Louisiana Civil Code 3312 – Transfer of the secured obligation
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Terms Used In Louisiana Civil Code 3312
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
A transfer of an obligation secured by a mortgage includes the transfer of the mortgage. In such a case, the transferor warrants the existence, validity and enforceability of the mortgage only to the extent that he warrants the existence, validity, or enforceability of the obligation.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.
{{NOTE: FORMER ART. 3312 REPEALED BY ACTS 1992, NO. 1132, §1, EFF. JAN. 1, 1993.}}