3945

If the assignor in good faith should have made himself liable for the solvency of the debtor, and the contracting parties should not have stipulated anything with regard to the duration of the liability, it shall last one (1) year only, to be counted from the assignment of the credit if the period had already matured.\nIf the credit should be payable within a term or period which has not yet expired, the liability shall cease one (1) year after its maturity.\nShould the credit consist of a perpetual income, the liability shall be extinguished after ten (10) years, counted from the date of the assignment.\nHistory —Civil Code, 1930, § 1420.