Volume 1, Draft Civil Code - Digital exhibitions & collections - McGill ...

PROPERTY 269
the hypothecated debt which becomes due while the hypothec
is in existence.
339 The creditor, however, may authorize the hypothecary
debtor to collect any capital reimbursements or any fruits
from the hypothecated debts as they become due.
340 The creditor then loses his hypothec on the sums which
he has allowed to be collected by someone else in accordance
with the stipulation or otherwise.
341 The creditor may always withdraw such authorization;
he must then serve upon his debtor and upon the debtor of the
hypothecated debts a notice to the effect that he will henceforth
collect the sums exigible.
The service is made in the ordinary manner or by
registered or certified mail, or according to Article 139 of the
Code of Civil Procedure.
342 A creditor authorized to collect sums on hypothecated
debts grants a discharge for the sums collected.
He is not required to institute proceedings for the
recovery of any capital or interest which becomes exigible
while the hypothec is in existence, but he must inform his
debtor, within a reasonable period, of any default in payment
of sums exigible on these debts. Any stipulation to the
contrary is without effect.
343 In all cases, the hypothecary creditor or the hypothecary
debtor may institute proceedings for recovery, provided he
impleads the other.
The action interrupts prescription running against
either the hypothecary creditor or the hypothecary debtor.
344 The creditor returns to the hypothecary debtor the sums