Louisiana Civil Code 2649 – Assignor’s knowledge of the debtor’s insolvency; effects
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Terms Used In Louisiana Civil Code 2649
- Contract: A legal written agreement that becomes binding when signed.
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
When the assignor of a right did not warrant the solvency of the debtor but knew of his insolvency, the assignee without such knowledge may obtain rescission of the contract.
Acts 1993, No. 841, §1, eff. Jan. 1, 1995.