Louisiana Civil Code 3317 – Rights of third possessor
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Terms Used In Louisiana Civil Code 3317
- 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 third possessor who performs the obligation secured by the mortgage is subrogated to the rights of the obligee. In such a case, the mortgage is not extinguished by confusion as to other mortgages, privileges, or charges burdening the mortgaged property when the third possessor acquired the mortgaged property and for which he is not personally bound.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.
{{NOTE: FORMER ART. 3317 REPEALED BY ACTS 1992, NO. 1132, §1, EFF. JAN. 1, 1993.}}