Louisiana Revised Statutes 45:390 – Foreclosure of mortgages; prior liens; restrictions on purchasers
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Terms Used In Louisiana Revised Statutes 45:390
- 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.
Nothing contained in La. Rev. Stat. 45:386 through 45:389 shall be construed so as to interfere in any manner with valid prior mortgages, if any, upon the property, rights, franchises, or privileges of the road sold. In no case shall the purchaser at any mortgage or foreclosure sale have any of the rights conferred by La. Rev. Stat. 45:386 through 45:389, regardless of the date of the mortgage under which the sale is made, unless the purchasers comply with La. Rev. Stat. 45:386.