(1) The period for redemption shall not exceed five years in the case of immovables and three years in the case of movables. If any period specifically agreed upon between the parties exceeds the period mentioned above, it shall be reduced to five years in the case of immovables and three years in the case of movables.
(2) If a period for redemption has been fixed, it may not subsequently be extended.
(3) If no period for redemption has been designated, the period shall be deemed to be five years in the case of immovables and three years in the case of movables.