Loss of generic thing
The loss of a generic thing is governed by Article 1263 of the Civil Code, thus:
The loss of a generic thing even without debtor's fault and before he has incurred delay will not extinguish the obligation.[1] It is based on the principle that a generic thing never perishes. (Genus nunquam perit)[2][3] For example, the failure of the debtor to make payment even by reason of fortuitous event will not extinguish the obligation. This is because the obligation to pay money is a generic thing. Thus, it is not excused by fortuitous loss.
ART. 1263. In an obligation to deliver a generic thing, the loss or destruction of anything of the same kind does not extinguish the obligation. (n)
The loss of a generic thing even without debtor's fault and before he has incurred delay will not extinguish the obligation.[1] It is based on the principle that a generic thing never perishes. (Genus nunquam perit)[2][3] For example, the failure of the debtor to make payment even by reason of fortuitous event will not extinguish the obligation. This is because the obligation to pay money is a generic thing. Thus, it is not excused by fortuitous loss.[1] Rabuya. (2019). Obligations and Contracts.
[2] De Leon. (2014). Obligations and Contracts.
[3] Yu Tek & Co. vs. Gonzales, 29 Phil. 384 (1915)
[4] Supra note 1.