Louisiana Revised Statutes 9:2947 – Penalty for violations
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Terms Used In Louisiana Revised Statutes 9:2947
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Any person who sells by bond for deed contract any real property encumbered by mortgage or privilege without first obtaining and recording the guarantee required by La. Rev. Stat. 9:2942, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.
Any seller in a bond for deed contract of property encumbered with a mortgage or privilege, who requires promissory notes to represent the purchase price or any portion thereof, shall be fined not more than one thousand dollars, or imprisoned for not more than six months, or both.