Louisiana Revised Statutes 9:5132 – Designation in mortgage
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Terms Used In Louisiana Revised Statutes 9:5132
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
The parties to a mortgage of a mineral right may designate the keeper of property to be appointed as provided by La. Rev. Stat. 9:5131 by expressly naming or identifying the person who is to serve as keeper or by describing the method by which he is to be selected. The parties may designate the mortgagee or his agent as the keeper or permit the mortgagee to name the keeper at the time the seizure is effected.
Added by Acts 1974, No. 546, §1, eff. Jan. 1, 1975.