Louisiana Code of Civil Procedure 2332 – Appraisal
Terms Used In Louisiana Code of Civil Procedure 2332
- Appraisal: A determination of property value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
A. The property seized must be appraised according to law prior to the sale. However, when the property seized is subject to a mortgage, security agreement, or other document creating a privilege in which the debtor has waived the right to appraisal and the judgment recites that the right of the judgment creditor to enforce the judgment is limited to the collateral or security for the amount of such judgment, there shall be no requirement that the property seized be appraised prior to the sale. If a mortgage on immovable property contains a waiver of appraisal and is sought to be enforced under a writ of fieri facias and the plaintiff prays for a sale without appraisal, the sale shall be conducted without appraisal.
B. If the personal obligation is also secured by other mortgages or security interests not recognized in the judgment, the judicial sale of any property securing the personal obligation in accordance with Paragraph A shall not prevent the enforcement in rem of such other mortgages or security interests.
C. There is no requirement that collateral subject to a security interest under Chapter 9 of the Louisiana Commercial Laws be appraised prior to the sale.
Acts 1991, No. 377, §1, eff. Jan. 1, 1992; Acts 2001, No. 588, §1; Acts 2003, No. 1072, §1.