Louisiana Revised Statutes 33:3427 – Transfer of assessments and notes to contractor
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Terms Used In Louisiana Revised Statutes 33:3427
- Lien: A claim against real or personal property in satisfaction of a debt.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
The assessments and the notes executed by the property owners may be transferred by the municipality, without recourse, to the contractor at their face value, and the contractor, or his transferees, shall enjoy the lien and privilege and all other rights provided in this Sub-part.