SECTION 4. REMISSION OF DEBT Art. 1888. Express or tacit remission A remission of debt by an obligee extinguishes the obligation. That remission may be express or tacit. Acts 1984, No. 331, §1, eff. Jan. 1, 1985.
Art. 1889. Presumption of remission An obligee’s voluntary surrender to the obligor of the instrument evidencing the obligation gives rise to a presumption that the obligee intended to remit the debt. Acts 1984, No. 331, §1, eff. Jan. 1, 1985.
Art. 1890. Remission effective when communication is received by the obligor A remission of debt is effective when the obligor receives the communication from the obligee. Acceptance of a remission is always presumed unless the obligor rejects the remission within a reasonable time. Acts 1984, No. 331, §1, eff. Jan. 1, 1985.
Art. 1891. Release of real security Release of a real security given for performance of the obligation does not give rise to a presumption of remission of debt. Acts 1984, No. 331, §1, eff. Jan. 1, 1985.
Art. 1892. Remission granted to sureties Remission of debt granted to the principal obligor releases the sureties. Remission of debt granted to the sureties does not release the principal obligor. Remission of debt granted to one surety releases the other sureties only to the extent of the contribution the other sureties might have recovered from […]
