Louisiana Partial Release by Financial Institution (La. R.S._9:5172) -_[PARTIAL RELEASE] is a statute that allows a financial institution to partially release a debt or obligation secured by a mortgage or other lien. It allows the financial institution to release the obligation or debt partially, instead of the entire amount. This statute allows the financial institution to obtain a partial release of the lien against the property, while still retaining the underlying mortgage or lien. There are two types of Louisiana Partial Release by Financial Institution (La. R.S._9:5172) -_[PARTIAL RELEASE], one is a Partial Release of Debt and the other is a Partial Release of Mortgage. A Partial Release of Debt allows the financial institution to release a certain portion of the debt and a Partial Release of Mortgage allows the financial institution to release a certain portion of the lien against the property.
Louisiana Partial Release by Financial Institution (La. R.S._9:5172) -_[PARTIAL RELEASE]
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FAQ
In Louisiana, the Napoleonic Code, or Civil Code, came from two Civil Law Countries, Spain and France. Because Spain and France were both owners of Louisiana at one time in history, the Napoleonic Code was created by taking some legal structures from both countries, making the melting pot of Louisiana Law today.
A lis pendens ? also called a notice of pendency of action ? is a special type of legal document filed with a county recorder.
A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that exists pertaining to the property.
Executory proceedings are those which are used to effect the seizure and sale of property, without previous citation and judgment, to enforce a mortgage or privilege thereon evidenced by an authentic act importing a confession of judgment, and in other cases allowed by law.
This doctrine is known as lis pendens and is codified in Article 531 of the Louisiana Code of Civil Procedure, which applies when two or more lawsuits are pending in the same or multiple Louisiana courts between the same parties in the same capacities on the same subject matter.
The petitioner may file a notice of lis pendens of the monition proceeding with the recorder of mortgages of the parish in which the property is located. A transfer, mortgage, lien, privilege, or other encumbrance filed after the filing of the notice of lis pendens shall not affect the property.
A declinatory exception is a species of dilatory exception.. Its function is to decline the jurisdiction of the court, e.g. for lis pendens, improper venue, improper service of process, or lack of personal or subject matter jurisdiction. This exception does not tend to defeat the action.