Louisiana Revised Statutes 13:3885 – Chattel mortgage; adequate description; other security agreements; exception to exemption from seizure
Terms Used In Louisiana Revised Statutes 13:3885
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A person who has granted a chattel mortgage containing an adequate description pursuant to La. Rev. Stat. 9:5352 on property provided for in La. Rev. Stat. 13:3881(A)(2) or (4) may not claim an exemption from a seizure to enforce that mortgage. A minor technical error in description shall not render the description inadequate for purposes of this Section, if the description is otherwise adequate for identification of the property. In addition, a person granting a security interest under Chapter 9 of the Louisiana Commercial Laws (La. Rev. Stat. 10:9-101, et seq.) on property subject to La. Rev. Stat. 13:3881(A)(2) or (4) may not claim an exemption from a seizure to enforce that security interest.
Acts 1983, Act No. 56, §1; Acts 1989, No. 137, §8, eff. Sept. 1, 1989.