Louisiana Civil Code 3505.3 – Effect of extension on other obligors and obligees
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Terms Used In Louisiana Civil Code 3505.3
- 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.
An extension of liberative prescription is effective against only the obligor granting it but benefits all joint obligees of an indivisible obligation and all solidary obligees.
An extension of liberative prescription by a principal obligor is effective against his surety. An extension of liberative prescription by a surety is effective only if the principal obligor has also granted it.
Acts 2013, No. 88, §1.