Louisiana Revised Statutes 9:5325 – Exclusions
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Terms Used In Louisiana Revised Statutes 9:5325
- Instrument: means any instrument, whether or not negotiable, which evidences the indebtedness of one or more persons. See Louisiana Revised Statutes 9:5321
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Rural Property: means a tract of land which is at least forty acres in area and from which at least seventy-five percent of the income derived is from agricultural or livestock purposes or mineral income and which is not located within the territorial limits of any incorporated municipality. See Louisiana Revised Statutes 9:5321
The provisions of this Part shall not apply to any instrument which is secured by a conventional mortgage on rural property if that instrument provides that it is a consumer credit transaction within the provisions of the Louisiana Consumer Credit Law, La. Rev. Stat. 9:3510 through La. Rev. Stat. 9:3568.
Added by Acts 1977, No. 251, §1.