Louisiana Revised Statutes 10:9-411 – Judgments and litigious rights
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Terms Used In Louisiana Revised Statutes 10:9-411
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Judicial mortgages. Law other than this Chapter governs the rights of third persons with respect to real property burdened by a judicial mortgage created by filing a judgment, including the effect of releases of the judicial mortgage by the mortgagee of record.
(b) Enforcement. After notification, the secured party has the rights established under La. Rev. Stat. 13:3864 through 13:3868.
(c) Litigious rights. Civil Code Article 2652 shall not apply to the creation of a security interest in a litigious right or to the foreclosure or other sale in enforcement thereof.
Acts 2001, No. 128, §1, eff. July 1, 2001.