Cap. 16 Art. 1392Seller not bound to deliver if buyer has , become insolvent etc.

(1) Nor shall the seller be bound to make delivery of the thing, even though he has allowed the buyer time for the payment of the price, if, since the sale, the buyer has by his own act diminished the security which by the contract he had given to the seller.

(2) Nor shall he be bound to make delivery if, since the sale, the buyer has become a bankrupt, or insolvent, or his condition has been so altered that the seller is in danger of losing the price.

(3) The same rule shall apply where, although the buyer was in a state of bankruptcy or insolvency at the time of the sale, such state did not reveal itself except after the sale and it was not known to the seller at the time of the sale.

(4) In the aforesaid cases, however, the seller is bound to deliver the thing if the buyer gives him security for the payment of the price at the time agreed upon.