Definition : Foreclosure

Forfeiture of a right not exercised within the prescribed period. "Foreclosure" is the civil penalty attached to the expiry of a time limit for bringing an action to bring an action before the courts. Unlike prescriptive periods, limitation periods cannot be suspended or interrupted. This is the case, for example, for the application for a declaration of invalidity of:

• Decision (resolution) of the meeting of co-owners which must, on pain of forfeiture, be instituted within 90 days of the date of the meeting;
• Decision (resolution) of the board of directors which must, on pain of forfeiture, be instituted within 90 days of the decision.