Louisiana Revised Statutes 6:965 – Scope and definitions
Terms Used In Louisiana Revised Statutes 6:965
- Default: means nonpayment of two consecutive payments on the date due. See Louisiana Revised Statutes 6:965
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. This Chapter may be cited as the “Additional Default Remedies Act”.
B. This Chapter provides additional remedies on default by the debtor under a secured transaction under Chapter 9 of the Louisiana Commercial Laws, La. Rev. Stat. 10:9-101 et seq., La. Rev. Stat. 9:5351 et seq., La. Rev. Stat. 9:5367 et seq., and La. Rev. Stat. 32:701 et seq., as applicable, entitling the secured party to obtain possession and dispose of the collateral as provided herein. These remedies shall be in addition to all other remedies applicable to nonpossessory security interests affecting collateral in which a security interest or chattel mortgage, as applicable, has been granted, which shall remain available and in full force and effect in their entirety.
C. As used in this Chapter, the following terms have the following meanings:
(1) “Breach of peace” shall include but not be limited to the following:
(a) Unauthorized entry by a repossessor into a closed dwelling, whether locked or unlocked.
(b) Oral protest by a debtor to the repossessor against repossession prior to the repossessor seizing control of the collateral shall constitute a breach of the peace by the repossessor.
(2) “Collateral” shall refer to “motor vehicles” and “motorcycles” and has the meanings set forth in La. Rev. Stat. 32:1252.
(3) “Debtor” shall have the meaning set forth in La. Rev. Stat. 10:9-102(a).1
(4) “Default” means nonpayment of two consecutive payments on the date due. In the event that payments are required to be made more frequently than on a monthly basis, “default” shall mean nonpayment for a period of sixty days.
(5) “Secured party” shall have the meaning set forth in La. Rev. Stat. 10:9-102(a) and shall also mean a lessor of a motor vehicle as defined in La. Rev. Stat. 9:3306.
D. Repealed by Acts 2010, No. 519, §1.
Acts 1992, No. 235, §1, eff. Jan. 1, 1993; Acts 1993, No. 927, §1; Acts 2001, No. 943, §1; Acts 2004, No. 191, §1, eff. Jan. 1, 2005; Acts 2010, No. 519, §1; Acts 2016, No. 205, §1.
1See La. Rev. Stat. 10:9-102(a)(28), Acts 2001, No. 128.