Louisiana Civil Code 3278 – Mortgage defined
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Terms Used In Louisiana Civil Code 3278
- 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.
Mortgage is a nonpossessory right created over property to secure the performance of an obligation.
Acts 1991, No. 652, §1, eff. Jan. 1, 1992.