RIGHT OF THIRD PERSON WHO PLEDGED HIS OWN ROPERTY

Category: Obligations and Contracts

Art. 2120. If a third party secures an obligation by pledging his  own  movable  property  under  the  provisions  of  Article 2085  he  shall  have  the  same  rights  as  a  guarantor  under Articles 2066 to 2070, and Articles 2077 to 2081. He is not prejudiced  by  any  waiver   of  defense  by  the  principal obligor. (n)
 

RIGHT OF THIRD PERSON WHO PLEDGED HIS OWN PROPERTY

>  A third person who is not a party to the principal obligation may secure the latter by pledging his own property

>  The law grants him the same rights as a guarantor and he cannot  be  prejudiced  by  any  waiver  or  defense  by  the principal debtor
 
Art.  2121.  Pledges  created  by  operation  of  law,  such  as those  referred  to  in  Articles  546,  1731,  and  1994,  are governed by the foregoing articles  on the possession, care and  sale  of  the  thing  as  well  as  on  the  termination  of  the pledge. However, after payment  of the debt and expenses, the remainder of the price of the sale shall be delivered to the obligor. (n)
 
Art. 2122. A thing under a pledge by operation of law may be sold only after demand of the amount for which the thing is  retained.  The  public  auction  shall  take  place  within  one month  after  such  demand.  If,  without  just  grounds,  the creditor  does  not  cause  the  public  sale  to  be  held  within such period, the debtor may require the return of the thing. (n)
 
Art.    2123.    With    regard    to    pawnshops    and    other establishments, which are engaged in making loans secured by  pledges,  the  special  laws  and  regulations  concerning them shall be  observed, and  subsidiarily, the  provisions  of his Title. (1873a)