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Security Rights
Barbri Louisiana Bar
38
Law
Professional
04/22/2013

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Cards

Term
Vendor's Privilege
Definition
Provides the seller automatic security in any immovable property sold on credit.
Term
What is a suretyship?
Definition
A suretyship a conventional, consensual, accessory obligation by which a third party bindes himself to a creditor to fulfill the obligations of another
Term
Requirements of a Suretyship
Definition
1. In wiring - AUPS, Must be signed by surety
1. Express - from the 4 corners, expressly commit to future oblgiations
Term
When a surety pays the creditor, what rights do they have against the principal obligor?
Definition
Reimbursement and subrogation
-Subrogated to amt paid to creditor
-Debt must be due and owing (exigible)
Term
What is pledge?
Definition
K b which one debtor give something to his creditor as security for his debt.
Term
When is a vendor's privilege created?
Definition
The vendor sold the estate for the payment of the price or so much of it as is unpaid, with or without credit.
Term
Requirements for a Vendor's privilege
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.
Term
When is a vendor's privilege valid against 3rd parties?
Definition
From the date the act of sale is recorded.
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?
Definition
7 days
15 days if filed in a different parish then where the ppty is located
Term
Does a vender's privilege prime a conventional mortgage?
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.
Term
Does a vender's privilege prime a judicial mortgage?
Definition
Yes, even those created prior to the vendor's priv.
Term
Requirements for a conventional mortgage
Definition
1. In writing
2. State precisely the nature and situation of the immovables or other property over which it is granted.
Term
Definition of a Mortgage?
Definition
Non-possessory
Indivisible Real right
accessory
Term
3 Types of Mortgages
Definition
Coventional
Legal
Judicial
Term
What is a conventional mortgage?
Definition
Special mortgage that burden only specified property of the mortgagor
Term
What is a judicial mortgage?
Definition
A general mortgage (burdens all present and future ppty) and established by law to secure a judgment
Term
What is an ordinary mortgage?
Definition
conv. mort that secures a single notewith the note representing a loan for money advanced at the of creation
Term
Difference between Future Advance Mort pre and post 1991?
Definition
Pre-1991 - secured an advance of monies to be made in the future (barrel--> pocket)
Post-1991 - fluctuating line of credit. (barrel-->barrel)
Term
Collateral Mortgage
Definition
3rd type of conv. mort.
Term
How is a judicial mortgage created?
Definition
By filing the judgement with the recorder of mortgages
Term
How long to file a Vendor's privilege?
Definition
Has priority if filed 7 from the date of the act of credit sale, 15 if in the recorded in a different parish
Term
How long do the effects of a judicial mortgage last?
Definition
10 years form the date of judgement, then the money judgement must be revived
Term
What does a real right mean?
Definition
It does not create personal liability
Term
When does prescription of a judicial mortgage run?
Definition
10 years form the date of signing
Term
How long is Rx for a promissory note?
Definition
5 years
Term
If a prom. notes is given for the price in a vendor's privilege
Definition
the right of dissolution expires with the expiration of the prom note.
Term
Wede Case Holding
Definition
In order for mortgage to effective, it has to be be recorded in the correct regsitry
Term
What sec devices cannot be Establishmeed by K?
Definition
Privlege are only created by law.
Term
Oridnary s/ship
Definition
An ordinary surety ship is one where there is a single note due. It is a conventional mortgage.
Term
General mortgage
Definition
Burden both present and future prop. They do not require a property description. Judicial and legal mortgage are general
Term
A non-recourse mortgage
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
Term
What is a third possessor?
Definition
A party who buys ppty that is already encumbered with a mort or a privlege but is not personally bound by it.
Term
What are the rights of a third party possessor?
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
Term
What is bond for deed?
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
Term
A sale with the right of redemption?
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.
Term
What is a pignorative K?
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
Term
Can a creditor sell a mortgage
Definition
No, mortgage is an accessory right and cannot be sold. Can be transerred if the princiapl obligation is transferred as as well.
Term
Pupose of paraphing?
Definition
To Identify the mortgage. This is no longer required.
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