Louisiana Code of Civil Procedure 2341 – Sale when installment not due
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Terms Used In Louisiana Code of Civil Procedure 2341
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
When the seizing creditor has a security interest, mortgage, lien, or privilege on the property seized, for a debt of which all the installments are not due, he may demand that the property be sold for the entire debt, on the same terms for the payment of unmatured installments as provided in the original contract.
Acts 1989, No. 137, §18, eff. Sept. 1, 1989.