Cap. 16 Art. 1596How right of preference is exercised.

A person vested with the right of preference for any of the causes mentioned in article 1594 must, in order validly to exercise such right, within fifteen days from the day on which he shall have been notified by the lessor of the conditions offered by or agreed upon with others, accept such conditions, and give, if simultaneously with the aforesaid notification he is so required, sufficient security for the performance of the said conditions where such security is included in such conditions.