the #!rter$hi# !other $*& !l$o (e&!(!'le+ the $*& th*$
collecte( $h!ll 'e !##lie( to the t%o cre(it$ i #ro#ortio to their
!&o*t$+ e)e tho*,h he &!y h!)e ,i)e ! recei#t "or hi$ o% cre(it
oly7 '*t $ho*l( he h!)e ,i)e it "or the !cco*t o" the #!rter$hi#
cre(it+ the !&o*t $h!ll 'e "*lly !##lie( to the l!tter.
The #ro)i$io$ o" thi$ !rticle !re *(er$too( to 'e %itho*t #re2*(ice
to the ri,ht ,r!te( to the other (e'tor 'y Article 14/4+ '*t oly i"
the #er$o!l cre(it o" the #!rter $ho*l( 'e &ore oero*$ to hi&.
.16190
Art. 1758. A #!rter %ho h!$ recei)e(+ i %hole or i #!rt+ hi$ $h!re
o" ! #!rter$hi# cre(it+ %he the other #!rter$ h!)e ot collecte(
their$+ $h!ll 'e o'li,e(+ i" the (e'tor $ho*l( there!"ter 'eco&e
i$ol)et+ to 'ri, to the #!rter$hi# c!#it!l %h!t he recei)e( e)e
tho*,h he &!y h!)e ,i)e recei#t "or hi$ $h!re oly. .161/!0
Art. 1759. E)ery #!rter i$ re$#o$i'le to the #!rter$hi# "or
(!&!,e$ $*""ere( 'y it thro*,h hi$ "!*lt+ !( he c!ot co&#e$!te
the& %ith the #ro"it$ !( 'ee"it$ %hich he &!y h!)e e!re( "or the
#!rter$hi# 'y hi$ i(*$try. Ho%e)er+ the co*rt$ &!y e3*it!'ly
le$$e thi$ re$#o$i'ility i" thro*,h the #!rterA$ e-tr!or(i!ry
e""ort$ i other !cti)itie$ o" the #!rter$hi#+ **$*!l #ro"it$ h!)e
'ee re!li@e(. .1616!0
Art. 175/. The ri$= o" $#eci"ic !( (eter&i!te thi,$+ %hich !re ot
"*,i'le+ cotri'*te( to the #!rter$hi# $o th!t oly their *$e !(
"r*it$ &!y 'e "or the co&&o 'ee"it+ $h!ll 'e 'ore 'y the #!rter
%ho o%$ the&.
I" the thi,$ cotri'*te !re "*,i'le+ or c!ot 'e =e#t %itho*t
(eterior!ti,+ or i" they %ere cotri'*te( to 'e $ol(+ the ri$= $h!ll 'e
'ore 'y the #!rter$hi#. I the !'$ece o" $ti#*l!tio+ the ri$= o"
the thi,$ 'ro*,ht !( !##r!i$e( i the i)etory+ $h!ll !l$o 'e
'ore 'y the #!rter$hi#+ !( i $*ch c!$e the cl!i& $h!ll 'e li&ite(
to the )!l*e !t %hich they %ere !##r!i$e(. .16170
Art. 1756. The #!rter$hi# $h!ll 'e re$#o$i'le to e)ery #!rter "or
the !&o*t$ he &!y h!)e (i$'*r$e( o 'eh!l" o" the #!rter$hi# !(
"or the corre$#o(i, itere$t+ "ro& the ti&e the e-#e$e !re &!(e7
it $h!ll !l$o !$%er to e!ch #!rter "or the o'li,!tio$ he &!y h!)e
cotr!cte( i ,oo( "!ith i the itere$t o" the #!rter$hi# '*$ie$$+
!( "or ri$=$ i co$e3*ece o" it$ &!!,e&et. .1611!0
Art. 1757. The lo$$e$ !( #ro"it$ $h!ll 'e (i$tri'*te( i co"or&ity
%ith the !,ree&et. I" oly the $h!re o" e!ch #!rter i the #ro"it$
h!$ 'ee !,ree( *#o+ the $h!re o" e!ch i the lo$$e$ $h!ll 'e i the
$!&e #ro#ortio.
I the !'$ece o" $ti#*l!tio+ the $h!re o" e!ch #!rter i the #ro"it$
!( lo$$e$ $h!ll 'e i #ro#ortio to %h!t he &!y h!)e cotri'*te(+
'*t the i(*$tri!l #!rter $h!ll ot 'e li!'le "or the lo$$e$. A$ "or the
#ro"it$+ the i(*$tri!l #!rter $h!ll recei)e $*ch $h!re !$ &!y 'e 2*$t
!( e3*it!'le *(er the circ*&$t!ce$. I" 'e$i(e$ hi$ $er)ice$ he
h!$ cotri'*te( c!#it!l+ he $h!ll !l$o recei)e ! $h!re i the #ro"it$ i
#ro#ortio to hi$ c!#it!l. .1615!0
Art. 1751. I" the #!rter$ h!)e !,ree( to itr*$t to ! thir( #er$o
the (e$i,!tio o" the $h!re o" e!ch oe i the #ro"it$ !( lo$$e$+
$*ch (e$i,!tio &!y 'e i&#*,e( oly %he it i$ &!i"e$tly
ie3*it!'le. I o c!$e &!y ! #!rter %ho h!$ 'e,* to e-ec*te the
(eci$io o" the thir( #er$o+ or %ho h!$ ot i&#*,e( the $!&e
%ithi ! #erio( o" three &oth$ "ro& the ti&e he h!( =o%le(,e
thereo"+ co&#l!i o" $*ch (eci$io.
The (e$i,!tio o" lo$$e$ !( #ro"it$ c!ot 'e itr*$te( to oe o"
the #!rter$. .165:0
Art. 1755. A $ti#*l!tio %hich e-cl*(e$ oe or &ore #!rter$ "ro&
!y $h!re i the #ro"it$ or lo$$e$ i$ )oi(. .16510
Art. 11::. The #!rter %ho h!$ 'ee !##oite( &!!,er i the
!rticle$ o" #!rter$hi# &!y e-ec*te !ll !ct$ o" !(&ii$tr!tio (e$#ite
the o##o$itio o" hi$ #!rter$+ *le$$ he $ho*l( !ct i '!( "!ith7 !(
hi$ #o%er i$ irre)oc!'le %itho*t 2*$t or l!%"*l c!*$e. The )ote o" the
#!rter$ re#re$eti, the cotrolli, itere$t $h!ll 'e ece$$!ry "or
$*ch re)oc!tio o" #o%er.
A #o%er ,r!te( !"ter the #!rter$hi# h!$ 'ee co$tit*te( &!y 'e
re)o=e( !t !y ti&e. .1654!0
Art. 11:1. I" t%o or &ore #!rter$ h!)e 'ee itr*$te( %ith the
&!!,e&et o" the #!rter$hi# %itho*t $#eci"ic!tio o" their
re$#ecti)e (*tie$+ or %itho*t ! $ti#*l!tio th!t oe o" the& $h!ll ot
!ct %itho*t the co$et o" !ll the other$+ e!ch oe &!y $e#!r!tely
e-ec*te !ll !ct$ o" !(&ii$tr!tio+ '*t i" !y o" the& $ho*l( o##o$e
the !ct$ o" the other$+ the (eci$io o" the &!2ority $h!ll #re)!il. I
c!$e o" ! tie+ the &!tter $h!ll 'e (eci(e( 'y the #!rter$ o%i, the
cotrolli, itere$t. .1658!0
Art. 11:4. I c!$e it $ho*l( h!)e 'ee $ti#*l!te( th!t oe o" the
&!!,i, #!rter$ $h!ll !ct %itho*t the co$et o" the other$+ the
coc*rrece o" !ll $h!ll 'e ece$$!ry "or the )!li(ity o" the !ct$+ !(
the !'$ece or (i$!'ility o" !y oe o" the& c!ot 'e !lle,e(+
*le$$ there i$ i&&iet (!,er o" ,r!)e or irre#!r!'le i2*ry to the
#!rter$hi#. .16590
Art. 11:8. ;he the &!er o" &!!,e&et h!$ ot 'ee !,ree(
*#o+ the "ollo%i, r*le$ $h!ll 'e o'$er)e(6
.10 All the #!rter$ $h!ll 'e co$i(ere( !,et$ !( %h!te)er
!y oe o" the& &!y (o !loe $h!ll 'i( the #!rter$hi#+
%itho*t #re2*(ice to the #ro)i$io$ o" Article 11:1.
.40 Noe o" the #!rter$ &!y+ %itho*t the co$et o" the
other$+ &!=e !y i&#ort!t !lter!tio i the i&&o)!'le
#ro#erty o" the #!rter$hi#+ e)e i" it &!y 'e *$e"*l to the
#!rter$hi#. B*t i" the re"*$!l o" co$et 'y the other #!rter$
i$ &!i"e$tly #re2*(ici!l to the itere$t o" the #!rter$hi#+ the
co*rtA$ iter)etio &!y 'e $o*,ht. .165/!0
Art. 11:9. E)ery #!rter &!y !$$oci!te !other #er$o %ith hi& i
hi$ $h!re+ '*t the !$$oci!te $h!ll ot 'e !(&itte( ito the
#!rter$hi# %itho*t the co$et o" !ll the other #!rter$+ e)e i" the
#!rter h!)i, ! !$$oci!te $ho*l( 'e ! &!!,er. .16560
Art. 11:/. The #!rter$hi# 'oo=$ $h!ll 'e =e#t+ $*'2ect to !y
!,ree&et 'et%ee the #!rter$+ !t the #rici#!l #l!ce o" '*$ie$$
o" the #!rter$hi#+ !( e)ery #!rter $h!ll !t !y re!$o!'le ho*r
h!)e !cce$$ to !( &!y i$#ect !( co#y !y o" the&.
Art. 11:6. P!rter$ $h!ll re(er o (e&!( tr*e !( "*ll i"or&!tio
o" !ll thi,$ !""ecti, the #!rter$hi# to !y #!rter or the le,!l
re#re$et!ti)e o" !y (ece!$e( #!rter or o" !y #!rter *(er le,!l
(i$!'ility.
Art. 11:7. E)ery #!rter &*$t !cco*t to the #!rter$hi# "or !y
'ee"it+ !( hol( !$ tr*$tee "or it !y #ro"it$ (eri)e( 'y hi& %itho*t
the co$et o" the other #!rter$ "ro& !y tr!$!ctio coecte(
%ith the "or&!tio+ co(*ct+ or li3*i(!tio o" the #!rter$hi# or "ro&
!y *$e 'y hi& o" it$ #ro#erty.
Art. 11:1. The c!#it!li$t #!rter$ c!ot e,!,e "or their o%
!cco*t i !y o#er!tio %hich i$ o" the =i( o" '*$ie$$ i %hich
the #!rter$hi# i$ e,!,e(+ *le$$ there i$ ! $ti#*l!tio to the
cotr!ry.
Ay c!#it!li$t #!rter )iol!ti, thi$ #rohi'itio $h!ll 'ri, to the
co&&o "*($ !y #ro"it$ !ccr*i, to hi& "ro& hi$ tr!$!ctio$+ !(
$h!ll #er$o!lly 'e!r !ll the lo$$e$.
Art. 11:5. Ay #!rter $h!ll h!)e the ri,ht to ! "or&!l !cco*t !$ to
#!rter$hi# !""!ir$6
.10 I" he i$ %ro,"*lly e-cl*(e( "ro& the #!rter$hi# '*$ie$$
or #o$$e$$io o" it$ #ro#erty 'y hi$ co-#!rter$7
.40 I" the ri,ht e-i$t$ *(er the ter&$ o" !y !,ree&et7
.80 A$ #ro)i(e( 'y !rticle 11:77
.90 ;hee)er other circ*&$t!ce$ re(er it 2*$t !(
re!$o!'le.
SECTION 4. - Pro#erty Ri,ht$ o" ! P!rter

Art. 111:. The #ro#erty ri,ht$ o" ! #!rter !re6
.10 Hi$ ri,ht$ i $#eci"ic #!rter$hi# #ro#erty7
.40 Hi$ itere$t i the #!rter$hi#7 !(
.80 Hi$ ri,ht to #!rtici#!te i the &!!,e&et.
Art. 1111. A #!rter i$ co-o%er %ith hi$ #!rter$ o" $#eci"ic
#!rter$hi# #ro#erty.
The ici(et$ o" thi$ co-o%er$hi# !re $*ch th!t6
.10 A #!rter+ $*'2ect to the #ro)i$io$ o" thi$ Title !( to !y
!,ree&et 'et%ee the #!rter$+ h!$ ! e3*!l ri,ht %ith hi$
#!rter$ to #o$$e$$ $#eci"ic #!rter$hi# #ro#erty "or
#!rter$hi# #*r#o$e$7 '*t he h!$ o ri,ht to #o$$e$$ $*ch
#ro#erty "or !y other #*r#o$e %itho*t the co$et o" hi$
#!rter$7
.40 A #!rterA$ ri,ht i $#eci"ic #!rter$hi# #ro#erty i$ ot
!$$i,!'le e-ce#t i coectio %ith the !$$i,&et o" ri,ht$
o" !ll the #!rter$ i the $!&e #ro#erty7
.80 A #!rterA$ ri,ht i $#eci"ic #!rter$hi# #ro#erty i$ ot
$*'2ect to !tt!ch&et or e-ec*tio+ e-ce#t o ! cl!i& !,!i$t
the #!rter$hi#. ;he #!rter$hi# #ro#erty i$ !tt!che( "or !
#!rter$hi# (e't the #!rter$+ or !y o" the&+ or the
re#re$et!ti)e$ o" ! (ece!$e( #!rter+ c!ot cl!i& !y ri,ht
*(er the ho&e$te!( or e-e&#tio l!%$7
.90 A #!rterA$ ri,ht i $#eci"ic #!rter$hi# #ro#erty i$ ot
$*'2ect to le,!l $*##ort *(er Article 451.
Art. 1114. A #!rterA$ itere$t i the #!rter$hi# i$ hi$ $h!re o" the
#ro"it$ !( $*r#l*$.
Art. 1118. A co)ey!ce 'y ! #!rter o" hi$ %hole itere$t i the
#!rter$hi# (oe$ ot o" it$el" (i$$ol)e the #!rter$hi#+ or+ !$ !,!i$t
the other #!rter$ i the !'$ece o" !,ree&et+ etitle the !$$i,ee+
(*ri, the coti*!ce o" the #!rter$hi#+ to iter"ere i the
&!!,e&et or !(&ii$tr!tio o" the #!rter$hi# '*$ie$$ or
!""!ir$+ or to re3*ire !y i"or&!tio or !cco*t o" #!rter$hi#
tr!$!ctio$+ or to i$#ect the #!rter$hi# 'oo=$7 '*t it &erely
etitle$ the !$$i,ee to recei)e i !ccor(!ce %ith hi$ cotr!ct the
#ro"it$ to %hich the !$$i,i, #!rter %o*l( other%i$e 'e etitle(.
Ho%e)er+ i c!$e o" "r!*( i the &!!,e&et o" the #!rter$hi#+ the
!$$i,ee &!y !)!il hi&$el" o" the *$*!l re&e(ie$.
I c!$e o" ! (i$$ol*tio o" the #!rter$hi#+ the !$$i,ee i$ etitle( to
recei)e hi$ !$$i,orA$ itere$t !( &!y re3*ire ! !cco*t "ro& the
(!te oly o" the l!$t !cco*t !,ree( to 'y !ll the #!rter$.
Art. 1119. ;itho*t #re2*(ice to the #re"erre( ri,ht$ o" #!rter$hi#
cre(itor$ *(er Article 1147+ o (*e !##lic!tio to ! co&#etet
co*rt 'y !y 2*(,&et cre(itor o" ! #!rter+ the co*rt %hich etere(
the 2*(,&et+ or !y other co*rt+ &!y ch!r,e the itere$t o" the
(e'tor #!rter %ith #!y&et o" the *$!ti$"ie( !&o*t o" $*ch
2*(,&et (e't %ith itere$t thereo7 !( &!y the or l!ter !##oit
! recei)er o" hi$ $h!re o" the #ro"it$+ !( o" !y other &oey (*e or
to "!ll (*e to hi& i re$#ect o" the #!rter$hi#+ !( &!=e !ll other
or(er$+ (irectio$+ !cco*t$ !( i3*irie$ %hich the (e'tor #!rter
&i,ht h!)e &!(e+ or %hich the circ*&$t!ce$ o" the c!$e &!y
re3*ire.
The itere$t ch!r,e( &!y 'e re(ee&e( !t !y ti&e 'e"ore
"oreclo$*re+ or i c!$e o" ! $!le 'ei, (irecte( 'y the co*rt+ &!y 'e
#*rch!$e( %itho*t there'y c!*$i, ! (i$$ol*tio6
.10 ;ith $e#!r!te #ro#erty+ 'y !y oe or &ore o" the #!rter$7
or
.40 ;ith #!rter$hi# #ro#erty+ 'y !y oe or &ore o" the
#!rter$ %ith the co$et o" !ll the #!rter$ %ho$e itere$t$
!re ot $o ch!r,e( or $ol(.
Nothi, i thi$ Title $h!ll 'e hel( to (e#ri)e ! #!rter o" hi$ ri,ht+ i"
!y+ *(er the e-e&#tio l!%$+ !$ re,!r($ hi$ itere$t i the
#!rter$hi#.

SECTION 8. - O'li,!tio$ o" the P!rter$
;ith Re,!r( to Thir( Per$o$

Art. 111/. E)ery #!rter$hi# $h!ll o#er!te *(er ! "ir& !&e+ %hich
&!y or &!y ot icl*(e the !&e o" oe or &ore o" the #!rter$.
Tho$e %ho+ ot 'ei, &e&'er$ o" the #!rter$hi#+ icl*(e their
!&e$ i the "ir& !&e+ $h!ll 'e $*'2ect to the li!'ility o" ! #!rter.
Art. 1116. All #!rter$+ icl*(i, i(*$tri!l oe$+ $h!ll 'e li!'le #ro
r!t! %ith !ll their #ro#erty !( !"ter !ll the #!rter$hi# !$$et$ h!)e
'ee e-h!*$te(+ "or the cotr!ct$ %hich &!y 'e etere( ito i the
!&e !( "or the !cco*t o" the #!rter$hi#+ *(er it$ $i,!t*re !(
'y ! #er$o !*thori@e( to !ct "or the #!rter$hi#. Ho%e)er+ !y
#!rter &!y eter ito ! $e#!r!te o'li,!tio to #er"or& !
#!rter$hi# cotr!ct.
Art. 1117. Ay $ti#*l!tio !,!i$t the li!'ility l!i( (o% i the
#rece(i, !rticle $h!ll 'e )oi(+ e-ce#t !$ !&o, the #!rter$.
Art. 1111. E)ery #!rter i$ ! !,et o" the #!rter$hi# "or the
#*r#o$e o" it$ '*$ie$$+ !( the !ct o" e)ery #!rter+ icl*(i, the
e-ec*tio i the #!rter$hi# !&e o" !y i$tr*&et+ "or !##!retly
c!rryi, o i the *$*!l %!y the '*$ie$$ o" the #!rter$hi# o"
%hich he i$ ! &e&'er 'i($ the #!rter$hi#+ *le$$ the #!rter $o
!cti, h!$ i "!ct o !*thority to !ct "or the #!rter$hi# i the
#!rtic*l!r &!tter+ !( the #er$o %ith %ho& he i$ (e!li, h!$
=o%le(,e o" the "!ct th!t he h!$ o $*ch !*thority.
A !ct o" ! #!rter %hich i$ ot !##!retly "or the c!rryi, o o"
'*$ie$$ o" the #!rter$hi# i the *$*!l %!y (oe$ ot 'i( the
#!rter$hi# *le$$ !*thori@e( 'y the other #!rter$.
E-ce#t %he !*thori@e( 'y the other #!rter$ or *le$$ they h!)e
!'!(oe( the '*$ie$$+ oe or &ore '*t le$$ th! !ll the #!rter$
h!)e o !*thority to6
.10 A$$i, the #!rter$hi# #ro#erty i tr*$t "or cre(itor$ or o
the !$$i,eeA$ #ro&i$e to #!y the (e't$ o" the #!rter$hi#7
.40 Bi$#o$e o" the ,oo(-%ill o" the '*$ie$$7
.80 Bo !y other !ct %hich %o*l( &!=e it i&#o$$i'le to c!rry
o the or(i!ry '*$ie$$ o" ! #!rter$hi#7
.90 Co"e$$ ! 2*(,&et7
./0 Eter ito ! co&#ro&i$e coceri, ! #!rter$hi# cl!i& or
li!'ility7
.60 S*'&it ! #!rter$hi# cl!i& or li!'ility to !r'itr!tio7
.70 Reo*ce ! cl!i& o" the #!rter$hi#.
No !ct o" ! #!rter i cotr!)etio o" ! re$trictio o !*thority
$h!ll 'i( the #!rter$hi# to #er$o$ h!)i, =o%le(,e o" the
re$trictio.
Art. 1115. ;here title to re!l #ro#erty i$ i the #!rter$hi# !&e+
!y #!rter &!y co)ey title to $*ch #ro#erty 'y ! co)ey!ce
e-ec*te( i the #!rter$hi# !&e7 '*t the #!rter$hi# &!y reco)er
$*ch #ro#erty *le$$ the #!rterA$ !ct 'i($ the #!rter$hi# *(er
the #ro)i$io$ o" the "ir$t #!r!,r!#h o" !rticle 1111+ or *le$$ $*ch
#ro#erty h!$ 'ee co)eye( 'y the ,r!tee or ! #er$o cl!i&i,
thro*,h $*ch ,r!tee to ! hol(er "or )!l*e %itho*t =o%le(,e th!t
the #!rter+ i &!=i, the co)ey!ce+ h!$ e-cee(e( hi$ !*thority.
;here title to re!l #ro#erty i$ i the !&e o" the #!rter$hi#+ !
co)ey!ce e-ec*te( 'y ! #!rter+ i hi$ o% !&e+ #!$$e$ the
e3*it!'le itere$t o" the #!rter$hi#+ #ro)i(e( the !ct i$ oe %ithi
the !*thority o" the #!rter *(er the #ro)i$io$ o" the "ir$t
#!r!,r!#h o" Article 1111.
;here title to re!l #ro#erty i$ i the !&e o" oe or &ore '*t ot !ll
the #!rter$+ !( the recor( (oe$ ot (i$clo$e the ri,ht o" the
#!rter$hi#+ the #!rter$ i %ho$e !&e the title $t!($ &!y co)ey
title to $*ch #ro#erty+ '*t the #!rter$hi# &!y reco)er $*ch #ro#erty
i" the #!rter$A !ct (oe$ ot 'i( the #!rter$hi# *(er the
#ro)i$io$ o" the "ir$t #!r!,r!#h o" Article 1111+ *le$$ the
#*rch!$er or hi$ !$$i,ee+ i$ ! hol(er "or )!l*e+ %itho*t =o%le(,e.
;here the title to re!l #ro#erty i$ i the !&e o" oe or &ore or !ll
the #!rter$+ or i ! thir( #er$o i tr*$t "or the #!rter$hi#+ !
co)ey!ce e-ec*te( 'y ! #!rter i the #!rter$hi# !&e+ or i hi$
o% !&e+ #!$$e$ the e3*it!'le itere$t o" the #!rter$hi#+ #ro)i(e(
the !ct i$ oe %ithi the !*thority o" the #!rter *(er the
#ro)i$io$ o" the "ir$t #!r!,r!#h o" Article 1111.
;here the title to re!l #ro#erty i$ i the !&e o" !ll the #!rter$ !
co)ey!ce e-ec*te( 'y !ll the #!rter$ #!$$e$ !ll their ri,ht$ i
$*ch #ro#erty.
Art. 114:. A !(&i$$io or re#re$et!tio &!(e 'y !y #!rter
coceri, #!rter$hi# !""!ir$ %ithi the $co#e o" hi$ !*thority i
!ccor(!ce %ith thi$ Title i$ e)i(ece !,!i$t the #!rter$hi#.
Art. 1141. Notice to !y #!rter o" !y &!tter rel!ti, to
#!rter$hi# !""!ir$+ !( the =o%le(,e o" the #!rter !cti, i the
#!rtic*l!r &!tter+ !c3*ire( %hile ! #!rter or the #re$et to hi$
&i(+ !( the =o%le(,e o" !y other #!rter %ho re!$o!'ly co*l(
!( $ho*l( h!)e co&&*ic!te( it to the !cti, #!rter+ o#er!te !$
otice to or =o%le(,e o" the #!rter$hi#+ e-ce#t i the c!$e o"
"r!*( o the #!rter$hi#+ co&&itte( 'y or %ith the co$et o" th!t
#!rter.
Art. 1144. ;here+ 'y !y %ro,"*l !ct or o&i$$io o" !y #!rter
!cti, i the or(i!ry co*r$e o" the '*$ie$$ o" the #!rter$hi# or
%ith the !*thority o" co-#!rter$+ lo$$ or i2*ry i$ c!*$e( to !y
#er$o+ ot 'ei, ! #!rter i the #!rter$hi#+ or !y #e!lty i$
ic*rre(+ the #!rter$hi# i$ li!'le there"or to the $!&e e-tet !$ the
#!rter $o !cti, or o&itti, to !ct.
Art. 1148. The #!rter$hi# i$ 'o*( to &!=e ,oo( the lo$$6
.10 ;here oe #!rter !cti, %ithi the $co#e o" hi$ !##!ret
!*thority recei)e$ &oey or #ro#erty o" ! thir( #er$o !(
&i$!##lie$ it7 !(
.40 ;here the #!rter$hi# i the co*r$e o" it$ '*$ie$$ recei)e$
&oey or #ro#erty o" ! thir( #er$o !( the &oey or #ro#erty
$o recei)e( i$ &i$!##lie( 'y !y #!rter %hile it i$ i the
c*$to(y o" the #!rter$hi#.
Art. 1149. All #!rter$ !re li!'le $oli(!rily %ith the #!rter$hi# "or
e)erythi, ch!r,e!'le to the #!rter$hi# *(er Article$ 1144 !(
1148.
Art. 114/. ;he ! #er$o+ 'y %or($ $#o=e or %ritte or 'y co(*ct+
re#re$et$ hi&$el"+ or co$et$ to !other re#re$eti, hi& to
!yoe+ !$ ! #!rter i ! e-i$ti, #!rter$hi# or %ith oe or &ore
#er$o$ ot !ct*!l #!rter$+ he i$ li!'le to !y $*ch #er$o$ to
%ho& $*ch re#re$et!tio h!$ 'ee &!(e+ %ho h!$+ o the "!ith o"
$*ch re#re$et!tio+ ,i)e cre(it to the !ct*!l or !##!ret
#!rter$hi#+ !( i" he h!$ &!(e $*ch re#re$et!tio or co$ete( to
it$ 'ei, &!(e i ! #*'lic &!er he i$ li!'le to $*ch #er$o+
%hether the re#re$et!tio h!$ or h!$ ot 'ee &!(e or
co&&*ic!te( to $*ch #er$o $o ,i)i, cre(it 'y or %ith the
=o%le(,e o" the !##!ret #!rter &!=i, the re#re$et!tio or
co$eti, to it$ 'ei, &!(e6
.10 ;he ! #!rter$hi# li!'ility re$*lt$+ he i$ li!'le !$ tho*,h
he %ere ! !ct*!l &e&'er o" the #!rter$hi#7
.40 ;he o #!rter$hi# li!'ility re$*lt$+ he i$ li!'le #ro r!t!
%ith the other #er$o$+ i" !y+ $o co$eti, to the cotr!ct or
re#re$et!tio !$ to ic*r li!'ility+ other%i$e $e#!r!tely.
;he ! #er$o h!$ 'ee th*$ re#re$ete( to 'e ! #!rter i !
e-i$ti, #!rter$hi#+ or %ith oe or &ore #er$o$ ot !ct*!l
#!rter$+ he i$ ! !,et o" the #er$o$ co$eti, to $*ch
re#re$et!tio to 'i( the& to the $!&e e-tet !( i the $!&e
&!er !$ tho*,h he %ere ! #!rter i "!ct+ %ith re$#ect to #er$o$
%ho rely *#o the re#re$et!tio. ;he !ll the &e&'er$ o" the
e-i$ti, #!rter$hi# co$et to the re#re$et!tio+ ! #!rter$hi# !ct
or o'li,!tio re$*lt$7 '*t i !ll other c!$e$ it i$ the 2oit !ct or
o'li,!tio o" the #er$o !cti, !( the #er$o$ co$eti, to the
re#re$et!tio.
Art. 1146. A #er$o !(&itte( !$ ! #!rter ito ! e-i$ti,
#!rter$hi# i$ li!'le "or !ll the o'li,!tio$ o" the #!rter$hi# !ri$i,
'e"ore hi$ !(&i$$io !$ tho*,h he h!( 'ee ! #!rter %he $*ch
o'li,!tio$ %ere ic*rre(+ e-ce#t th!t thi$ li!'ility $h!ll 'e $!ti$"ie(
oly o*t o" #!rter$hi# #ro#erty+ *le$$ there i$ ! $ti#*l!tio to the
cotr!ry.
Art. 1147. The cre(itor$ o" the #!rter$hi# $h!ll 'e #re"erre( to
tho$e o" e!ch #!rter !$ re,!r($ the #!rter$hi# #ro#erty. ;itho*t
#re2*(ice to thi$ ri,ht+ the #ri)!te cre(itor$ o" e!ch #!rter &!y !$=
the !tt!ch&et !( #*'lic $!le o" the $h!re o" the l!tter i the
#!rter$hi# !$$et$.

CHAPTER 8
BISSOL?TION ANB ;INBING ?P

Art. 1141. The (i$$ol*tio o" ! #!rter$hi# i$ the ch!,e i the
rel!tio o" the #!rter$ c!*$e( 'y !y #!rter ce!$i, to 'e
!$$oci!te( i the c!rryi, o !$ (i$ti,*i$he( "ro& the %i(i, *# o"
the '*$ie$$.
Art. 1145. O (i$$ol*tio the #!rter$hi# i$ ot ter&i!te(+ '*t
coti*e$ *til the %i(i, *# o" #!rter$hi# !""!ir$ i$ co&#lete(.
Art. 118:. Bi$$ol*tio i$ c!*$e(6

.10 ;itho*t )iol!tio o" the !,ree&et 'et%ee the #!rter$6
.!0 By the ter&i!tio o" the (e"iite ter& or #!rtic*l!r
*(ert!=i, $#eci"ie( i the !,ree&et7
.'0 By the e-#re$$ %ill o" !y #!rter+ %ho &*$t !ct i
,oo( "!ith+ %he o (e"iite ter& or #!rtic*l!r i$
$#eci"ie(7
.c0 By the e-#re$$ %ill o" !ll the #!rter$ %ho h!)e ot
!$$i,e( their itere$t$ or $*""ere( the& to 'e ch!r,e(
"or their $e#!r!te (e't$+ either 'e"ore or !"ter the
ter&i!tio o" !y $#eci"ie( ter& or #!rtic*l!r
*(ert!=i,7
.(0 By the e-#*l$io o" !y #!rter "ro& the '*$ie$$
'o! "i(e i !ccor(!ce %ith $*ch ! #o%er co"erre( 'y
the !,ree&et 'et%ee the #!rter$7
.40 I cotr!)etio o" the !,ree&et 'et%ee the #!rter$+
%here the circ*&$t!ce$ (o ot #er&it ! (i$$ol*tio *(er !y
other #ro)i$io o" thi$ !rticle+ 'y the e-#re$$ %ill o" !y
#!rter !t !y ti&e7
.80 By !y e)et %hich &!=e$ it *l!%"*l "or the '*$ie$$ o"
the #!rter$hi# to 'e c!rrie( o or "or the &e&'er$ to c!rry it
o i #!rter$hi#7
.90 ;he ! $#eci"ic thi, %hich ! #!rter h!( #ro&i$e( to
cotri'*te to the #!rter$hi#+ #eri$he$ 'e"ore the (eli)ery7 i
!y c!$e 'y the lo$$ o" the thi,+ %he the #!rter %ho
cotri'*te( it h!)i, re$er)e( the o%er$hi# thereo"+ h!$ oly
tr!$"erre( to the #!rter$hi# the *$e or e2oy&et o" the
$!&e7 '*t the #!rter$hi# $h!ll ot 'e (i$$ol)e( 'y the lo$$ o"
the thi, %he it occ*r$ !"ter the #!rter$hi# h!$ !c3*ire( the
o%er$hi# thereo"7
./0 By the (e!th o" !y #!rter7
.60 By the i$ol)ecy o" !y #!rter or o" the #!rter$hi#7
.70 By the ci)il iter(ictio o" !y #!rter7
.10 By (ecree o" co*rt *(er the "ollo%i, !rticle. .17::! !(
17:1!0
Art. 1181. O !##lic!tio 'y or "or ! #!rter the co*rt $h!ll (ecree !
(i$$ol*tio %hee)er6
.10 A #!rter h!$ 'ee (ecl!re( i$!e i !y 2*(ici!l
#rocee(i, or i$ $ho% to 'e o" *$o*( &i(7
.40 A #!rter 'eco&e$ i !y other %!y ic!#!'le o"
#er"or&i, hi$ #!rt o" the #!rter$hi# cotr!ct7
.80 A #!rter h!$ 'ee ,*ilty o" $*ch co(*ct !$ te($ to !""ect
#re2*(ici!lly the c!rryi, o o" the '*$ie$$7
.90 A #!rter %il"*lly or #er$i$tetly co&&it$ ! 're!ch o" the
#!rter$hi# !,ree&et+ or other%i$e $o co(*ct$ hi&$el" i
&!tter$ rel!ti, to the #!rter$hi# '*$ie$$ th!t it i$ ot
re!$o!'ly #r!ctic!'le to c!rry o the '*$ie$$ i #!rter$hi#
%ith hi&7
./0 The '*$ie$$ o" the #!rter$hi# c! oly 'e c!rrie( o !t !
lo$$7
.60 Other circ*&$t!ce$ re(er ! (i$$ol*tio e3*it!'le.
O the !##lic!tio o" the #*rch!$er o" ! #!rterA$ itere$t *(er
Article 1118 or 11196
.10 A"ter the ter&i!tio o" the $#eci"ie( ter& or #!rtic*l!r
*(ert!=i,7
.40 At !y ti&e i" the #!rter$hi# %!$ ! #!rter$hi# !t %ill
%he the itere$t %!$ !$$i,e( or %he the ch!r,i, or(er
%!$ i$$*e(.
Art. 1184. E-ce#t $o "!r !$ &!y 'e ece$$!ry to %i( *# #!rter$hi#
!""!ir$ or to co&#lete tr!$!ctio$ 'e,* '*t ot the "ii$he(+
(i$$ol*tio ter&i!te$ !ll !*thority o" !y #!rter to !ct "or the
#!rter$hi#6
.10 ;ith re$#ect to the #!rter$6
.!0 ;he the (i$$ol*tio i$ ot 'y the !ct+ i$ol)ecy or
(e!th o" ! #!rter7 or
.'0 ;he the (i$$ol*tio i$ 'y $*ch !ct+ i$ol)ecy or
(e!th o" ! #!rter+ i c!$e$ %here !rticle 1188 $o
re3*ire$7
.40 ;ith re$#ect to #er$o$ ot #!rter$+ !$ (ecl!re( i !rticle
1189.
Art. 1188. ;here the (i$$ol*tio i$ c!*$e( 'y the !ct+ (e!th or
i$ol)ecy o" ! #!rter+ e!ch #!rter i$ li!'le to hi$ co-#!rter$ "or
hi$ $h!re o" !y li!'ility cre!te( 'y !y #!rter !cti, "or the
#!rter$hi# !$ i" the #!rter$hi# h!( ot 'ee (i$$ol)e( *le$$6
.10 The (i$$ol*tio 'ei, 'y !ct o" !y #!rter+ the #!rter
!cti, "or the #!rter$hi# h!( =o%le(,e o" the (i$$ol*tio7 or
.40 The (i$$ol*tio 'ei, 'y the (e!th or i$ol)ecy o" !
#!rter+ the #!rter !cti, "or the #!rter$hi# h!( =o%le(,e
or otice o" the (e!th or i$ol)ecy.
Art. 1189. A"ter (i$$ol*tio+ ! #!rter c! 'i( the #!rter$hi#+
e-ce#t !$ #ro)i(e( i the thir( #!r!,r!#h o" thi$ !rticle6
.10 By !y !ct !##ro#ri!te "or %i(i, *# #!rter$hi# !""!ir$ or
co&#leti, tr!$!ctio$ *"ii$he( !t (i$$ol*tio7
.40 By !y tr!$!ctio %hich %o*l( 'i( the #!rter$hi# i"
(i$$ol*tio h!( ot t!=e #l!ce+ #ro)i(e( the other #!rty to the
tr!$!ctio6
.!0 H!( e-te(e( cre(it to the #!rter$hi# #rior to
(i$$ol*tio !( h!( o =o%le(,e or otice o" the
(i$$ol*tio7 or
.'0 Tho*,h he h!( ot $o e-te(e( cre(it+ h!(
e)erthele$$ =o% o" the #!rter$hi# #rior to
(i$$ol*tio+ !(+ h!)i, o =o%le(,e or otice o"
(i$$ol*tio+ the "!ct o" (i$$ol*tio h!( ot 'ee
!()erti$e( i ! e%$#!#er o" ,eer!l circ*l!tio i the
#l!ce .or i e!ch #l!ce i" &ore th! oe0 !t %hich the
#!rter$hi# '*$ie$$ %!$ re,*l!rly c!rrie( o.
The li!'ility o" ! #!rter *(er the "ir$t #!r!,r!#h+ No. 4+ $h!ll 'e
$!ti$"ie( o*t o" #!rter$hi# !$$et$ !loe %he $*ch #!rter h!(
'ee #rior to (i$$ol*tio6
.10 ?=o% !$ ! #!rter to the #er$o %ith %ho& the
cotr!ct i$ &!(e7 !(
.40 So "!r *=o% !( i!cti)e i #!rter$hi# !""!ir$ th!t the
'*$ie$$ re#*t!tio o" the #!rter$hi# co*l( ot 'e $!i( to
h!)e 'ee i !y (e,ree (*e to hi$ coectio %ith it.
The #!rter$hi# i$ i o c!$e 'o*( 'y !y !ct o" ! #!rter !"ter
(i$$ol*tio6
.10 ;here the #!rter$hi# i$ (i$$ol)e( 'ec!*$e it i$ *l!%"*l to
c!rry o the '*$ie$$+ *le$$ the !ct i$ !##ro#ri!te "or %i(i,
*# #!rter$hi# !""!ir$7 or
.40 ;here the #!rter h!$ 'eco&e i$ol)et7 or
.80 ;here the #!rter h!$ o !*thority to %i( *# #!rter$hi#
!""!ir$7 e-ce#t 'y ! tr!$!ctio %ith oe %ho6
.!0 H!( e-te(e( cre(it to the #!rter$hi# #rior to
(i$$ol*tio !( h!( o =o%le(,e or otice o" hi$ %!t o"
!*thority7 or
.'0 H!( ot e-te(e( cre(it to the #!rter$hi# #rior to
(i$$ol*tio+ !(+ h!)i, o =o%le(,e or otice o" hi$
%!t o" !*thority+ the "!ct o" hi$ %!t o" !*thority h!$ ot
'ee !()erti$e( i the &!er #ro)i(e( "or !()erti$i,
the "!ct o" (i$$ol*tio i the "ir$t #!r!,r!#h+ No. 4 .'0.
Nothi, i thi$ !rticle $h!ll !""ect the li!'ility *(er Article 114/ o"
!y #er$o %ho+ !"ter (i$$ol*tio+ re#re$et$ hi&$el" or co$et$ to
!other re#re$eti, hi& !$ ! #!rter i ! #!rter$hi# e,!,e( i
c!rryi, '*$ie$$.
Art. 118/. The (i$$ol*tio o" the #!rter$hi# (oe$ ot o" it$el"
(i$ch!r,e the e-i$ti, li!'ility o" !y #!rter.
A #!rter i$ (i$ch!r,e( "ro& !y e-i$ti, li!'ility *#o (i$$ol*tio o"
the #!rter$hi# 'y ! !,ree&et to th!t e""ect 'et%ee hi&$el"+ the
#!rter$hi# cre(itor !( the #er$o or #!rter$hi# coti*i, the
'*$ie$$7 !( $*ch !,ree&et &!y 'e i"erre( "ro& the co*r$e o"
(e!li, 'et%ee the cre(itor h!)i, =o%le(,e o" the (i$$ol*tio
!( the #er$o or #!rter$hi# coti*i, the '*$ie$$.
The i(i)i(*!l #ro#erty o" ! (ece!$e( #!rter $h!ll 'e li!'le "or !ll
o'li,!tio$ o" the #!rter$hi# ic*rre( %hile he %!$ ! #!rter+ '*t
$*'2ect to the #rior #!y&et o" hi$ $e#!r!te (e't$.
Art. 1186. ?le$$ other%i$e !,ree(+ the #!rter$ %ho h!)e ot
%ro,"*lly (i$$ol)e( the #!rter$hi# or the le,!l re#re$et!ti)e o"
the l!$t $*r)i)i, #!rter+ ot i$ol)et+ h!$ the ri,ht to %i( *# the
#!rter$hi# !""!ir$+ #ro)i(e(+ ho%e)er+ th!t !y #!rter+ hi$ le,!l
re#re$et!ti)e or hi$ !$$i,ee+ *#o c!*$e $ho%+ &!y o't!i
%i(i, *# 'y the co*rt.
Art. 1187. ;he (i$$ol*tio i$ c!*$e( i !y %!y+ e-ce#t i
cotr!)etio o" the #!rter$hi# !,ree&et+ e!ch #!rter+ !$
!,!i$t hi$ co-#!rter$ !( !ll #er$o$ cl!i&i, thro*,h the& i
re$#ect o" their itere$t$ i the #!rter$hi#+ *le$$ other%i$e
!,ree(+ &!y h!)e the #!rter$hi# #ro#erty !##lie( to (i$ch!r,e it$
li!'ilitie$+ !( the $*r#l*$ !##lie( to #!y i c!$h the et !&o*t
o%i, to the re$#ecti)e #!rter$. B*t i" (i$$ol*tio i$ c!*$e( 'y
e-#*l$io o" ! #!rter+ 'o! "i(e *(er the #!rter$hi# !,ree&et
!( i" the e-#elle( #!rter i$ (i$ch!r,e( "ro& !ll #!rter$hi#
li!'ilitie$+ either 'y #!y&et or !,ree&et *(er the $eco(
#!r!,r!#h o" Article 118/+ he $h!ll recei)e i c!$h oly the et
!&o*t (*e hi& "ro& the #!rter$hi#.
;he (i$$ol*tio i$ c!*$e( i cotr!)etio o" the #!rter$hi#
!,ree&et the ri,ht$ o" the #!rter$ $h!ll 'e !$ "ollo%$6
.10 E!ch #!rter %ho h!$ ot c!*$e( (i$$ol*tio %ro,"*lly
$h!ll h!)e6

.!0 All the ri,ht$ $#eci"ie( i the "ir$t #!r!,r!#h o" thi$
!rticle+ !(
.'0 The ri,ht+ !$ !,!i$t e!ch #!rter %ho h!$ c!*$e( the
(i$$ol*tio %ro,"*lly+ to (!&!,e$ 're!ch o" the
!,ree&et.
.40 The #!rter$ %ho h!)e ot c!*$e( the (i$$ol*tio
%ro,"*lly+ i" they !ll (e$ire to coti*e the '*$ie$$ i the
$!&e !&e either 'y the&$el)e$ or 2oitly %ith other$+ &!y (o
$o+ (*ri, the !,ree( ter& "or the #!rter$hi# !( "or th!t
#*r#o$e &!y #o$$e$$ the #!rter$hi# #ro#erty+ #ro)i(e( they
$ec*re the #!y&et 'y 'o( !##ro)e( 'y the co*rt+ or #!y !y
#!rter %ho h!$ c!*$e( the (i$$ol*tio %ro,"*lly+ the )!l*e o"
hi$ itere$t i the #!rter$hi# !t the (i$$ol*tio+ le$$ !y
(!&!,e$ reco)er!'le *(er the $eco( #!r!,r!#h+ No. 1 .'0 o"
thi$ !rticle+ !( i li=e &!er i(e&i"y hi& !,!i$t !ll
#re$et or "*t*re #!rter$hi# li!'ilitie$.
.80 A #!rter %ho h!$ c!*$e( the (i$$ol*tio %ro,"*lly $h!ll
h!)e6

.!0 I" the '*$ie$$ i$ ot coti*e( *(er the #ro)i$io$
o" the $eco( #!r!,r!#h+ No. 4+ !ll the ri,ht$ o" ! #!rter
*(er the "ir$t #!r!,r!#h+ $*'2ect to li!'ility "or (!&!,e$
i the $eco( #!r!,r!#h+ No. 1 .'0+ o" thi$ !rticle.
.'0 I" the '*$ie$$ i$ coti*e( *(er the $eco(
#!r!,r!#h+ No. 4+ o" thi$ !rticle+ the ri,ht !$ !,!i$t hi$
co-#!rter$ !( !ll cl!i&i, thro*,h the& i re$#ect o"
their itere$t$ i the #!rter$hi#+ to h!)e the )!l*e o" hi$
itere$t i the #!rter$hi#+ le$$ !y (!&!,e c!*$e( to hi$
co-#!rter$ 'y the (i$$ol*tio+ !$cert!ie( !( #!i( to
hi& i c!$h+ or the #!y&et $ec*re( 'y ! 'o( !##ro)e(
'y the co*rt+ !( to 'e rele!$e( "ro& !ll e-i$ti, li!'ilitie$
o" the #!rter$hi#7 '*t i !$cert!ii, the )!l*e o" the
#!rterA$ itere$t the )!l*e o" the ,oo(-%ill o" the
'*$ie$$ $h!ll ot 'e co$i(ere(.
Art. 1181. ;here ! #!rter$hi# cotr!ct i$ re$ci(e( o the ,ro*(
o" the "r!*( or &i$re#re$et!tio o" oe o" the #!rtie$ thereto+ the
#!rty etitle( to re$ci( i$+ %itho*t #re2*(ice to !y other ri,ht+
etitle(6
.10 To ! lie o+ or ri,ht o" retetio o"+ the $*r#l*$ o" the
#!rter$hi# #ro#erty !"ter $!ti$"yi, the #!rter$hi# li!'ilitie$
to thir( #er$o$ "or !y $*& o" &oey #!i( 'y hi& "or the
#*rch!$e o" ! itere$t i the #!rter$hi# !( "or !y c!#it!l or
!()!ce$ cotri'*te( 'y hi&7
.40 To $t!(+ !"ter !ll li!'ilitie$ to thir( #er$o$ h!)e 'ee
$!ti$"ie(+ i the #l!ce o" the cre(itor$ o" the #!rter$hi# "or !y
#!y&et$ &!(e 'y hi& i re$#ect o" the #!rter$hi# li!'ilitie$7
!(
.80 To 'e i(e&i"ie( 'y the #er$o ,*ilty o" the "r!*( or
&!=i, the re#re$et!tio !,!i$t !ll (e't$ !( li!'ilitie$ o"
the #!rter$hi#.
Art. 1185. I $ettli, !cco*t$ 'et%ee the #!rter$ !"ter
(i$$ol*tio+ the "ollo%i, r*le$ $h!ll 'e o'$er)e(+ $*'2ect to !y
!,ree&et to the cotr!ry6
.10 The !$$et$ o" the #!rter$hi# !re6

.!0 The #!rter$hi# #ro#erty+
.'0 The cotri'*tio$ o" the #!rter$ ece$$!ry "or the
#!y&et o" !ll the li!'ilitie$ $#eci"ie( i No. 4.
.40 The li!'ilitie$ o" the #!rter$hi# $h!ll r!= i or(er o"
#!y&et+ !$ "ollo%$6

.!0 Tho$e o%i, to cre(itor$ other th! #!rter$+
.'0 Tho$e o%i, to #!rter$ other th! "or c!#it!l !(
#ro"it$+
.c0 Tho$e o%i, to #!rter$ i re$#ect o" c!#it!l+
.(0 Tho$e o%i, to #!rter$ i re$#ect o" #ro"it$.
.80 The !$$et$ $h!ll 'e !##lie( i the or(er o" their (ecl!r!tio
i No. 1 o" thi$ !rticle to the $!ti$"!ctio o" the li!'ilitie$.
.90 The #!rter$ $h!ll cotri'*te+ !$ #ro)i(e( 'y !rticle 1757+
the !&o*t ece$$!ry to $!ti$"y the li!'ilitie$.
./0 A !$$i,ee "or the 'ee"it o" cre(itor$ or !y #er$o
!##oite( 'y the co*rt $h!ll h!)e the ri,ht to e"orce the
cotri'*tio$ $#eci"ie( i the #rece(i, *&'er.
.60 Ay #!rter or hi$ le,!l re#re$et!ti)e $h!ll h!)e the ri,ht
to e"orce the cotri'*tio$ $#eci"ie( i No. 9+ to the e-tet o"
the !&o*t %hich he h!$ #!i( i e-ce$$ o" hi$ $h!re o" the
li!'ility.
.70 The i(i)i(*!l #ro#erty o" ! (ece!$e( #!rter $h!ll 'e li!'le
"or the cotri'*tio$ $#eci"ie( i No. 9.
.10 ;he #!rter$hi# #ro#erty !( the i(i)i(*!l #ro#ertie$ o"
the #!rter$ !re i #o$$e$$io o" ! co*rt "or (i$tri'*tio+
#!rter$hi# cre(itor$ $h!ll h!)e #riority o #!rter$hi#
#ro#erty !( $e#!r!te cre(itor$ o i(i)i(*!l #ro#erty+ $!)i,
the ri,ht$ o" lie or $ec*re( cre(itor$.
.50 ;here ! #!rter h!$ 'eco&e i$ol)et or hi$ e$t!te i$
i$ol)et+ the cl!i&$ !,!i$t hi$ $e#!r!te #ro#erty $h!ll r!= i
the "ollo%i, or(er6

.!0 Tho$e o%i, to $e#!r!te cre(itor$7
.'0 Tho$e o%i, to #!rter$hi# cre(itor$7
.c0 Tho$e o%i, to #!rter$ 'y %!y o" cotri'*tio.
Art. 119:. I the "ollo%i, c!$e$ cre(itor$ o" the (i$$ol)e(
#!rter$hi# !re !l$o cre(itor$ o" the #er$o or #!rter$hi#
coti*i, the '*$ie$$6
.10 ;he !y e% #!rter i$ !(&itte( ito ! e-i$ti,
#!rter$hi#+ or %he !y #!rter retire$ !( !$$i,$ .or the
re#re$et!ti)e o" the (ece!$e( #!rter !$$i,$0 hi$ ri,ht$ i
#!rter$hi# #ro#erty to t%o or &ore o" the #!rter$+ or to oe
or &ore o" the #!rter$ !( oe or &ore thir( #er$o$+ i" the
'*$ie$$ i$ coti*e( %itho*t li3*i(!tio o" the #!rter$hi#
!""!ir$7
.40 ;he !ll '*t oe #!rter retire !( !$$i, .or the
re#re$et!ti)e o" ! (ece!$e( #!rter !$$i,$0 their ri,ht$ i
#!rter$hi# #ro#erty to the re&!ii, #!rter+ %ho coti*e$
the '*$ie$$ %itho*t li3*i(!tio o" #!rter$hi# !""!ir$+ either
!loe or %ith other$7
.80 ;he !y #!rter retire$ or (ie$ !( the '*$ie$$ o" the
(i$$ol)e( #!rter$hi# i$ coti*e( !$ $et "orth i No$. 1 !( 4
o" thi$ !rticle+ %ith the co$et o" the retire( #!rter$ or the
re#re$et!ti)e o" the (ece!$e( #!rter+ '*t %itho*t !y
!$$i,&et o" hi$ ri,ht i #!rter$hi# #ro#erty7
.90 ;he !ll the #!rter$ or their re#re$et!ti)e$ !$$i, their
ri,ht$ i #!rter$hi# #ro#erty to oe or &ore thir( #er$o$ %ho
#ro&i$e to #!y the (e't$ !( %ho coti*e the '*$ie$$ o" the
(i$$ol)e( #!rter$hi#7
./0 ;he !y #!rter %ro,"*lly c!*$e$ ! (i$$ol*tio !( the
re&!ii, #!rter$ coti*e the '*$ie$$ *(er the #ro)i$io$
o" !rticle 1187+ $eco( #!r!,r!#h+ No. 4+ either !loe or %ith
other$+ !( %itho*t li3*i(!tio o" the #!rter$hi# !""!ir$7
.60 ;he ! #!rter i$ e-#elle( !( the re&!ii, #!rter$
coti*e the '*$ie$$ either !loe or %ith other$ %itho*t
li3*i(!tio o" the #!rter$hi# !""!ir$.
The li!'ility o" ! thir( #er$o 'eco&i, ! #!rter i the #!rter$hi#
coti*i, the '*$ie$$+ *(er thi$ !rticle+ to the cre(itor$ o" the
(i$$ol)e( #!rter$hi# $h!ll 'e $!ti$"ie( o*t o" the #!rter$hi#
#ro#erty oly+ *le$$ there i$ ! $ti#*l!tio to the cotr!ry.
;he the '*$ie$$ o" ! #!rter$hi# !"ter (i$$ol*tio i$ coti*e(
*(er !y co(itio$ $et "orth i thi$ !rticle the cre(itor$ o" the
(i$$ol)e( #!rter$hi#+ !$ !,!i$t the $e#!r!te cre(itor$ o" the
retiri, or (ece!$e( #!rter or the re#re$et!ti)e o" the (ece!$e(
#!rter+ h!)e ! #rior ri,ht to !y cl!i& o" the retire( #!rter or the
re#re$et!ti)e o" the (ece!$e( #!rter !,!i$t the #er$o or
#!rter$hi# coti*i, the '*$ie$$+ o !cco*t o" the retire( or
(ece!$e( #!rterA$ itere$t i the (i$$ol)e( #!rter$hi# or o
!cco*t o" !y co$i(er!tio #ro&i$e( "or $*ch itere$t or "or hi$
ri,ht i #!rter$hi# #ro#erty.
Nothi, i thi$ !rticle $h!ll 'e hel( to &o(i"y !y ri,ht o" cre(itor$
to $et !$i(e !y !$$i,&et o the ,ro*( o" "r!*(.
The *$e 'y the #er$o or #!rter$hi# coti*i, the '*$ie$$ o" the
#!rter$hi# !&e+ or the !&e o" ! (ece!$e( #!rter !$ #!rt
thereo"+ $h!ll ot o" it$el" &!=e the i(i)i(*!l #ro#erty o" the
(ece!$e( #!rter li!'le "or !y (e't$ cotr!cte( 'y $*ch #er$o or
#!rter$hi#.
Art. 1191. ;he !y #!rter retire$ or (ie$+ !( the '*$ie$$ i$
coti*e( *(er !y o" the co(itio$ $et "orth i the #rece(i,
!rticle+ or i Article 1187+ $eco( #!r!,r!#h+ No. 4+ %itho*t !y
$ettle&et o" !cco*t$ !$ 'et%ee hi& or hi$ e$t!te !( the #er$o
or #!rter$hi# coti*i, the '*$ie$$+ *le$$ other%i$e !,ree(+ he
or hi$ le,!l re#re$et!ti)e !$ !,!i$t $*ch #er$o or #!rter$hi#
&!y h!)e the )!l*e o" hi$ itere$t !t the (!te o" (i$$ol*tio
!$cert!ie(+ !( $h!ll recei)e !$ ! or(i!ry cre(itor ! !&o*t
e3*!l to the )!l*e o" hi$ itere$t i the (i$$ol)e( #!rter$hi# %ith
itere$t+ or+ !t hi$ o#tio or !t the o#tio o" hi$ le,!l re#re$et!ti)e+
i lie* o" itere$t+ the #ro"it$ !ttri'*t!'le to the *$e o" hi$ ri,ht i
the #ro#erty o" the (i$$ol)e( #!rter$hi#7 #ro)i(e( th!t the cre(itor$
o" the (i$$ol)e( #!rter$hi# !$ !,!i$t the $e#!r!te cre(itor$+ or the
re#re$et!ti)e o" the retire( or (ece!$e( #!rter+ $h!ll h!)e #riority
o !y cl!i& !ri$i, *(er thi$ !rticle+ !$ #ro)i(e( Article 119:+
thir( #!r!,r!#h.
Art. 1194. The ri,ht to ! !cco*t o" hi$ itere$t $h!ll !ccr*e to !y
#!rter+ or hi$ le,!l re#re$et!ti)e !$ !,!i$t the %i(i, *#
#!rter$ or the $*r)i)i, #!rter$ or the #er$o or #!rter$hi#
coti*i, the '*$ie$$+ !t the (!te o" (i$$ol*tio+ i the !'$ece o"
!y !,ree&et to the cotr!ry.

CHAPTER 9
LI>ITEB PARTNERSHIP

Art. 1198. A li&ite( #!rter$hi# i$ oe "or&e( 'y t%o or &ore
#er$o$ *(er the #ro)i$io$ o" the "ollo%i, !rticle+ h!)i, !$
&e&'er$ oe or &ore ,eer!l #!rter$ !( oe or &ore li&ite(
#!rter$. The li&ite( #!rter$ !$ $*ch $h!ll ot 'e 'o*( 'y the
o'li,!tio$ o" the #!rter$hi#.
Art. 1199. T%o or &ore #er$o$ (e$iri, to "or& ! li&ite(
#!rter$hi# $h!ll6
.10 Si, !( $%e!r to ! certi"ic!te+ %hich $h!ll $t!te -

.!0 The !&e o" the #!rter$hi#+ !((i, thereto the %or(
"Limited"7
.'0 The ch!r!cter o" the '*$ie$$7
.c0 The loc!tio o" the #rici#!l #l!ce o" '*$ie$$7
.(0 The !&e !( #l!ce o" re$i(ece o" e!ch &e&'er+
,eer!l !( li&ite( #!rter$ 'ei, re$#ecti)ely
(e$i,!te(7
.e0 The ter& "or %hich the #!rter$hi# i$ to e-i$t7
."0 The !&o*t o" c!$h !( ! (e$cri#tio o" !( the
!,ree( )!l*e o" the other #ro#erty cotri'*te( 'y e!ch
li&ite( #!rter7
.,0 The !((itio!l cotri'*tio$+ i" !y+ to 'e &!(e 'y
e!ch li&ite( #!rter !( the ti&e$ !t %hich or e)et$ o
the h!##ei, o" %hich they $h!ll 'e &!(e7
.h0 The ti&e+ i" !,ree( *#o+ %he the cotri'*tio o"
e!ch li&ite( #!rter i$ to 'e ret*re(7
.i0 The $h!re o" the #ro"it$ or the other co&#e$!tio 'y
%!y o" ico&e %hich e!ch li&ite( #!rter $h!ll recei)e 'y
re!$o o" hi$ cotri'*tio7
.20 The ri,ht+ i" ,i)e+ o" ! li&ite( #!rter to $*'$tit*te !
!$$i,ee !$ cotri'*tor i hi$ #l!ce+ !( the ter&$ !(
co(itio$ o" the $*'$tit*tio7
.=0 The ri,ht+ i" ,i)e+ o" the #!rter$ to !(&it !((itio!l
li&ite( #!rter$7
.l0 The ri,ht+ i" ,i)e+ o" oe or &ore o" the li&ite(
#!rter$ to #riority o)er other li&ite( #!rter$+ !$ to
cotri'*tio$ or !$ to co&#e$!tio 'y %!y o" ico&e+
!( the !t*re o" $*ch #riority7
.&0 The ri,ht+ i" ,i)e+ o" the re&!ii, ,eer!l #!rter
or #!rter$ to coti*e the '*$ie$$ o the (e!th+
retire&et+ ci)il iter(ictio+ i$!ity or i$ol)ecy o" !
,eer!l #!rter7 !(
The ri,ht+ i" ,i)e+ o" ! li&ite( #!rter to (e&!( !(
recei)e #ro#erty other th! c!$h i ret*r "or hi$
cotri'*tio.
.40 <ile "or recor( the certi"ic!te i the O""ice o" the Sec*ritie$
!( E-ch!,e Co&&i$$io.
A li&ite( #!rter$hi# i$ "or&e( i" there h!$ 'ee $*'$t!ti!l
co&#li!ce i ,oo( "!ith %ith the "ore,oi, re3*ire&et$.
Art. 119/. The cotri'*tio$ o" ! li&ite( #!rter &!y 'e c!$h or
#ro#erty+ '*t ot $er)ice$.
Art. 1196. The $*r!&e o" ! li&ite( #!rter $h!ll ot !##e!r i the
#!rter$hi# !&e *le$$6
.10 It i$ !l$o the $*r!&e o" ! ,eer!l #!rter+ or
.40 Prior to the ti&e %he the li&ite( #!rter 'ec!&e $*ch+ the
'*$ie$$ h!$ 'ee c!rrie( o *(er ! !&e i %hich hi$
$*r!&e !##e!re(.
A li&ite( #!rter %ho$e $*r!&e !##e!r$ i ! #!rter$hi# !&e
cotr!ry to the #ro)i$io$ o" the "ir$t #!r!,r!#h i$ li!'le !$ ! ,eer!l
#!rter to #!rter$hi# cre(itor$ %ho e-te( cre(it to the #!rter$hi#
%itho*t !ct*!l =o%le(,e th!t he i$ ot ! ,eer!l #!rter.
Art. 1197. I" the certi"ic!te cot!i$ ! "!l$e $t!te&et+ oe %ho
$*""er$ lo$$ 'y reli!ce o $*ch $t!te&et &!y hol( li!'le !y #!rty
to the certi"ic!te %ho =e% the $t!te&et to 'e "!l$e6
.10 At the ti&e he $i,e( the certi"ic!te+ or
.40 S*'$e3*etly+ '*t %ithi ! $*""iciet ti&e 'e"ore the
$t!te&et %!$ relie( *#o to e!'le hi& to c!cel or !&e(
the certi"ic!te+ or to "ile ! #etitio "or it$ c!cell!tio or
!&e(&et !$ #ro)i(e( i Article 116/.
Art. 1191. A li&ite( #!rter $h!ll ot 'eco&e li!'le !$ ! ,eer!l
#!rter *le$$+ i !((itio to the e-erci$e o" hi$ ri,ht$ !( #o%er$
!$ ! li&ite( #!rter+ he t!=e$ #!rt i the cotrol o" the '*$ie$$.
Art. 1195. A"ter the "or&!tio o" ! li"te( #!rter$hi#+ !((itio!l
li&ite( #!rter$ &!y 'e !(&itte( *#o "ili, ! !&e(&et to the
ori,i!l certi"ic!te i !ccor(!ce %ith the re3*ire&et$ o" Article
116/.
Art. 11/:. A ,eer!l #!rter $h!ll h!)e !ll the ri,ht$ !( #o%er$ !(
'e $*'2ect to !ll the re$trictio$ !( li!'ilitie$ o" ! #!rter i !
#!rter$hi# %itho*t li&ite( #!rter$. Ho%e)er+ %itho*t the %ritte
co$et or r!ti"ic!tio o" the $#eci"ic !ct 'y !ll the li&ite( #!rter$+
! ,eer!l #!rter or !ll o" the ,eer!l #!rter$ h!)e o !*thority to6
.10 Bo !y !ct i cotr!)etio o" the certi"ic!te7
.40 Bo !y !ct %hich %o*l( &!=e it i&#o$$i'le to c!rry o the
or(i!ry '*$ie$$ o" the #!rter$hi#7
.80 Co"e$$ ! 2*(,&et !,!i$t the #!rter$hi#7
.90 Po$$e$$ #!rter$hi# #ro#erty+ or !$$i, their ri,ht$ i
$#eci"ic #!rter$hi# #ro#erty+ "or other th! ! #!rter$hi#
#*r#o$e7
./0 A(&it ! #er$o !$ ! ,eer!l #!rter7
.60 A(&it ! #er$o !$ ! li&ite( #!rter+ *le$$ the ri,ht $o to
(o i$ ,i)e i the certi"ic!te7
.70 Coti*e the '*$ie$$ %ith #!rter$hi# #ro#erty o the
(e!th+ retire&et+ i$!ity+ ci)il iter(ictio or i$ol)ecy o" !
,eer!l #!rter+ *le$$ the ri,ht $o to (o i$ ,i)e i the
certi"ic!te.
Art. 11/1. A li&ite( #!rter $h!ll h!)e the $!&e ri,ht$ !$ ! ,eer!l
#!rter to6
.10 H!)e the #!rter$hi# 'oo=$ =e#t !t the #rici#!l #l!ce o"
'*$ie$$ o" the #!rter$hi#+ !( !t ! re!$o!'le ho*r to
i$#ect !( co#y !y o" the&7
.40 H!)e o (e&!( tr*e !( "*ll i"or&!tio o" !ll thi,$
!""ecti, the #!rter$hi#+ !( ! "or&!l !cco*t o" #!rter$hi#
!""!ir$ %hee)er circ*&$t!ce$ re(er it 2*$t !( re!$o!'le7
!(
.80 H!)e (i$$ol*tio !( %i(i, *# 'y (ecree o" co*rt.
A li&ite( #!rter $h!ll h!)e the ri,ht to recei)e ! $h!re o" the #ro"it$
or other co&#e$!tio 'y %!y o" ico&e+ !( to the ret*r o" hi$
cotri'*tio !$ #ro)i(e( i Article$ 11/6 !( 11/7.
Art. 11/4. ;itho*t #re2*(ice to the #ro)i$io$ o" Article 1191+ !
#er$o %ho h!$ cotri'*te( to the c!#it!l o" ! '*$ie$$ co(*cte(
'y ! #er$o or #!rter$hi# erroeo*$ly 'elie)i, th!t he h!$ 'eco&e
! li&ite( #!rter i ! li&ite( #!rter$hi#+ i$ ot+ 'y re!$o o" hi$
e-erci$e o" the ri,ht$ o" ! li&ite( #!rter+ ! ,eer!l #!rter %ith the
#er$o or i the #!rter$hi# c!rryi, o the '*$ie$$+ or 'o*( 'y
the o'li,!tio$ o" $*ch #er$o or #!rter$hi#+ #ro)i(e( th!t o
!$cert!ii, the &i$t!=e he #ro&#tly reo*ce$ hi$ itere$t i the
#ro"it$ o" the '*$ie$$+ or other co&#e$!tio 'y %!y o" ico&e.
Art. 11/8. A #er$o &!y 'e ! ,eer!l #!rter !( ! li&ite( #!rter
i the $!&e #!rter$hi# !t the $!&e ti&e+ #ro)i(e( th!t thi$ "!ct
$h!ll 'e $t!te( i the certi"ic!te #ro)i(e( "or i Article 1199.
A #er$o %ho i$ ! ,eer!l+ !( !l$o !t the $!&e ti&e ! li&ite(
#!rter+ $h!ll h!)e !ll the ri,ht$ !( #o%er$ !( 'e $*'2ect to !ll the
re$trictio$ o" ! ,eer!l #!rter7 e-ce#t th!t+ i re$#ect to hi$
cotri'*tio+ he $h!ll h!)e the ri,ht$ !,!i$t the other &e&'er$
%hich he %o*l( h!)e h!( i" he %ere ot !l$o ! ,eer!l #!rter.
Art. 11/9. A li&ite( #!rter !l$o &!y lo! &oey to !( tr!$!ct
other '*$ie$$ %ith the #!rter$hi#+ !(+ *le$$ he i$ !l$o ! ,eer!l
#!rter+ recei)e o !cco*t o" re$*lti, cl!i&$ !,!i$t the
#!rter$hi#+ %ith ,eer!l cre(itor$+ ! #ro r!t! $h!re o" the !$$et$.
No li&ite( #!rter $h!ll i re$#ect to !y $*ch cl!i&6
.10 Recei)e or hol( !$ coll!ter!l $ec*rity !( #!rter$hi#
#ro#erty+ or
.40 Recei)e "ro& ! ,eer!l #!rter or the #!rter$hi# !y
#!y&et+ co)ey!ce+ or rele!$e "ro& li!'ility i" !t the ti&e the
!$$et$ o" the #!rter$hi# !re ot $*""iciet to (i$ch!r,e
#!rter$hi# li!'ilitie$ to #er$o$ ot cl!i&i, !$ ,eer!l or
li&ite( #!rter$.
The recei)i, o" coll!ter!l $ec*rity+ or #!y&et+ co)ey!ce+ or
rele!$e i )iol!tio o" the "ore,oi, #ro)i$io$ i$ ! "r!*( o the
cre(itor$ o" the #!rter$hi#.
Art. 11//. ;here there !re $e)er!l li&ite( #!rter$ the &e&'er$
&!y !,ree th!t oe or &ore o" the li&ite( #!rter$ $h!ll h!)e !
#riority o)er other li&ite( #!rter$ !$ to the ret*r o" their
cotri'*tio$+ !$ to their co&#e$!tio 'y %!y o" ico&e+ or !$ to
!y other &!tter. I" $*ch ! !,ree&et i$ &!(e it $h!ll 'e $t!te( i
the certi"ic!te+ !( i the !'$ece o" $*ch ! $t!te&et !ll the li&ite(
#!rter$ $h!ll $t!( *#o e3*!l "ooti,.
Art. 11/6. A li&ite( #!rter &!y recei)e "ro& the #!rter$hi# the
$h!re o" the #ro"it$ or the co&#e$!tio 'y %!y o" ico&e $ti#*l!te(
"or i the certi"ic!te7 #ro)i(e( th!t !"ter $*ch #!y&et i$ &!(e+
%hether "ro& #ro#erty o" the #!rter$hi# or th!t o" ! ,eer!l
#!rter+ the #!rter$hi# !$$et$ !re i e-ce$$ o" !ll li!'ilitie$ o" the
#!rter$hi# e-ce#t li!'ilitie$ to li&ite( #!rter$ o !cco*t o" their
cotri'*tio$ !( to ,eer!l #!rter$.
Art. 11/7. A li&ite( #!rter $h!ll ot recei)e "ro& ! ,eer!l #!rter
or o*t o" #!rter$hi# #ro#erty !y #!rt o" hi$ cotri'*tio$ *til6
.10 All li!'ilitie$ o" the #!rter$hi#+ e-ce#t li!'ilitie$ to ,eer!l
#!rter$ !( to li&ite( #!rter$ o !cco*t o" their
cotri'*tio$+ h!)e 'ee #!i( or there re&!i$ #ro#erty o" the
#!rter$hi# $*""iciet to #!y the&7
.40 The co$et o" !ll &e&'er$ i$ h!(+ *le$$ the ret*r o" the
cotri'*tio &!y 'e ri,ht"*lly (e&!(e( *(er the #ro)i$io$
o" the $eco( #!r!,r!#h7 !(
.80 The certi"ic!te i$ c!celle( or $o !&e(e( !$ to $et "orth
the %ith(r!%!l or re(*ctio.
S*'2ect to the #ro)i$io$ o" the "ir$t #!r!,r!#h+ ! li&ite( #!rter
&!y ri,ht"*lly (e&!( the ret*r o" hi$ cotri'*tio6
.10 O the (i$$ol*tio o" ! #!rter$hi#7 or
.40 ;he the (!te $#eci"ie( i the certi"ic!te "or it$ ret*r h!$
!rri)e(+ or
.80 A"ter he h!$ $i- &oth$A otice i %riti, to !ll other
&e&'er$+ i" o ti&e i$ $#eci"ie( i the certi"ic!te+ either "or the
ret*r o" the cotri'*tio or "or the (i$$ol*tio o" the
#!rter$hi#.
I the !'$ece o" !y $t!te&et i the certi"ic!te to the cotr!ry or
the co$et o" !ll &e&'er$+ ! li&ite( #!rter+ irre$#ecti)e o" the
!t*re o" hi$ cotri'*tio+ h!$ oly the ri,ht to (e&!( !( recei)e
c!$h i ret*r "or hi$ cotri'*tio.
A li&ite( #!rter &!y h!)e the #!rter$hi# (i$$ol)e( !( it$ !""!ir$
%o*( *# %he6
.10 He ri,ht"*lly '*t *$*cce$$"*lly (e&!($ the ret*r o" hi$
cotri'*tio+ or
.40 The other li!'ilitie$ o" the #!rter$hi# h!)e ot 'ee #!i(+
or the #!rter$hi# #ro#erty i$ i$*""iciet "or their #!y&et !$
re3*ire( 'y the "ir$t #!r!,r!#h+ No. 1+ !( the li&ite( #!rter
%o*l( other%i$e 'e etitle( to the ret*r o" hi$ cotri'*tio.
Art. 11/1. A li&ite( #!rter i$ li!'le to the #!rter$hi#6
.10 <or the (i""erece 'et%ee hi$ cotri'*tio !$ !ct*!lly
&!(e !( th!t $t!te( i the certi"ic!te !$ h!)i, 'ee &!(e7
!(
.40 <or !y *#!i( cotri'*tio %hich he !,ree( i the
certi"ic!te to &!=e i the "*t*re !t the ti&e !( o the
co(itio$ $t!te( i the certi"ic!te.
A li&ite( #!rter hol($ !$ tr*$tee "or the #!rter$hi#6
.10 S#eci"ic #ro#erty $t!te( i the certi"ic!te !$ cotri'*te( 'y
hi&+ '*t %hich %!$ ot cotri'*te( or %hich h!$ 'ee
%ro,"*lly ret*re(+ !(
.40 >oey or other #ro#erty %ro,"*lly #!i( or co)eye( to
hi& o !cco*t o" hi$ cotri'*tio.
The li!'ilitie$ o" ! li&ite( #!rter !$ $et "orth i thi$ !rticle c! 'e
%!i)e( or co&#ro&i$e( oly 'y the co$et o" !ll &e&'er$7 '*t !
%!i)er or co&#ro&i$e $h!ll ot !""ect the ri,ht o" ! cre(itor o" !
#!rter$hi# %ho e-te(e( cre(it or %ho$e cl!i& !ro$e !"ter the
"ili, !( 'e"ore ! c!cell!tio or !&e(&et o" the certi"ic!te+ to
e"orce $*ch li!'ilitie$.
;he ! cotri'*tor h!$ ri,ht"*lly recei)e( the ret*r i %hole or i
#!rt o" the c!#it!l o" hi$ cotri'*tio+ he i$ e)erthele$$ li!'le to the
#!rter$hi# "or !y $*&+ ot i e-ce$$ o" $*ch ret*r %ith itere$t+
ece$$!ry to (i$ch!r,e it$ li!'ilitie$ to !ll cre(itor$ %ho e-te(e(
cre(it or %ho$e cl!i&$ !ro$e 'e"ore $*ch ret*r.
Art. 11/5. A li&ite( #!rterA$ itere$t i$ !$$i,!'le.
A $*'$tit*te( li&ite( #!rter i$ ! #er$o !(&itte( to !ll the ri,ht$ o"
! li&ite( #!rter %ho h!$ (ie( or h!$ !$$i,e( hi$ itere$t i !
#!rter$hi#.
A !$$i,ee+ %ho (oe$ ot 'eco&e ! $*'$tit*te( li&ite( #!rter+ h!$
o ri,ht to re3*ire !y i"or&!tio or !cco*t o" the #!rter$hi#
tr!$!ctio$ or to i$#ect the #!rter$hi# 'oo=$7 he i$ oly etitle(
to recei)e the $h!re o" the #ro"it$ or other co&#e$!tio 'y %!y o"
ico&e+ or the ret*r o" hi$ cotri'*tio+ to %hich hi$ !$$i,or
%o*l( other%i$e 'e etitle(.
A !$$i,ee $h!ll h!)e the ri,ht to 'eco&e ! $*'$tit*te( li&ite(
#!rter i" !ll the &e&'er$ co$et thereto or i" the !$$i,or+ 'ei,
there*to e&#o%ere( 'y the certi"ic!te+ ,i)e$ the !$$i,ee th!t
ri,ht.
A !$$i,ee 'eco&e$ ! $*'$tit*te( li&ite( #!rter %he the
certi"ic!te i$ !##ro#ri!tely !&e(e( i !ccor(!ce %ith Article 116/.
The $*'$tit*te( li&ite( #!rter h!$ !ll the ri,ht$ !( #o%er$+ !( i$
$*'2ect to !ll the re$trictio$ !( li!'ilitie$ o" hi$ !$$i,or+ e-ce#t
tho$e li!'ilitie$ o" %hich he %!$ i,or!t !t the ti&e he 'ec!&e !
li&ite( #!rter !( %hich co*l( ot 'e !$cert!ie( "ro& the
certi"ic!te.
The $*'$tit*tio o" the !$$i,ee !$ ! li&ite( #!rter (oe$ ot
rele!$e the !$$i,or "ro& li!'ility to the #!rter$hi# *(er Article$
1197 !( 1191.
Art. 116:. The retire&et+ (e!th+ i$ol)ecy+ i$!ity or ci)il
iter(ictio o" ! ,eer!l #!rter (i$$ol)e$ the #!rter$hi#+ *le$$
the '*$ie$$ i$ coti*e( 'y the re&!ii, ,eer!l #!rter$6
.10 ?(er ! ri,ht $o to (o $t!te( i the certi"ic!te+ or
.40 ;ith the co$et o" !ll &e&'er$.
Art. 1161. O the (e!th o" ! li&ite( #!rter hi$ e-ec*tor or
!(&ii$tr!tor $h!ll h!)e !ll the ri,ht$ o" ! li&ite( #!rter "or the
#*r#o$e o" $etti, hi$ e$t!te+ !( $*ch #o%er !$ the (ece!$e( h!( to
co$tit*te hi$ !$$i,ee ! $*'$tit*te( li&ite( #!rter.
The e$t!te o" ! (ece!$e( li&ite( #!rter $h!ll 'e li!'le "or !ll hi$
li!'ilitie$ !$ ! li&ite( #!rter.
Art. 1164. O (*e !##lic!tio to ! co*rt o" co&#etet 2*ri$(ictio 'y
!y cre(itor o" ! li&ite( #!rter+ the co*rt &!y ch!r,e the itere$t
o" the i(e'te( li&ite( #!rter %ith #!y&et o" the *$!ti$"ie(
!&o*t o" $*ch cl!i&+ !( &!y !##oit ! recei)er+ !( &!=e !ll
other or(er$+ (irectio$ !( i3*irie$ %hich the circ*&$t!ce$ o" the
c!$e &!y re3*ire.
The itere$t &!y 'e re(ee&e( %ith the $e#!r!te #ro#erty o" !y
,eer!l #!rter+ '*t &!y ot 'e re(ee&e( %ith #!rter$hi#
#ro#erty.
The re&e(ie$ co"erre( 'y the "ir$t #!r!,r!#h $h!ll ot 'e (ee&e(
e-cl*$i)e o" other$ %hich &!y e-i$t.
Nothi, i thi$ Ch!#ter $h!ll 'e hel( to (e#ri)e ! li&ite( #!rter o"
hi$ $t!t*tory e-e&#tio.
Art. 1168. I $etti, !cco*t$ !"ter (i$$ol*tio the li!'ilitie$ o" the
#!rter$hi# $h!ll 'e etitle( to #!y&et i the "ollo%i, or(er6
.10 Tho$e to cre(itor$+ i the or(er o" #riority !$ #ro)i(e( 'y
l!%+ e-ce#t tho$e to li&ite( #!rter$ o !cco*t o" their
cotri'*tio$+ !( to ,eer!l #!rter$7
.40 Tho$e to li&ite( #!rter$ i re$#ect to their $h!re o" the
#ro"it$ !( other co&#e$!tio 'y %!y o" ico&e o their
cotri'*tio$7
.80 Tho$e to li&ite( #!rter$ i re$#ect to the c!#it!l o" their
cotri'*tio$7
.90 Tho$e to ,eer!l #!rter$ other th! "or c!#it!l !( #ro"it$7
./0 Tho$e to ,eer!l #!rter$ i re$#ect to #ro"it$7
.60 Tho$e to ,eer!l #!rter$ i re$#ect to c!#it!l.
S*'2ect to !y $t!te&et i the certi"ic!te or to $*'$e3*et
!,ree&et+ li&ite( #!rter$ $h!re i the #!rter$hi# !$$et$ i
re$#ect to their cl!i&$ "or c!#it!l+ !( i re$#ect to their cl!i&$ "or
#ro"it$ or "or co&#e$!tio 'y %!y o" ico&e o their cotri'*tio
re$#ecti)ely+ i #ro#ortio to the re$#ecti)e !&o*t$ o" $*ch cl!i&$.
Art. 1169. The certi"ic!te $h!ll 'e c!celle( %he the #!rter$hi# i$
(i$$ol)e( or !ll li&ite( #!rter$ ce!$e to 'e $*ch.
A certi"ic!te $h!ll 'e !&e(e( %he6
.10 There i$ ! ch!,e i the !&e o" the #!rter$hi# or i the
!&o*t or ch!r!cter o" the cotri'*tio o" !y li&ite( #!rter7
.40 A #er$o i$ $*'$tit*te( !$ ! li&ite( #!rter7
.80 A !((itio!l li&ite( #!rter i$ !(&itte(7
.90 A #er$o i$ !(&itte( !$ ! ,eer!l #!rter7
./0 A ,eer!l #!rter retire$+ (ie$+ 'eco&e$ i$ol)et or
i$!e+ or i$ $etece( to ci)il iter(ictio !( the '*$ie$$ i$
coti*e( *(er Article 116:7
.60 There i$ ! ch!,e i the ch!r!cter o" the '*$ie$$ o" the
#!rter$hi#7
.70 There i$ ! "!l$e or erroeo*$ $t!te&et i the certi"ic!te7
.10 There i$ ! ch!,e i the ti&e !$ $t!te( i the certi"ic!te "or
the (i$$ol*tio o" the #!rter$hi# or "or the ret*r o" !
cotri'*tio7
.50 A ti&e i$ "i-e( "or the (i$$ol*tio o" the #!rter$hi#+ or the
ret*r o" ! cotri'*tio+ o ti&e h!)i, 'ee $#eci"ie( i the
certi"ic!te+ or
.1:0 The &e&'er$ (e$ire to &!=e ! ch!,e i !y other
$t!te&et i the certi"ic!te i or(er th!t it $h!ll !cc*r!tely
re#re$et the !,ree&et !&o, the&.
Art. 116/. The %riti, to !&e( ! certi"ic!te $h!ll6
.10 Co"or& to the re3*ire&et$ o" Article 1199 !$ "!r !$
ece$$!ry to $et "orth cle!rly the ch!,e i the certi"ic!te
%hich it i$ (e$ire( to &!=e7 !(
.40 Be $i,e( !( $%or to 'y !ll &e&'er$+ !( ! !&e(&et
$*'$tit*ti, ! li&ite( #!rter or !((i, ! li&ite( or ,eer!l
#!rter $h!ll 'e $i,e( !l$o 'y the &e&'er to 'e $*'$tit*te( or
!((e(+ !( %he ! li&ite( #!rter i$ to 'e $*'$tit*te(+ the
!&e(&et $h!ll !l$o 'e $i,e( 'y the !$$i,i, li&ite(
#!rter.
The %riti, to c!cel ! certi"ic!te $h!ll 'e $i,e( 'y !ll &e&'er$.
A #er$o (e$iri, the c!cell!tio or !&e(&et o" ! certi"ic!te+ i"
!y #er$o (e$i,!te( i the "ir$t !( $eco( #!r!,r!#h$ !$ !
#er$o %ho &*$t e-ec*te the %riti, re"*$e$ to (o $o+ &!y #etitio
the co*rt to or(er ! c!cell!tio or !&e(&et thereo".
I" the co*rt "i($ th!t the #etitioer h!$ ! ri,ht to h!)e the %riti,
e-ec*te( 'y ! #er$o %ho re"*$e$ to (o $o+ it $h!ll or(er the O""ice
o" the Sec*ritie$ !( E-ch!,e Co&&i$$io %here the certi"ic!te i$
recor(e(+ to recor( the c!cell!tio or !&e(&et o" the certi"ic!te7
!( %he the certi"ic!te i$ to 'e !&e(e(+ the co*rt $h!ll !l$o c!*$e
to 'e "ile( "or recor( i $!i( o""ice ! certi"ie( co#y o" it$ (ecree
$etti, "orth the !&e(&et.
A certi"ic!te i$ !&e(e( or c!celle( %he there i$ "ile( "or recor( i
the O""ice o" the Sec*ritie$ !( E-ch!,e Co&&i$$io+ %here the
certi"ic!te i$ recor(e(6
.10 A %riti, i !ccor(!ce %ith the #ro)i$io$ o" the "ir$t or
$eco( #!r!,r!#h+ or
.40 A certi"ie( co#y o" the or(er o" the co*rt i !ccor(!ce %ith
the #ro)i$io$ o" the "o*rth #!r!,r!#h7
.80 A"ter the certi"ic!te i$ (*ly !&e(e( i !ccor(!ce %ith
thi$ !rticle+ the !&e(e( certi"ie( $h!ll there!"ter 'e "or !ll
#*r#o$e$ the certi"ic!te #ro)i(e( "or i thi$ Ch!#ter.
Art. 1166. A cotri'*tor+ *le$$ he i$ ! ,eer!l #!rter+ i$ ot !
#ro#er #!rty to #rocee(i,$ 'y or !,!i$t ! #!rter$hi#+ e-ce#t
%here the o'2ect i$ to e"orce ! li&ite( #!rterA$ ri,ht !,!i$t or
li!'ility to the #!rter$hi#.
Art. 1167. A li&ite( #!rter$hi# "or&e( *(er the l!% #rior to the
e""ecti)ity o" thi$ Co(e+ &!y 'eco&e ! li&ite( #!rter$hi# *(er thi$
Ch!#ter 'y co&#lyi, %ith the #ro)i$io$ o" Article 1199+ #ro)i(e(
the certi"ic!te $et$ "orth6
.10 The !&o*t o" the ori,i!l cotri'*tio o" e!ch li&ite(
#!rter+ !( the ti&e %he the cotri'*tio %!$ &!(e7 !(
.40 Th!t the #ro#erty o" the #!rter$hi# e-cee($ the !&o*t
$*""iciet to (i$ch!r,e it$ li!'ilitie$ to #er$o$ ot cl!i&i, !$
,eer!l or li&ite( #!rter$ 'y ! !&o*t ,re!ter th! the $*&
o" the cotri'*tio$ o" it$ li&ite( #!rter$.
A li&ite( #!rter$hi# "or&e( *(er the l!% #rior to the e""ecti)ity o"
thi$ Co(e+ *til or *le$$ it 'eco&e$ ! li&ite( #!rter$hi# *(er thi$
Ch!#ter+ $h!ll coti*e to 'e ,o)ere( 'y the #ro)i$io$ o" the ol(
l!%.