Louisiana Civil Code 3068 – Pledge of funds in lieu of suretyship
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Terms Used In Louisiana Civil Code 3068
- 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.
Legal suretyship may be given whenever the law requires or permits a person to give security for an obligation. The principal obligor may in lieu of legal suretyship deposit a sum equal to the amount for which he is to furnish security to be held in pledge as security for his obligation.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.