Section 489.- The buyer is also entitled to withhold the price wholly or partly, if he is threatened, or has good reason to believe that he is about to be threatened, with an auction by a mortgage or by a person claiming the property sold, until the seller has caused the danger with which he is threatened to cease, or until the seller has given proper security.

 

Section 490.- If a time is fixed for the delivery of the property sold, it is presumed that the same time is fixed for the payment of the price.

 

CHAPTER IV

SOME PARTICULAR KINDS OF SALES

PART I

SALE WITH RIGHT OF REDEMPTION

 

Section 491.- Sale with right of redemption is a contract of sale whereby the ownership of the property sold passes to the buyer subject to an agreement that the seller can redeem that property.

 

Section 492.- In case of the property sold is redeemed within the period fixed by the contract or by law, or where the person who redeems deposits the price of redemption to a deposit office within the period by waiving the right to withdraw the price, the ownership of the property shall be vested in the person who redeems from the time of payment or deposit of the price, as the case may be.

In case of deposit under paragraph one, an official of the deposit office shall immediately give notice of it to the redeemed person, whereby the person who redeems does not have to comply with Section 333 paragraph three.

 

Section 493.- The parties may agree that the buyer shall not dispose of the property sold. If he disposes of it contrary to his agreement, he shall be liable to the seller for any injury resulting thereby.

 

Section 494.- The right of redemption cannot be exercised later than :

                (1) Ten years after the time of the sale in case of immovable property ;

                (2) Three years after the time of the sale in case of movable property.   

 

Section 495.- If a longer period is provided in the contract, it shall be reduced to ten years and three years respectively.

 

Section 496.- The period of redemption may be afterward extended by a contract, but if the total period is in excess of the period under Section 494, it shall be reduced to the period under Section 494.

The extension of the period under paragraph one must, at least, have some written evidence signed by the redeemed person. In case of the property whose sale must be made in writing and registered by the competent official, the extension cannot be set up against a third person who has, for value and in good faith, acquired and registered his right unless such writing or written evidence is registered or recorded by the competent official.