Louisiana Code of Civil Procedure 2702 – Rights of third person who has acquired property and assumed indebtedness
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Terms Used In Louisiana Code of Civil Procedure 2702
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
When property sold or otherwise alienated by the original debtor or his legal successor has been seized and is about to be sold under executory process, a person who has acquired the property and assumed the indebtedness secured by the mortgage or privilege thereon may:
(1) Pay the balance due on the indebtedness, in principal, interest, attorney’s fees, and costs; or
(2) Arrest the seizure and sale on any of the grounds mentioned in Article 2751.