Louisiana Civil Code 3161 – Performance by obligor of a pledged obligation
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Terms Used In Louisiana Civil Code 3161
- 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.
A third person obligated on a pledged obligation is bound to render performance to the pledgee only from the time that the pledgor or pledgee notifies him of the pledge and directs him in writing to render performance to the pledgee. Performance that the third person renders to the pledgor before that time extinguishes the pledged obligation and is effective against the pledgee.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.