Louisiana Civil Code 1887 – Discharge of any prior obligor does not affect security
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Terms Used In Louisiana Civil Code 1887
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
If the new obligor has assumed the obligation and acquired the thing given as security, the discharge of any prior obligor by the obligee does not affect the security or its rank.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.