Cap. 16 Art. 1207When loss of thing extinguishes obligation.

(1) Where a certain and determinate thing forming the subject-matter of an obligation perishes, or is placed extra commercium, or is lost so that it is absolutely not known whether it exists, the obligation is extinguished, provided the thing perishes or is placed or is lost without the fault of the extra commercium debtor, and before he is in default for delay.

(2) Even where the debtor is in default for delay but has not assumed the risk of fortuitous events, the obligation is extinguished if the thing would have equally perished in the possession of the creditor if it had been delivered to him.

(3) The debtor must prove the fortuitous event which he alleges.

(4) Whatever may have been the manner in which a thing stolen perished or was lost, its loss shall not exempt the person stealing it from the obligation of restoring its value.