Louisiana Civil Code 2023 – Security for performance
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Terms Used In Louisiana Civil Code 2023
- 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.
If the situation of a party, financial or otherwise, has become such as to clearly endanger his ability to perform an obligation, the other party may demand in writing that adequate security be given and, upon failure to give that security, that party may withhold or discontinue his own performance.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.