Article 1231
ELI5— what this means for you
Obligations are extinguished by: payment or performance, loss of the thing due, condonation or remission, confusion or merger of rights, compensation (set-off), and novation.
Official text — RA 386
Obligations are extinguished:
(1) By payment or performance;
(2) By the loss of the thing due;
(3) By the condonation or remission of the debt;
(4) By the confusion or merger of the rights of creditor and debtor;
(5) By compensation;
(6) By novation.
Other causes of extinguishment of obligations, such as annulment, rescission, fulfillment of a resolutory condition, and prescription, are governed elsewhere in this Code. (1156a)
Source: lawphil.net (RA 386 as amended)
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