Article 1262
ELI5— what this means for you
If a specific thing is lost or destroyed through a fortuitous event before delivery, the obligation is extinguished — the debtor is not liable. But if the debtor was in default, they remain liable.
Official text — RA 386
An obligation which consists in the delivery of a determinate thing shall be extinguished if it should be lost or destroyed without the fault of the debtor, and before he has incurred in delay.
When by law or stipulation, the obligor is liable even for fortuitous events, the loss of the thing does not extinguish the obligation, and he shall be responsible for damages. The same rule applies when the nature of the obligation requires the assumption of risk. (1182a)
Source: lawphil.net (RA 386 as amended)
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