The completion of the prescription period of the right of action to claim performance of an obligation extinguishes the rights of pledge and hypothec securing it.
Civil Code
2015 English source edition · Current applicability not established.
This is the 2015 English-language edition attributed in its front matter to the Ministry of Justice. Eri Atlas has not independently verified the translation, later changes, or whether the text is currently in force. Nine passages are incomplete in the available scan and are identified where they occur.
Article 1555
Pledge and Hypothec · Preserved transcription; page attribution imported from the source collection. Verify against the original.
Nevertheless, the prescription does not prevent the right of pledge from being exercised against the encumbered property if the property consists of a moveable thing or a right payable to bearer or order, and if this thing or the document payable to bearer or order has been brought under the control of the pledgee or a third party.
The right of action to claim performance of an obligation secured by hypothec is not prescribed until twenty years from the beginning of the day following the one on which the hypothec has been attached to the obligation.