Louisiana Request for Cancellation by Licensed Financial Institution (MORTGAGE OR PRIVILEGE) La. R.S. 9:5172 is a law that provides for the cancellation of mortgages or privileges held by a licensed financial institution in Louisiana. This law allows licensed financial institutions, such as banks and credit unions, to request the cancellation of a mortgage or privilege they hold on real property. The cancellation can be requested for any reason, including nonpayment, foreclosure, or a change in the financial circumstances of the borrower. The two types of Louisiana Request for Cancellation by Licensed Financial Institution (MORTGAGE OR PRIVILEGE) La. R.S. 9:5172 are: 1. Mortgage Cancellation — This type of cancellation applies when a licensed financial institution holds a mortgage on a property located in Louisiana. The financial institution can request a cancellation of the mortgage when the borrower fails to make their payments or if the financial institution decides to foreclose on the property. 2. Privilege Cancellation — This type of cancellation applies when a licensed financial institution holds a privilege on a property located in Louisiana. This type of privilege is typically a lien held against the property and is used as collateral for a loan. The financial institution can request a cancellation of the privilege when the borrower fails to make their payments or if the financial institution decides to foreclose on the property.