Explanation of Article 267
This article addresses the statement of "extinctive prescription," which is the lapse of the right to claim a debt due to the passage of time. The article stipulates that extinctive prescription leads to the expiration of the obligation, meaning that the right to claim a debt lapses after the period specified by the system. For example, if the period specified by the system for claiming a debt passes, the right to claim lapses, and the obligation expires.
It is worth noting that extinctive prescription differs from acquisitive prescription in that the former extinguishes the right, while the latter acquires the right.
This article is considered one of the most important articles related to extinctive prescription, as it clarifies the impact of extinctive prescription on the obligation.
Related To
Article 267
If the creditor is notified, he shall bear the effects of the destruction or damage of the thing and the debtor shall have the right to deposit such thing at the creditor’s expense and to claim compensation for the harm.