Terms Used In Louisiana Revised Statutes 37:1803

  • 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.
  • Pawn transaction: means the lending of money on a deposit or pledge or taking other things into possession as security for money advanced. See Louisiana Revised Statutes 37:1782
  • Things: means any property, movable and immovable, corporeal and incorporeal, and rights therein. See Louisiana Revised Statutes 37:1782

A pledgor shall have no obligation to redeem pledged things or make any payment on any pawn transaction.

Acts 1993, No. 391, §1, eff. Sept. 1, 1993.