Louisiana Revised Statutes 37:3104 – Exclusions
Terms Used In Louisiana Revised Statutes 37:3104
- Auctioneer: means any person who, for another, with or without receiving or collecting a fee, commission, or other valuable consideration, sells or offers to sell property at an auction. See Louisiana Revised Statutes 37:3103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Personal property: All property that is not real property.
- Property: means any property, tangible and intangible, real, personal, or mixed. See Louisiana Revised Statutes 37:3103
- Secured party: means a person holding a security interest. See Louisiana Revised Statutes 37:3103
- Trustee: A person or institution holding and administering property in trust.
The provisions of this Chapter shall not apply to the following:
(1) A sale conducted by order of any United States Court pursuant to Title 11 of the United States Code relating to bankruptcy.
(2) A sale conducted by an employee of the United States or the state of Louisiana or its political subdivisions in the course and scope of his employment.
(3) A sale conducted by a charitable or nonprofit organization.
(4) A sale conducted by an individual of his own property if such individual is not engaged in the business of selling such property as an auctioneer on a regular basis.
(5) A foreclosure sale of realty conducted personally by a trustee under a recorded deed of trust.
(6) A foreclosure sale of personal property conducted personally by the mortgagee or other secured party or an employee of such mortgagee or other secured party acting in the course and scope of his employment under a recorded chattel mortgage or other security or agreement.
(7) A sale conducted by sealed bid.
Added by Acts 1983, No. 508, §5.