Louisiana Civil Code 3070 – Right to demand new security
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Terms Used In Louisiana Civil Code 3070
- 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 a legal surety ceases to possess required qualifications or becomes insolvent or bankrupt, any interested person may demand that the principal obligor furnish additional security in the same amount and upon the same terms as those given by the existing surety for the performance of the obligation.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.