Louisiana Code of Civil Procedure 2379 – Rights of buyer in case of eviction
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Terms Used In Louisiana Code of Civil Procedure 2379
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
The purchaser who has been evicted from property sold under a writ of fieri facias shall have his recourse for reimbursement against the judgment debtor and the seizing creditor. If judgment is obtained against both, the purchaser shall issue execution first against the judgment debtor, and if his judgment remains unsatisfied, he may issue execution against the seizing creditor. The purchaser’s right of reimbursement against the seizing creditor shall be limited to the value received by the seizing creditor from the sheriff’s sale conducted to sell the property under the writ of fieri facias.
Acts 2012, No. 19, §1.