Louisiana Civil Code 3054 – Failure to provide security
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Terms Used In Louisiana Civil Code 3054
- 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.
If, within ten days after the delivery of a written demand for the security, the principal obligor fails to provide the required security or fails to secure the discharge of the surety, the surety has an action to require the principal obligor to deposit into the registry of the court funds sufficient to satisfy the surety’s obligation to the creditor as a pledge for the principal obligor’s duty to reimburse the surety.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.