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188

Article 188

Des Faillites

Commercial Law
Titre IV: Des Faillites et Banqueroutes (On Bankruptcies and Fraudulent Bankruptcies)
Chapitre I: Des Faillites (On Bankruptcies)

Les dettes passives non échues, sont exigibles à l'ouverture de la faillite, si le failli se trouve être un des obligés; à l'égard des effets de commerce; cependant les autres obligés ne peuvent être contraints qu'à fournir caution pour le payement à l'échéance, si mieux ils n'aiment payer de suite.

Life lesson: Bankruptcy makes all the bankrupt's unmatured debts immediately due — but co-signers can just post a bond until the original due date.
Notes: Acceleration of debts: unmatured debts become due at bankruptcy opening (for bankrupt's share). Co-obligors on commercial paper: may post caution for maturity payment or pay immediately. Selective acceleration.
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