Louisiana Revised Statutes 9:5528 – Effect of filing; rights and privileges retained
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 9:5528
- Builder: means the person undertaking or contracting to build a ship pursuant to a contract or otherwise. See Louisiana Revised Statutes 9:5522
- Materials: means all materials (other than piping, cables, fittings, and other materials taken out of builder's stock), all items of machinery, and all items of equipment (other than equipment taken out of builder's stock) which are purchased or acquired for use in the construction of the ship, which will, when so used, form a part of the ship and which have been delivered to the shipyard. See Louisiana Revised Statutes 9:5522
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Ship: means a tug, pushboat, pullboat, barge, dredge, or other vessel or watercraft of more than fifty tons gross weight to be constructed within the state of Louisiana. See Louisiana Revised Statutes 9:5522
Every mortgage of a ship shall be effective as against third persons from the time of filing in the proper offices, and the filing shall be notice to all parties of the existence of the mortgage, which shall be superior in rank to any privilege or preference arising subsequent thereto, but nothing contained in this Chapter shall affect any rights or privileges granted by law to sellers, laborers, and suppliers of materials in the construction of the ship or to the builder.
Added by Acts 1975, No. 368, §1.