Louisiana Code of Civil Procedure 4462 – Inventory dispensed with
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Terms Used In Louisiana Code of Civil Procedure 4462
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In a proceeding under this Chapter, the applicant for the tutorship may file a detailed descriptive list of the property instead of an inventory. The list shall be sworn to and subscribed by the applicant, and shall set forth the location and fair market value of each item of property.
The list has the same effect as an inventory, and an abstract thereof recorded in the mortgage records preserves the legal mortgage of the minor.