Louisiana Revised Statutes 51:486 – Passage of title; right of possession
Terms Used In Louisiana Revised Statutes 51:486
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The payment required by the agent under this Part shall be due within sixty days after shipment of such items, and upon such payment or allowance of credit to the dealer’s account of the sum required by La. Rev. Stat. 51:484 and 485, the title to the equipment, implements, machinery, attachments or repair parts shall pass to the agent making the payment or allowing the credit, and the agent shall be entitled to the possession of the engines, equipment, implements, machinery, attachments, or repair parts. However, this shall not in any way affect any mortgage or privilege which the agent may have on the inventory of the dealer. The date of cancellation or termination shall be the date the agent receives written notice from the dealer or the dealer receives written notice from the agent.
Acts 1991, No. 627, §1.