Louisiana Civil Code 3138 – Kinds of security
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Terms Used In Louisiana Civil Code 3138
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
Kinds of security include suretyship, privilege, mortgage, and pledge. A security interest established to secure performance of an obligation is also a kind of security.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.