1901. Life-rents may be constituted for valuable consider ation; or gratuitously, by gift or will.-C. N. 1968, 1969; C. C. 472.

1902. The rent may be upon the life of the person who constitutes it, or who receives it, or upon the life of a third person who has no right to the enjoyment of it.-C. N. 1971.

1903. It may be constituted upon one life or upon several lives.

But if it be for more than ninety-nine years or three successive lives, and affect real estate, it becomes extinct thereafter as provided in article 390. -C. N. 1972.

1904. It may be constituted for the benefit of a person other than the one who gives the con

sideration.-C. N. 1973.

1905. A life-rent constituted upon the life of a person who is dead at the time of the contract

produces no effect, and the consideration paid for it may be recovered back.-C. N. 1974.

1906. The rule declared in the last preceding article applies equally when the person upon whose life the rent is constituted is, without the knowledge of the parties, dangerously ill of a malady of which he dies within twenty days after the date of the contract.-C. N. 1975.

CHAPTER SECOND.

OF THE EFFECTS OF THE CONTRACT.

1907. Non-payment of arrears of a life-rent is not a cause for recovering back the money or other consideration given for its constitution.-C. N. 1978.

1908. The creditor of a liferent secured by the privilege and hypothec of a vendor upon immoveable property, afterwards seized to be sold under execution, has a right to demand that the property shall be

sold subject to the life-rent as a charge upon it.-C. C. 1593 et s.; C. C. P. 724.

1909. The debtor of the rent cannot free himself from the payment of it by offering to reimburse the capital and renouncing all claim to receive back the payments made.

1910. The rent is due only for the number of days that the person upon whose life it is constituted lives; unless it is made payable in advance.-C. N. 1980; C. C. 453.

1911. A stipulation that the life-rent cannot be seized or taken in execution is without effect, unless it is constituted by a gratuitous title.-C. N. 1981.

1912. The obligation to pay a life-rent is not extinguished by the civil death of the person upon whose life it is constituted. It continues during his natural life.-C. N. 1982.

1913. The creditor of a liferent on demanding payment of it must establish the existence of the person on whose life it is constituted, up to the time for which the arrears are claimed. -C. N. 1983.

1914. When an immoveable hypothecated for the payment of a life-rent is sold by a forced sale or other proceeding having the same effect, or by a volun

tary sale followed by confirmation of title, the posterior creditors are entitled to receive the proceeds of the sale on giving sufficient security for the continued payment of the rent, and in default of such security being given, the creditor of the rent is collocated, according to the order of his hypothec, for a sum equal to the value of the rent at the time of collocation.-C. C. 394; C. C. P. 803.

1915. The value of a liferent is estimated at the sum which, at the time of collocation, would be sufficient to purchase from a life assurance company a life-annuity of like amount.

1916. If the price of the immoveable be less than the estimated value of the life-rent the creditor of it is entitled to receive such price according to the order of his hypothec, or security from the posterior creditors for the payment of the rent until the price received by them and the interest is exhausted by such payments.

1917. The estimation of the life-rent and its payment, in all cases in which the creditor is entitled to claim the value of it, are subject to the rules contained in the foregoing articles in so far as they can be made to apply.

1918. Transaction is a contract by which the parties terminate a lawsuit already begun, or prevent future litigation by

means of concessions or reservations made by one or both of them.-C. N. 2044. 1919.

Those persons only

can enter into the contract of| transaction who have legal capacity to dispose of the things which are the object of it.C. N. 2045; C. C. 307.

1920. Transaction has between the parties to it the authority of a final judgment, (res judicata).-C. N. 2052 ; C. C. 1241.

1921. Error of law is not a cause for annulling transaction. With this exception, it may be annulled for the same causes as contracts generally; subject nevertheless to the provisions of the articles following.-C. N. 2053.

1922. Transaction may also be annulled when it is made in execution of a title which is null, unless the parties have expressly referred to and covered the nullity.-C. N. 2054.

1923. Transaction upon a writing which has since been found to be false, is altogether null.-C. N. 2055.

1924. Transaction upon a suit terminated by a judgment having the authority of a final judgment, and not known to either of the parties, is null. But if the judgment be appealable the transaction is valid.C. N. 2056.

1925. When parties have transacted generally upon all the matters between them, the subsequent discovery of documents of which they were then in ignorance does not furnish a cause for annulling the transaction; unless such documents have been kept back by one of the parties.

But transaction is null when it relates only to an object respecting which the newly discovered documents prove that one of the parties had no right whatever.-C. N. 2057.

1926. Erro's of calculation in transaction may be reformed. -C. N. 2058.

TITLE

1927. There is no right of action for the recovery of money or any other thing claimed under a gaming contract or a bet. But if the money or thing have been paid by the losing party he cannot recover it back, unless fraud be proved.-C. N. 1965, 1967; C. C. 1140.

1928. The denial of the right of action declared in the pre

ceding article is subject to cxception in favor of exercises for promoting skill in the use of arms, and of horse and foot races, and other lawful games which require bodily activity or address.

Nevertheless the court may in its discretion reject the action when the sum demanded appears to be excessive.-C. N. 1966.