1687. Constitution of rent is a contract by which parties agree that yearly interest shall be paid by one of them upon a sum of money due to the other or furnished by him or her, to remain permanently in the hands of the former as a capital of which payment shall not be demanded by the party furnishing it, except as hereinafter provided.
It is subject with respect to the rate of interest to the same rules as loans upon interest.
1688. Constitution of rent may likewise be made by gift or will.
1689. Rents may be constituted either in perpetuity or for a term. When constituted in perpetuity they are essentially redeemable by the debtor; subject to the provisions contained in articles 348, 349 and 350.
1690. The capital of a rent constituted in perpetuity may be demanded:
1. When the debtor of it fails to furnish and maintain the security as bound to do by the contract.
2. When the debtor becomes bankrupt;
3. In the cases provided in articles 348, 349 and 350.
1691. The rules concerning the prescription of arrears of constituted rents are contained in the Book respecting Prescription.
1692. The creditor of a constituted rent secured by the privilege and hypothec of a vendor has a right to demand that the sale under execution of property upon which such privilege and hypothec exists shall be made subject to the rent.
1693. The rules concerning life-rents are contained in the Book respecting Life-Rents.
1694. There are 2 kinds of deposit; simple deposit, and sequestration.