Louisiana Civil Code 3311 – Mortgage securing several obligations
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Terms Used In Louisiana Civil Code 3311
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In the absence of contrary agreement, the proceeds realized from enforcement of the mortgage shall be apportioned among several obligations secured by the mortgage in proportion to the amount owed on each at the time of enforcement.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.
{{NOTE: FORMER ART. 3311 REPEALED BY ACTS 1992, NO. 1132, §1, EFF. JAN. 1, 1993.