Louisiana Civil Code 3137 – Personal or real security
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Terms Used In Louisiana Civil Code 3137
- 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 personal or real.
It is personal when it consists of an obligation undertaken to secure performance of the obligation of another.
It is real when it consists of a right of preference established over property of the obligor or of a third person to secure performance of an obligation.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.