Term
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Definition
| Provides the seller automatic security in any immovable property sold on credit. |
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Term
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Definition
| A suretyship a conventional, consensual, accessory obligation by which a third party bindes himself to a creditor to fulfill the obligations of another |
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Term
| Requirements of a Suretyship |
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Definition
1. In wiring - AUPS, Must be signed by surety
1. Express - from the 4 corners, expressly commit to future oblgiations |
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Term
| When a surety pays the creditor, what rights do they have against the principal obligor? |
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Definition
Reimbursement and subrogation
-Subrogated to amt paid to creditor
-Debt must be due and owing (exigible) |
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Term
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Definition
| K b which one debtor give something to his creditor as security for his debt. |
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Term
| When is a vendor's privilege created? |
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Definition
| The vendor sold the estate for the payment of the price or so much of it as is unpaid, with or without credit. |
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Term
| Requirements for a Vendor's privilege |
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Definition
1. Must record the act of sale in the mortgage records.
2. The act of sale must reflect that there is a sum due. |
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Term
| When is a vendor's privilege valid against 3rd parties? |
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Definition
| From the date the act of sale is recorded. |
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Term
| How long does the Vendor have to record the act of sale reflecting the vendee's indebtedness, in order to get a retroactive rank? |
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Definition
7 days
15 days if filed in a different parish then where the ppty is located |
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Term
| Does a vender's privilege prime a conventional mortgage? |
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Definition
| No, if the conventional mortgage is created prior to the vendor's lien, the conv. mort will be ranked ahead of the vendor's priv. |
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Term
| Does a vender's privilege prime a judicial mortgage? |
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Definition
| Yes, even those created prior to the vendor's priv. |
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Term
| Requirements for a conventional mortgage |
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Definition
1. In writing
2. State precisely the nature and situation of the immovables or other property over which it is granted. |
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Term
| Definition of a Mortgage? |
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Definition
Non-possessory
Indivisible Real right
accessory |
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Term
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Definition
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Term
| What is a conventional mortgage? |
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Definition
| Special mortgage that burden only specified property of the mortgagor |
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Term
| What is a judicial mortgage? |
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Definition
| A general mortgage (burdens all present and future ppty) and established by law to secure a judgment |
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Term
| What is an ordinary mortgage? |
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Definition
| conv. mort that secures a single notewith the note representing a loan for money advanced at the of creation |
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Term
| Difference between Future Advance Mort pre and post 1991? |
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Definition
Pre-1991 - secured an advance of monies to be made in the future (barrel--> pocket)
Post-1991 - fluctuating line of credit. (barrel-->barrel) |
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Term
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Definition
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Term
| How is a judicial mortgage created? |
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Definition
| By filing the judgement with the recorder of mortgages |
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Term
| How long to file a Vendor's privilege? |
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Definition
| Has priority if filed 7 from the date of the act of credit sale, 15 if in the recorded in a different parish |
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Term
| How long do the effects of a judicial mortgage last? |
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Definition
| 10 years form the date of judgement, then the money judgement must be revived |
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Term
| What does a real right mean? |
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Definition
| It does not create personal liability |
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Term
| When does prescription of a judicial mortgage run? |
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Definition
| 10 years form the date of signing |
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Term
| How long is Rx for a promissory note? |
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Definition
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Term
| If a prom. notes is given for the price in a vendor's privilege |
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Definition
| the right of dissolution expires with the expiration of the prom note. |
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Term
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Definition
| In order for mortgage to effective, it has to be be recorded in the correct regsitry |
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Term
| What sec devices cannot be Establishmeed by K? |
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Definition
| Privlege are only created by law. |
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Term
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Definition
| An ordinary surety ship is one where there is a single note due. It is a conventional mortgage. |
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Term
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Definition
| Burden both present and future prop. They do not require a property description. Judicial and legal mortgage are general |
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Term
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Definition
is an "in-rem mortgage". In rem means that it does not create personal liability. Thus there is no recourse against the debtor personally. The C and D agree that the debtor lable up to the amount of the value of the ppt. the C agrees not to proceeds against the D personally.
occurs when the mortgagor is no the principal debtor |
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Term
| What is a third possessor? |
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Definition
| A party who buys ppty that is already encumbered with a mort or a privlege but is not personally bound by it. |
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Term
| What are the rights of a third party possessor? |
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Definition
1. if performs the mort then is subrogated to the rights of the olbigee
2. Discussion is avilable
3. Reimbursement for impprobment sif the ppty is seized and sold |
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Term
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Definition
| The seller retains title until the buyer pays in full but the buyer is in poss of the ppty. Once the buyer pays in full the title will be transferred |
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Term
| A sale with the right of redemption? |
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Definition
A sale subject to the resolutory condition that if the buyer does not pay within the 10 year period, the seller will take the ppty back.
Must be recorded in the act of sale, occurence does not. |
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Term
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Definition
| a Contract of security typically to evade the rule of mortgage. If the court finds the true intent was to make a K of security the ROR will be disregarded |
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Term
| Can a creditor sell a mortgage |
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Definition
| No, mortgage is an accessory right and cannot be sold. Can be transerred if the princiapl obligation is transferred as as well. |
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Term
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Definition
| To Identify the mortgage. This is no longer required. |
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