Louisiana Code of Civil Procedure 2632 – Act importing a confession of judgment
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Code of Civil Procedure 2632
- 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.
An act evidencing a mortgage or privilege imports a confession of judgment when the obligor therein acknowledges the obligation secured thereby, whether then existing or to arise thereafter, and confesses judgment thereon if the obligation is not paid at maturity.