SECTION 203

The contractual mortgage may only be consented to by the holder of a regularly registered real property right which he can transfer. As an exception to the preceding paragraph, the mortgage may be taken on future acquired property in the following cases and under the following conditions: 1) Whoever does not own existing and free property or who may not have sufficient property to secure a debt may agree that each time property is acquired such property shall be allocated for the payment of the debt; 2) The person whose mortgaged property has perished or suffered damage to the point that it is insufficient to secure a debt may also do so without prejudice to the right of the creditor to immediately start proceedings for repayment; 3) Whoever possesses a right on the real property of another, on public property or on national lands permitting him to build structures for himself may mortgage the said structures or construction works just commenced or simply projected; where these are destroyed, the mortgage shall be transferred as of right to new structures constructed on the same site.