Cap. 12 Art. 508Time for which hypothecs remaining in force as provided in article 507 shall subsist.

(1) Any hypothec remaining in force as provided in the last preceding article shall subsist only for a period of one year to be reckoned from the day on which the debtor, who has disposed of the property, shall have, by protest or judicial letter, called upon the creditor to exercise his rights.

(2) If at the time of any such intimation, the rights of the creditor cannot as yet be exercised, the said period shall be suspended until such time as such rights can be exercised.

(3) The said period shall also be suspended, where the time for payment has been agreed upon in favour of the creditor.