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5 views4 pagesUnderstanding Lifetime Rental Contracts
This document defines and explains the life annuity contract according to the civil code of Guatemala. A life annuity contract involves one person transferring ownership of certain assets to another person in exchange for periodic payments during the lifetime of the transferor. It has characteristics such as being unilateral, onerous, random, and involving the transfer of ownership. It includes personal elements such as the transferor and the debtor of the annuity, real elements such as the capital and the pension, and formal elements such as a public document. It may involve...
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0% found this document useful (0 votes)
5 views4 pagesUnderstanding Lifetime Rental Contracts
This document defines and explains the life annuity contract according to the civil code of Guatemala. A life annuity contract involves one person transferring ownership of certain assets to another person in exchange for periodic payments during the lifetime of the transferor. It has characteristics such as being unilateral, onerous, random, and involving the transfer of ownership. It includes personal elements such as the transferor and the debtor of the annuity, real elements such as the capital and the pension, and formal elements such as a public document. It may involve...
Translated by
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LIFETIME RENTAL CONTRACT:
CONCEPT:
The Guatemalan Civil Code establishes in its article 2121 that for the
random contract of life annuity, one person transfers the domain
from certain goods to another that is obliged, in return, to pay
periodically a pension during the life of the pensioner.
DEFINITION
The life annuity contract can be defined as that contract
of a random type, in which one party delivers to another a
capital or certain assets with the obligation to pay to the assignor or to a
third, that this determines a pension or income for life
life or that of the one to whose benefits the sum or the thing is imposed.
It is the contract by virtue of which a person called the debtor is
obliges to pay periodically a a particular person called
creditor, a pension that consists of money or fungible goods
during the life of this, of another or of other specific persons to
cambio de la entrega al deudor de una cantidad de dinero o cualquier
another thing furniture or real estate.
According to Guillermo Cabanellas, the life annuity 'Is a
contractrandom in which one party delivers to another a
capitalor certaingoodswith the obligation to pay the assignor or to a
third a pension or income during their life or that of the person to whom
the benefit imposes the sum or the thing.
CHARACTERISTICS OF LIFE ANNUITY:
All of them allow us to distinguish this contract from the others.
Well, they do it differently.
Unilateral: since it only creates an obligation for one party, the
obliged to pay the pension.
Burdensome.
Real. because the capital must be delivered.
Random: it depends on a future event, that is to say
an uncertain fact, in this case depends on the duration of the
life of the retiree. finding chance in the
indeterminacy and uncertainty about when it will leave
to pay the rent.
Self-employed. It is a business that pure existence or validity does not
depends on another contract.
Transfer of ownership. When the income generator
vitalicia is obliged to pay a sum of money or to deliver
consumable goods that are transferred topropertyof the rentier
the beneficiary.
Solemn. It requires being celebrated with formality.
required in this case, that it be concluded bywritingpublish,
under penalty of nullity.
ELEMENTS OF THE LIFE ANNUITY:
PERSONAL: at least two intervene, and they will be
the one who delivers the goods, and the one who is obliged to pay the rent for
the goods received, to whom they will be called debtors and
renter; but a third person can also intervene
what will it be for her whom the income favors when it is not him
same rentista, and he will be called beneficiary.
REAL: regarding this type of elements, the doctrine
determines that the lifetime annuity consists of two: the capital
that in the past it was required to be granted in money; but
Currently, it is allowed to lend movable goods.
the properties. The Pension which consists of the provision of
debtor of the rent, from where the random character arises, since
can be established in favor of the life of one or more people.
FORMAL: Refers to the delivery of the thing. And to the document.
in itself, which will be recorded in a public deed so that it
legally recognize its validity.
CONTRACT SUBJECTS:
In the lifelong rental contract, the following may intervene
subjects:
The lessee: the one who pays the capital; in
first, the one who acquires the right to the pension for himself or for
another person.
The tenant: the person who commits and
is required to pay the pension in exchange for the payment
of capital, services or any counterpart that may be.
Beneficiary pensioner: usually it is the same one.
contractor who provides the capital, although it can also be
a third party to whom the contractor assigns the pension,
this last case, and according to the article.
The person on whose head the rent is contracted is
to say, the person whose life determines the duration of the rent
established in the contract.
SUBJECT:
The purpose of the pension is usually to provide the retiree with a
a fixed income that allows you to subsist, although this purpose may vary
according to the title by which the contract is constituted:
EFFECTS:
It is law between the parties.
The one who constitutes the act. It is the one who is obliged to deliver the capital.
because this is perfected with the delivery of the thing.
The obligations of the debtor are the payment of the rents in the
agreed moments.
NATURALEZA JURIDICA:
It is established that it is a random contract, as it is subject to the
existence of a future event, which may be uncertain.
Termination of Lifetime Rent Contract
The death of the pensioner.
The death of the person in which it was constituted when not
I would have done about the life of the retiree.
3. The death of the last person when it has been established upon the
life of various people.