Louisiana Civil Code 3136 – Security defined
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Terms Used In Louisiana Civil Code 3136
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Security is an accessory right established by legislation or contract over property, or an obligation undertaken by a person other than the principal obligor, to secure performance of an obligation. It is accessory to the obligation it secures and is transferred with the obligation without a special provision to that effect.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.