Cap. 16 Art. 1987Definition of contract of antichresis.

(1) Antichresis is a contract whereby a creditor acquires the right to collect the fruits of an immovable belonging to his debtor, subject to his obligation of deducting annually such fruits from the interest if any be due to him, and then from the principal of the debt.

(2) Antichresis can only be created by virtue of a writing.

(3) Any antichresis created by virtue of a public deed before the 28th February, 1961, for a period exceeding thirty years, is deemed to be a sale, provided the said public deed is enrolled in the Public Registry as a transfer by title of sale.

(4) The enrolment referred to in sub-article (3) of this article may be made at any time by the creditor or by any person deriving title from the creditor.