Louisiana Revised Statutes 45:1138 – Foreclosure
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Terms Used In Louisiana Revised Statutes 45:1138
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The utility shall remain subject to the mortgage and pledge provided by this Part until the payment in full of the principal of and the interest on the bonds secured thereby, and the mortgage and pledge may be foreclosed by seizure and sale of the encumbered property in the manner provided by law for the foreclosure of conventional mortgages, including the right to executory process.