Louisiana Revised Statutes 13:4103 – Executory process against mortgaged corporation property; proof of authority to execute mortgage
Terms Used In Louisiana Revised Statutes 13:4103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Governing body: means the board or body in which the bond issuing power of a governmental unit is vested. See Louisiana Revised Statutes 13:5121
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. The following shall be deemed to constitute authentic evidence for purposes of an executory proceeding to enforce a mortgage, chattel mortgage, or other security agreement against a corporate debtor:
(1) The consent of the shareholders evidenced as provided in La. Rev. Stat. 12:76 authorizing or ratifying the granting of such a mortgage, chattel mortgage, or other security agreement.
(2) An extract of the minutes of the meeting of the board of directors or other governing body of the corporation, or a written consent by the shareholders or directors of the corporation, signed and certified by the corporate secretary or any assistant secretary, setting forth the resolution or resolutions authorizing or ratifying the granting of such a mortgage or other security agreement or security interest, whether the specific transaction, mortgage, or security agreement or security interest is described with particularity, or more general authority is granted or ratified.
(3) A photocopy of the extract of minutes provided in Subsection (2) above, certified either by:
(a) A notary before whom the mortgage, chattel mortgage, or other security agreement was passed or acknowledged, or
(b) By the custodian of notarial archives for the parish of Orleans if the mortgage, chattel mortgage, or other security agreement, together with a certified copy of the extract of minutes, has been recorded in Orleans Parish, or by the clerk of the district court of any other parish in which the mortgage, chattel mortgage, or other security agreement, together with a certified copy of the extract of minutes, has been recorded.
B. The right of an interested party to question or attack the authority of the purported officer or agent to execute the mortgage is not affected in any manner by the provisions of this Section.
Amended by Acts 1960, No. 32, §1, eff. Jan. 1, 1961; Acts 1974, No. 254, §1; Acts 1982, No. 177, §1; Acts 1986, No. 489, §1; Acts 1991, No. 377, §5, eff. Jan. 1, 1992; Acts 1993, No. 948, §4, eff. June 25, 1993.