Louisiana Revised Statutes 19:112 – Encumbered property; distribution of price to creditors
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Terms Used In Louisiana Revised Statutes 19:112
- 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
- property: means immovable property, including servitudes and other rights in or to immovable property, and any electric light, gas or waterworks plants. See Louisiana Revised Statutes 19:101
Whenever any property encumbered with mortgages or privileges of any kind is expropriated pursuant to this Part, the property passes to the person expropriating it free and clear of all encumbrances. Any amount awarded pursuant to the provisions of this Part shall be paid into the court by which the expropriation is made and distributed to the mortgage and privileged creditors according to their priority.
Added by Acts 1977, No. 453, §1.