TITLE XX

INSURANCE

CHAPTER 1

GENERAL PROVISIONS

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Section 861. A contract of insurance is one in which a person agrees to make compensation or to pay a sum of money in case of contingent los or any other future event specified in the contract, and another person agrees to pay therefor a sum of money, called premium.

Section 862.

translation of sections 862 to 897 not available

CHAPTER II

INSURANCE AGAINST LOSS

PART I

General Provisions

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Gambling laws. Gambling agreement to risk (win or lose) something of value (money) on the outcome of a future subject of chance (event) not under his control or influence in the hope to receive a desired return (prize) on his risky action.

TITLE XVIII

GAMBLING AND BETTING

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Section 853. No obligation is created by gambling or betting. What has been given by reason of the gambling or betting may not be demanded back on the ground that no obligation existed.

These provisions apply also to an agreement whereby the losing party, for the purpose of satisfying a gambling debt or a bet, incurs an obligation towards the other party.

Section 854. A lottery contract or a raffle contract is binding if the lottery of the raffle is specially authorized or ratified by the Government. In all other cases the provisions of Section shall apply.

Section 855. Subject to the provisions of Sections 312 and 916, every bill or other given in whole or in part for any money won by gambling or betting, or for repaying money lent for such gambling or betting shall be invalid.

For the purpose of this provision, any money lent to a person while gambling or betting the time or place of such play shall be presumed to have been lent for such gambling or betting.

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TITLE XIX

CURRENT ACCOUNT

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Section 856. A contract of current account is one in which two person agree that henceforth or for a determinate period the amount of all or some only of the obligation arising from transactions between them shal be set off and that the balance only shall be paid.

Section 857. The entry of a bill in a current account is presumed to be made on condition that the bill will be paid. If the bill is not paid, the entry may be cancelled.

Section 858. If the parties have not fixed the period for striking the balance, such period shall be six months.

Section 859. In the absence of anything apearing to the contrary, either party may at any time terminate the contract of current account and have the balance struck.

Section 860. The difference, if not paid, bears interest from the day when the balance was struck.

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TITLE XVII

COMPROMISE

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Section 850. A compromise is a contract whereby the parties settle a dispute, whether actual or contemplated by mutual concessions.

Section 851. A contract of compromise is not enforceable by action unless there be some written evidence signed by the party liable or his agent.

Section 852. The effect of the compromise is to extinguish the claims abandoned by each party and to secure to each party the rights which are declared to belong to him.

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