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

PROPERTY 299
of the lesser of the value of the hypothecated property sold or
of the amount of the hypothecary debt.
481 A floating hypothec not yet crystallized on the property
is extinguished when the grantor alienates the property under
the first paragraph of Article 328.
482 A hypothec is extinguished by judicial licitation, by
sheriff's sale or by any other sale which has the effect of a
sheriff's sale.
483 A hypothec on an undivided part of a property subsists
only in as much as, by partition or any other declaratory act of
ownership, the grantor or his legal representative retains
rights to some part of the property, subject to the Book on
Succession.
484 A hypothec is extinguished by novation of the principal
obligation unless the creditor has expressly reserved it, in
which case the hypothec secures the execution of the new
obligation.
485 A hypothec is extinguished, with regard to the property
of the former debtor, when a new debtor is substituted for him,
by way of novation, unless the creditor has reserved it with the
consent of the former debtor.
When there is novation between the creditor and one of
the solidary debtors, the hypothec of the former debt may be
reserved only on the property of the codebtor who contracts
the new debt.
486 The hypothec of a subsequent creditor is extinguished
by the registration of the deed or the judgment contemplated
in Article 441.