Article 1255
ELI5— what this means for you
The debtor may cede or assign his property to his creditors in payment of his debts.
Official text — RA 386
The debtor may cede or assign his property to his creditors in payment of his debts. This cession, unless there is stipulation to the contrary, shall only release the debtor from responsibility for the net proceeds of the thing assigned. The agreements which, on the effect of the cession, are made between the debtor and his creditors shall be governed by special laws. (1175a)
SUBSECTION 3. Tender of Payment and Consignation
Source: lawphil.net (RA 386 as amended)
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