Louisiana Civil Code 3316 – Liability of third possessor
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Terms Used In Louisiana Civil Code 3316
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The deteriorations, which proceed from the deed or neglect of the third possessor to the prejudice of the creditors who have a privilege or a mortgage, give rise against the former to an action of indemnification.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.