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GENERAL PROVISIONS
Kinds of prescription.
1. Acquisitive prescription – defined in the first
paragraph of Art. 1106. It is the acquisition of
ownership and other real rights through possession
of a thing in the manner and under the conditions
provided by law.
As a mode of acquisition, the following elements
should exist: 1) capacity of the claimant to acquire
by prescription; 2) a thing capable of acquisition by
prescription; 3) possession of the thing under
certain conditions; and 4) lapse of time provided by
law.
Form of renunciation:
The law does not require the conformity of the person to
be benefited by the waiver nor does it require any
formality for it. Also, renunciation may be express or
implied.
But where the claim was filed within the statutory period
of prescription, recovery therefor cannot be barred by
laches. The doctrine should not be applied earlier than
the expiration of time limited for the commencement of
actions at law. (G.F. Equity v Valenzona)
PRSCRIPTION OF ACTIONS
The period for the action arising from the result of the
accounting runs from the date when said result was
recognized by agreement of the interested parties.
Art. 1154. The period during which the oblige was
prevented by a fortuitous event from enforcing his right
is not reckoned against him.