Louisiana Revised Statutes 9:5167.2 – Cancellation of mortgage inscription
Terms Used In Louisiana Revised Statutes 9:5167.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
A. A mortgagee servicing agent or any holder of the note shall execute and deliver sufficient acceptable documentation, including the original note or notes, and instructions regarding the cancellation of mortgage inscriptions to the mortgagor or the mortgagor’s designated agent within sixty days after the date of receipt of full payment of the balance owed on the debt secured by the mortgage in accordance with a payoff statement. The payoff statement shall be furnished by the mortgagee or its mortgage servicer.
B. The provisions of this Section shall apply only to residential mortgages, where a mortgage has been granted by a consumer on one-to-four family residential immovable property, including a mortgage to finance the initial construction of the one-to-four family residential immovable property.
C. This Section shall not apply to collateral mortgages as defined in La. Rev. Stat. 9:5550 nor to mortgages to secure future advances as defined in Civil Code Article 3298.
Acts 2003, No. 494, §1; Acts 2004, No. 294, §1.