Louisiana Civil Code 2538 – Multiple sellers, multiple buyers, successors
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Terms Used In Louisiana Civil Code 2538
- Inter vivos: Transfer of property from one living person to another living person.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
The warranty against redhibitory vices is owed by each of multiple sellers in proportion to his interest.
Multiple buyers must concur in an action for rescission because of a redhibitory defect. An action for reduction of the price may be brought by one of multiple buyers in proportion to his interest.
The same rules apply if a thing with a redhibitory defect is transferred, inter vivos or mortis causa, to multiple successors.
Acts 1993, No. 841, §1, eff. Jan. 1, 1995.