Louisiana Civil Code

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CHAPTER 3 - JUDICIAL AND LEGAL MORTGAGES

Art. 3299. A judicial mortgage secures a judgment for the payment of money. A legal mortgage secures an obligation specified by the law that provides for the mortgage. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3300. A judicial mortgage is created by filing a judgment with the recorder of mortgages. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3301. A legal mortgage is created by complying with the law providing for it. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3302. Judicial and legal mortgages burden all the property of the obligor that is made susceptible of mortgage by Paragraphs 1 through 4 of Article 3286 or that is expressly made subject to judicial or legal mortgage by other law. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3303. Judicial and legal mortgages are general mortgages. They are established over property that the obligor owns when the mortgage is created and over future property of the obligor when he acquires it. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3304. A judicial mortgage is not affected or suspended by a suspensive appeal or stay of execution of the judgment. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3305. The filing of an authenticated copy of a judgment of a court of a jurisdiction foreign to this state, such as the United States, another state, or another country, creates a judicial mortgage only when so provided by special legislation, or when accompanied by a certified copy of a judgment or order of a Louisiana court recognizing it and ordering it executed according to law.

In all other cases the judgment of a court of a jurisdiction foreign to this state creates a judicial mortgage only when a Louisiana court has rendered a judgment making the foreign judgment the judgment of the Louisiana court, and the Louisiana judgment has been filed in the same manner as other judgments. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3306. A judicial mortgage burdens the property of the judgment debtor only and does not burden other property of his heirs or legatees who have accepted his succession. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

 

CHAPTER 4 - THE EFFECT AND RANK OF MORTGAGES

Art. 3307. A mortgage has the following effects:

(1) Upon failure of the obligor to perform the obligation secured by the mortgage, the mortgagee may cause the mortgaged property to be seized and sold in the manner provided by law and have the proceeds applied toward the satisfaction of the obligation.

(2) The mortgaged property may not be transferred or encumbered to the prejudice of the mortgage.

(3) The mortgagee is preferred to the unsecured creditors of the mortgagor and to others whose rights become effective after the mortgage becomes effective as to them. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Arts. 3308-3310. [Repealed. Acts 2005, No. 169, §8, eff. July 1, 2006]

Art. 3311. In the absence of contrary agreement, the proceeds realized from enforcement of the mortgage shall be apportioned among several obligations secured by the mortgage in proportion to the amount owed on each at the time of enforcement. [Acts 1992, No. 1132, §§2, eff. Jan. 1, 1993]

Art. 3312. A transfer of an obligation secured by a mortgage includes the transfer of the mortgage. In such a case, the transferor warrants the existence, validity and enforceability of the mortgage only to the extent that he warrants the existence, validity, or enforceability of the obligation. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3313. A transferor of part of an obligation secured by a mortgage does not subordinate his rights to those of the transferee with respect to the portion of the mortgaged obligation he retains. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3314. [Repealed. Acts 2005, No. 169, §8, eff. July 1, 2006]

 

CHAPTER 5 - THIRD POSSESSORS

Art. 3315. A third possessor is one who acquires mortgaged property and who is not personally bound for the obligation the mortgage secures. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3316. The deteriorations, which proceed from the deed or neglect of the third possessor to the prejudice of the creditors who have a privilege or a mortgage, give rise against the former to an action of indemnification. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3317. A third possessor who performs the obligation secured by the mortgage is subrogated to the rights of the obligee. In such a case, the mortgage is not extinguished by confusion as to other mortgages, privileges, or charges burdening the mortgaged property when the third possessor acquired the mortgaged property and for which he is not personally bound. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]

Art. 3318. A third possessor may recover the cost of any improvements he has made to the property to the extent the improvements have enhanced the value of the property, out of the proceeds realized from enforcement of the mortgage, after the mortgagee has received the unenhanced value of the property. [Acts 1992, No. 1132, §2, eff. Jan. 1, 1993]