Article 1533

Where pursuant to law, usage or a juridical act, money claims and money debts must be included into one account between two parties, set-off operates immediately and de iure, in the order in which the parties become entitled to set-off according to the preceding articles of this section, or pursuant to their mutual juridical relationship. At all times, only the balance is owed.

The party administering the account closes it annually and communicates to the other party what the outstanding balance is at that time, with mention of those items composing the account which have not as yet been communicated to the other party.

If the other party does not, within a reasonable period, contest the balance as communicated pursuant to the preceding sub-Article, this balance is deemed to be the one determined by the parties.

After the determination of the balance, the completion of a prescription period or of a term of forfeiture can no longer be invoked with regard to the individual items. The right of action to claim payment of the balance is prescribed by five years from the day following the one on which the account has been closed and the balance has been exigible.

The current provision is applicable unless different rules result from the nature of the contract between the parties.