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terpreted against the party for whose benefit it is created. En. March 21, 1872. Cal.Rep.Cit. 78, 56; 87, 37; 92, 522; 110, 595; 128, 288;

130, 19.

CHAPTER IV.

ALTERNATIVE OBLIGATIONS. $ 1448. Who has the right of selection. $ 1449. Right of selection, how lost. $ 1450. Alternatives indivisible. $ 1451. Nullity of one or more of alternative obligations.

8 1448. Who has the right of selection. If an obligation requires the performance of one or two acts in the alternative, the party required to perform has the right of selection, unless it is otherwise provided by the terms of the obligation. En. March 21, 1872.

Cal.Rep.Cit. 119, 601.

$ 1449. Right of selection, how lost. If the party having the right of selection between alternative acts does not give notice of his selection to the other party within the time, if any, fixed by the obligation for that purpose, or, if none is so fixed, before the time at which the obligation ought to be performed, the right of selection passes to the other party. En. March 21, 1872.

§ 1450. Alternatives indivisible. The party having the right of selection between alternative acts must select one of them in its entirety, and cannot select part of one and part of another without the consent of the other party. En. March 21, 1872.

Cal.Rep.Cit. 82, 50.

$ 1451. Nullity of one or more of alternative obligations. If one of the alternative acts required by an obligation is such as the law will not enforce, or becomes unlawful or impossible of performance, the obligation is to be interpreted as though the other stood alone. En. March 21, 1872.

Cal.Rep.Cit. 55, 566; 123, 243.

TITLE III.

TRANSFER OF OBLIGATIONS. $ 1457. Burden of obligation not transferable. $ 1458. Rights arising out of obligation transferable. 8 1459. Non-negotiable instruments may be transferred. $ 1460.

Covenants running with land, what. $ 1461. What covenants run with land. $ 1462. Same. § 1463. Same. $ 1464. What covenants run with land when assigns are pamed. $ 1465. Who are bound by covenants. $ 1466.

Who are not. 8 1467.

Apportionment of covenants. $ 1457. Burden of obligation not transferable. The burden of an obligation may be transferred with the consent of the party entitled to its benefit, but not otherwise, except as provided by section 1466. En. March 21, 1872. Cal.Rep.Cit. 84, 289; 86, 576; 86, 577; 96, 407; 124, 257;

135, 643.

§ 1458. Rights arising out of obligation transferable. A right arising out of an obligation is the property of the person to whom it is due, and may be transferred as such. En. March 21, 1872.

Cal.Rep.Cit. 84, 283;, 84, 288.
Assignment of things in action: See ante, sec. 954.

$ 1459. Non-negotiable instruments may be transferred. A non-negotiable written contract for the payment of money or personal property may be transferred by indorsement, in like manner with negotiable instruments. Such indorsement shall transfer all the rights of the assignor under the instrument to the gnee, subject to all equities and defenses existing in favor of the maker at the time of the indorsement. En. March 21, 1872. Cal.Rep.Cit. 55, 129; 55, 566; 84, 283; 86, 576; 94, 145;

101, 288; 107, 62; 108, 29; 129, 412; 132, 584; 133, 685 ; 134, 410. Negotiable instruments, what are: See post, secs. 3087

et seq.

§ 1460. Covenants running with land, what. Certain covenants, contained in grants of estates in real property, are appurtenant to such estates, and pass with them, so as to bind the assigns of the covenantor and to vest in the assigns of the covenantee, in the same manner as if they had personally entered into them. Such covenants are said to run with the land. En. March 21, 1872.

Cal,Rep.Cit. 80, 118; 80, 534; 80, 538; 119, 294.
Implied covenants: See, ante, sec. 1113.

Covenants running with land: See the succeeding sections of this title, especially secs. 1462, 1464.

§ 1461. What covenants run with land. The only covenants which run with the land are those specified in this title, and those which are incidental thereto. En. March 21, 1872.

Cal.Rep.Cit. 80, 118; 120, 573; 136, 42.

$ 1462. Same. Every covenant contained in a grant of an estate in real property, which is made for the direct benefit of the property, or some part of it then in existence, runs with the land. En. March 21, 1872.

Cal.Rep.Cit. 80, 118; 92, 95; 136, 41.
Effect of transfers generally: See ante, secs. 1083 et seq.

8 1463. Same. The last section includes covenants “ of warranty,” “ for quiet enjoyment," or for further assurance on the part of a grantor, and covenants for the payment of rent, or of taxes or assessments upon the land, on the part of a grantee. En. March 21, 1872.

Damages for the breach of the above covenants: See post, sec. 3304.

Letter of real property to secure quiet possession of the hirer: See post, sec. 1927.

$ 1464. What covenants run with land when assigns are named. A covenant for the addition of some new thing to real property, or for the direct benefit of some part of the property not then in existence or annexed thereto, when contained in a grant of an estate in such property, and made by the covenantor expressly for his assigns or to the assigns of the covenantee, runs with land so far only as the assigns thus mentioned are concerned. En. March 21, 1872.

Cal.Rep.Cit. 66, 420.
See ante, sec. 1462.

§ 1465. Who are bound by covenants. A covenant run. ning with the land binds those only who acquire the whole estate of the covenantor in some part of the property. En. March 21, 1872.

Cal.Rep.Cit. 73, 587 ; 98, 480.

$ 1466. Who are not. No one, merely by reason of having acquired an estate subject to a covenant running with the land, is liable for a breach of the covenant before he acquired the estate, or after he has parted with it or ceased to enjoy its benefits. En. March 21, 1872.

Cal.Rep.Cit. 66, 421; 73, 587 ; 80, 534; 96, 407; 116, 88.

8 1467. Apportionment of covenants. Where several persons, holding by several titles, are subject to the burden or entitled to the benefit of a covenant running with the land, it must be apportioned among them according to the value of the property subject to it held by them respectively, if such value can be ascertained, and if not, then according to their respective interests in point of quantity. En. March 21, 1872.

TITLE IV.
EXTINCTION OF OBLIGATIONS.
Chapter I. Performance, 8f 1473-1479.

II. Offer of Performance, 88 1485-1505.
III. Prevention of Performance or Offer, 88 1511.

1515.
IV. Accord and Satisfaction, $$ 1521-1524.

V. Novation, $$ 1530-1533.
VI. Release, $$ 1541-1543.

CHAPTER I.

PERFORMANCE. § 1473. Obligation extinguished by performance. § 1474. Performance by one of several joint debtors. $ 1475. Performance to one of joint creditors.

1476. Effect of directions by creditors. $ 1477. Partial performance. $ 1478. Payment, what. § 1479. Application of general performance.

§ 1473. Obligation extinguished by performance. Full performance of an obligation, by the party whose duty it is to perform it, or by any other person on his behalf, and with his assent, if accepted by the creditor, extinguishes it. En. March 21, 1872. Cal.Rep.Cit. 76, 468; 86, 187 ; 133, 577 ; 133, 579; 133, 580;

133, 581 ; 133, 582 ; 134, 582. $ 1474. Performance by one of several joint debtors. Performance of an obligation, by one of several persons who are jointly liable under it, extinguishes the liability of all. En. March 21, 1872.

Cal.Rep.Cit. 121, 653.

$ 1475. Performance to one of joint creditors. An obligation in favor of several persons is extinguished by performance rendered to any of them, except in the case of a deposit made by owners in common, or in joint ownership, which is regulated by the title on deposit. En. March 21, 1872.

Cal.Rep.Cit. 96, 278; 131, 425.

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