Louisiana Code of Civil Procedure 2723 – Appraisal of property, unless waived
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Terms Used In Louisiana Code of Civil Procedure 2723
- Appraisal: A determination of property value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
Prior to the sale, the property seized must be appraised in accordance with law, unless appraisal has been waived in the act evidencing the mortgage, the security agreement, or the document creating the privilege and plaintiff has prayed that the property be sold without appraisal, and the order directing the issuance of the writ of seizure and sale has directed that the property be sold as prayed for. There is no requirement that seized property subject to a security interest under Chapter 9 of the Louisiana Commercial Laws (R.S. 10:9-101, et seq.), be appraised prior to the judicial sale thereof.
Acts 1989, No. 137, §18, eff. Sept. 1, 1989.