Louisiana Civil Code 3299 – Judicial and legal mortgages
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Terms Used In Louisiana Civil Code 3299
- 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.
A judicial mortgage secures a judgment for the payment of money. A legal mortgage secures an obligation specified by the law that provides for the mortgage.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.