Louisiana Civil Code 3141 – Pledge defined
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Terms Used In Louisiana Civil Code 3141
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Pledge is a real right established by contract over property of the kind described in Article 3142 to secure performance of an obligation.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.