CHAPTER IV – OF THE OBLIGATIONS OF THE BUYER
Art. 82. The principal obligation of the buyer is to pay the price on the day and at the place mentioned in the sale.
Art. 83. If no stipulations have been made on that point, at the time of the sale, the buyer must pay at the time and the place where the delivery is to be made.
Art. 84. The buyer owes interest on the price of the sale, until the payment of the capital, in the three following cases:
1st, If it has been so agreed at the time of the sale;
2dly, If the thing sold produces fruits or any other income;
3d, If he has been sued for the payment. In this last case the interest runs only from the day on which the suit was instituted.
Art. 85. If the buyer is disquieted in his possession, by an action on mortgage or by any other claim, he may suspend the payment of the price until the seller has restored him to quiet possession, unless said seller prefers to give security.
Art. 86. If the buyer does not pay the price the seller may sue for the dissolution of the sale.
Art. 87. The dissolution of the sale for immoveables, is summarily awarded, when there is danger that the seller may lose the price and the thing itself.
If that danger does not exist the judge may grant to the buyer a longer or shorter time, according to circumstances, provided said term exceed not six months.
That term being expired without the buyer’s yet having paid, the judge shall cancel the sale.
Art. 88. If at the time of the sale of immoveables it has been stipulated that for want of payment of the price within the term agreed on, the sale should be of right dissolved, the buyer may nevertheless make said payment after the expiration of the term as long as he has not been placed in a state of default by a judiciary demand, but after that demand, the judge can grant him no delay.
Art. 89. In matters of sale for slaves or moveable effects, the dissolution of the sale shall take place of right, if demanded, without its being in the power of the judge to grant any delay, except that fixed by law on the rules of proceedings.
CHAPTER V – OF THE NULLITY AND RESCISSIONS OF THE SALE
Art. 90. Besides the causes of nullity or dissolution of the sale already mentioned in this title and those which are common to all agreements, the contract of sale may be cancelled by the use of the power of redemption and by the effect of the lesion beyond moiety.
SECTION I – OF THE POWER OR RIGHT OF REDEMPTION
Art. 91. The right of redemption is an agreement or paction by which the vender reserves to himself the power of taking back the thing sold by returning the price paid for it.
Art. 92. The right of redemption cannot be reserved for a time exceeding ten years, if a term exceeding that has been stipulated in the agreement, it shall be reduced to the said term of ten years.
Art. 93. The time fixed for the redemption must be rigorously adhered to; it connot be prolonged by the judge.
Art. 94. If that right has not been exercised within the time agreed on, by the vender, he cannot exercise it afterwards and the purchaser becomes irrevocably possessed of the thing sold.
Art. 95. The delay runs against any person not excepting minors who cannot be relieved against it.
Art. 96. A person having sold a thing with the power of redemption may exercise that right against a second purchaser, even in case such right should not have been mentioned in the second sale.
Art. 97. The person having purchased an estate under a condition of redemption, is intitled to all the rights possessed by the vender, he may prescribe against the true proprietor as well as against those having claims or mortgages on the thing sold.
Art. 98. He may oppose the plea of discussion to the creditors of his vender.
Art. 99. If the purchaser of an undivided portion of an inheritance sold with the power of redemption, has become the purchaser of the whole on a cant or auction pursued against him, he may oblige the vender to redeem the whole, if the latter wishes to avail himself of the redemption.
Art. 100. If several persons have jointly sold by a single contract a joint inheritance, each one of them can individually exercise the right of redemption, for that share only which belonged to him.
Art. 101. The same principle governs when a person having sold an inheritance, leaves several co-heirs, each of these co-heirs can only exercise the right of redemption for the portion of the estate which falls to his share.
Art. 102. But in the cases provided for in the two preceding articles, the purchaser may require, if he deems it proper, that all the co-venders or co-heirs may be made parties to the suit for the purpose that they may agree together on the redemption of the whole estate, and in case said co-venders or co-heirs should not agree, the purchaser shall be hence dismissed.
Art. 103. If an estate belonging to several persons has not been sold by them jointly, and if each co-parcener has only sold individually his share of said estate, they may separately exercise the right of redemption on the respective portions which belonged to each of them; and in that case the purchaser cannot compel him who thus exercises the right of redemption, to redeem the whole estate.
Art. 104. If the purchaser has left several heirs, the right of redemption can only be exercised against them individually for the portion belonging to each of them respectively, whether the estate has already been divided between them or not. But if a partition has already taken place by which the thing subject to redemption has fallen to the share of one only of the co-heirs, the action of redemption may be brought against this heir for the whole estate.
Art. 105. The creditors of the vender cannot make use of the right of redemption which said vender may have reserved to himself.
Art. 106. When a vender exercises the right of redemption, he becomes entitled to all the fruits not yet gathered from the day in which he has either reimbursed or cosigned the money paid by the purchaser unless the contrary has been stipulated.
Art. 107. The vender who exercises the right of redemption, is bound to reimburse to the purchaser not only the purchase money but also the expenses resulting from necessary repairs, those which have attended the sale and the price of the improvements which have increased the value of the estate, up to that increased value.
Art. 108. When a vender recovers the possession of his inheritance by virtue of the power of redemption, he recovers it free from any mortgages or incumbrances created by the purchaser, provided such possession be recovered within the ten years as provided by the 92nd article.— If after the expiration of these ten years the vender recovers his estate with the consent of the purchaser, the estate remains liable for every mortgage and incumbrance laid upon it by said purchaser.
SECTION II – OF THE RESCISSION OF SALES ON ACCOUNT OF LESION
Art. 109. If the vender has been aggrieved for more than half the value of an immoveable estate by him sold, he has the right to demand the rescission of the sale, even in case he had expressly abandoned the right of claiming such rescission and declared that he gave to the purchaser the surplus of the thing’s value.
Art. 110. It is well understood that it is necessary, previous to such rescission to determine first, by causing said estate to be appraised according to its condition and value at the time of the sale, whether the vender has been aggrieved or not.
Art. 111. If it should appear that the immoveable estate has been sold for less than one half of its just value, the purchaser may either restore the thing and take back the price which he has paid or make up the just price and keep the thing.
Art. 112. Should the purchaser prefer to keep the thing by making up the just price, he must pay the interest of the additional price from the day when the rescission was demanded. If he chuses rather to restore the thing and receive the purchase money, he shall be liable to restore the fruits of the estate from the day of said demand, but the interest of his money shall also be paid to him from the same time.
Art. 113. The rescission for having been aggrieved for more than half the value of a thing cannot take place in favor of the purchaser.
Art. 114. Rescission beyond moiety is not granted even to the vender against sales of moveables, slaves and produce, nor when rights to a succession have been sold to a stranger, nor can it be obtained by persons having made assignment to a debt, nor against sales of real property made by virtue of any decree or process of a court of justice.
Art. 115. Actions for the rescission of sales on account of lesion beyond moiety must be commenced in the course of four years.
These four years with respect to minors, begin only from the day they become of age.
With respect to persons of full age, they begin from the day of the sale.
Art. 116. This delay runs with and is not suspended by that granted for redemption.
Art. 117. The provisions contained in the preceding section, relative to the case where several co-parceners have sold a thing either jointly or separately and to that where the vender has left several heirs, must likewise be applied to the exercise of the action of rescission.