Louisiana Civil Code 3315 – Third possessor defined
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Terms Used In Louisiana Civil Code 3315
- 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.
A third possessor is one who acquires mortgaged property and who is not personally bound for the obligation the mortgage secures.
Acts 1992, No. 1132, §2, eff. Jan. 1, 1993.
{{NOTE: FORMER ART. 3315 REPEALED BY ACTS 1992, NO. 1132, §1, EFF. JAN. 1, 1993.}}