Louisiana Revised Statutes 37:1803 – Pledgor’s liability prohibited
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Terms Used In Louisiana Revised Statutes 37:1803
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Pawn transaction: means the lending of money on a deposit or pledge or taking other things into possession as security for money advanced. See Louisiana Revised Statutes 37:1782
- Things: means any property, movable and immovable, corporeal and incorporeal, and rights therein. See Louisiana Revised Statutes 37:1782
A pledgor shall have no obligation to redeem pledged things or make any payment on any pawn transaction.
Acts 1993, No. 391, §1, eff. Sept. 1, 1993.