Louisiana Revised Statutes 9:4884 – When the privilege is established and when it is extinguished
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Terms Used In Louisiana Revised Statutes 9:4884
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. A privilege given by this Subpart is established and is effective as to a third person when the obligation it secures is incurred.
B. The privilege is extinguished:
(1) Upon extinction of the obligation it secures.
(2) By written consent of the person in whose favor the privilege exists.
(3) As otherwise provided in this Subpart.
Acts 1997, No. 1040, §1.