Title 10, Commercial Laws
0 chapters · 458 sections in this title.
La. Rev. Stat. § 10:5-115 Statute of limitations
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§5-115. Statute of limitations An action to enforce a right or obligation arising under this Chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later, except an actio…
La. Rev. Stat. § 10:5-116 Choice of law and forum
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§5-116. Choice of law and forum (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed by the affected parties or by a provision in the person's letter of…
La. Rev. Stat. § 10:5-117 Subrogation of issuer, applicant, and nominated person
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§5-117. Subrogation of issuer, applicant, and nominated person (a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary a…
La. Rev. Stat. § 10:5-118 Security interest of issuer or nominated person
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§5-118. Security interest of issuer or nominated person (a) An issuer or nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral to the extent that the issuer or nominated person honors or gives val…
La. Rev. Stat. § 10:7-101 Short title
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§7-101. Short title This Chapter may be cited as Uniform Commercial Code -- Documents of Title. Added by Acts 1978, No. 164, §1, eff. Jan. 1, 1979; Acts 2006, No. 533, §6; Acts 2009, No. 207, §3, eff. Jan. 1, 2010.
La. Rev. Stat. § 10:7-102 Definitions and index of definitions
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§7-102. Definitions and index of definitions (a) In this Chapter, unless the context otherwise requires: (1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. "Bailor" me…
La. Rev. Stat. § 10:7-103 Relation of Chapter to treaty or statute
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§7-103. Relation of Chapter to treaty or statute (a) This Chapter is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable. (b) This Chapter shall not modify or repeal any l…
La. Rev. Stat. § 10:7-104 Negotiable and nonnegotiable document of title
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§7-104. Negotiable and nonnegotiable document of title (a) Except as otherwise provided in Subsection (c) of this Section, a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. (b) A document of title other th…
La. Rev. Stat. § 10:7-105 Reissuance in alternative medium
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§7-105. Reissuance in alternative medium (a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if: (1) The person entitled under the ele…
La. Rev. Stat. § 10:7-106 Control of electronic document of title
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§7-106. Control of electronic document of title (a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was…
La. Rev. Stat. § 10:7-201 Person that may issue a warehouse receipt; storage under bond
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§7-201. Person that may issue a warehouse receipt; storage under bond (a) A warehouse receipt may be issued by any warehouse. (b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for th…
La. Rev. Stat. § 10:7-202 Form of warehouse receipt; effect of omission
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§7-202. Form of warehouse receipt; effect of omission (a) A warehouse receipt need not be in any particular form. (b) Unless a warehouse receipt contains each of the following, the warehouse is liable for damages caused to a person injured by its omission: (1) A statement of the …
La. Rev. Stat. § 10:7-203 Liability for nonreceipt or misdescription
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§7-203. Liability for nonreceipt or misdescription A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or mi…
La. Rev. Stat. § 10:7-204 Duty of care; contractual limitation of warehouse's liability
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§7-204. Duty of care; contractual limitation of warehouse's liability (a) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstanc…
La. Rev. Stat. § 10:7-205 Title under warehouse receipt defeated in certain cases
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§7-205. Title under warehouse receipt defeated in certain cases A buyer in ordinary course of business of fungible goods sold and actually delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse re…
La. Rev. Stat. § 10:7-206 Termination of storage at warehouse's option
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§7-206. Termination of storage at warehouse's option (a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at…
La. Rev. Stat. § 10:7-207 Goods must be kept separate; fungible goods
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§7-207. Goods must be kept separate; fungible goods (a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible …
La. Rev. Stat. § 10:7-208 Altered warehouse receipts
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§7-208. Altered warehouse receipts If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration lea…
La. Rev. Stat. § 10:7-209 Lien of warehouse
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§7-209. Lien of warehouse (a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, la…
La. Rev. Stat. § 10:7-210 Enforcement of warehouse's lien
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§7-210. Enforcement of warehouse's lien (a) Except as otherwise provided in Subsection (b) of this Section, a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, a…
La. Rev. Stat. § 10:7-301 Liability for nonreceipt or misdirection; "said to contain"; "shipper's weight, load, and count"; improper handling
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§7-301. Liability for nonreceipt or misdirection; "said to contain"; "shipper's weight, load, and count"; improper handling (a) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, rely…
La. Rev. Stat. § 10:7-302 Through bills of lading and similar documents of title
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§7-302. Through bills of lading and similar documents of title (a) The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier is liable to any person entitled to re…
La. Rev. Stat. § 10:7-303 Diversion; reconsignment; change of instructions
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§7-303. Diversion; reconsignment; change of instructions (a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on in…
La. Rev. Stat. § 10:7-304 Tangible bills of lading in a set
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§7-304. Tangible bills of lading in a set (a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this Subsection. (b) If a tangible bill of lading is lawfully …
La. Rev. Stat. § 10:7-305 Destination bills
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§7-305. Destination bills (a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (b) Upon request of any perso…
La. Rev. Stat. § 10:7-306 Altered bills of lading
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§7-306. Altered bills of lading An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor. Added by Acts 1978, No. 164, §1, eff. Jan. 1, 1979; Acts 2009, No. 207, §3, eff. Jan. 1, 2010.
La. Rev. Stat. § 10:7-307 Lien of carrier
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§7-307. Lien of carrier (a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for…
La. Rev. Stat. § 10:7-308 Enforcement of carrier's lien
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§7-308. Enforcement of carrier's lien (a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in th…
La. Rev. Stat. § 10:7-309 Duty of care; contractual limitation of carrier's liability
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§7-309. Duty of care; contractual limitation of carrier's liability (a) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumsta…
La. Rev. Stat. § 10:7-401 Irregularities in issue of receipt or bill or conduct of issuer
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§7-401. Irregularities in issue of receipt or bill or conduct of issuer The obligations imposed by this Chapter on an issuer apply to a document of title even if: (1) The document does not comply with the requirements of this Chapter or of any other statute, rule, or regulation r…
La. Rev. Stat. § 10:7-402 Duplicate document of title; overissue
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§7-402. Duplicate document of title; overissue A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading…
La. Rev. Stat. § 10:7-403 Obligation of bailee to deliver; excuse
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§7-403. Obligation of bailee to deliver; excuse (a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with Subsections (b) and (c), unless and to the extent that the bailee establishes any of the following: (1) Delivery of the …
La. Rev. Stat. § 10:7-404 No liability for good faith delivery pursuant to document of title
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§7-404. No liability for good faith delivery pursuant to document of title A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this Chapter is not liable for the goods even if…
La. Rev. Stat. § 10:7-501 Form of negotiation and requirements of due negotiation
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§7-501. Form of negotiation and requirements of due negotiation (a) The following rules apply to a negotiable tangible document of title: (1) If the document's original terms run to the order of a named person, the document is negotiated by the named person's endorsement and deli…
La. Rev. Stat. § 10:7-502 Rights acquired by due negotiation
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§7-502. Rights acquired by due negotiation (a) Subject to R.S. 10:7-205 and R.S. 10:7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (1) Title to the document; (2) Title to the goods; (3) All rights accruing under the law of repre…
La. Rev. Stat. § 10:7-503 Document of title to goods defeated in certain cases
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§7-503. Document of title to goods defeated in certain cases (a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not: (1) Deliver or entrust the goo…
La. Rev. Stat. § 10:7-504 Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery
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§7-504. Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery (a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its …
La. Rev. Stat. § 10:7-505 Endorser not a guarantor for other parties
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§7-505. Endorser not a guarantor for other parties The endorsement of a tangible document of title issued by a bailee does not make the endorser liable for any default by the bailee or previous endorsers. Added by Acts 1978, No. 164, §1, eff. Jan. 1, 1979; Acts 2009, No. 207, §3,…
La. Rev. Stat. § 10:7-506 Delivery without endorsements; right to compel endorsement
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§7-506. Delivery without endorsements; right to compel endorsement The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary endorsement, but the transfer becomes a negotiation only as of the time th…
La. Rev. Stat. § 10:7-507 Warranties on negotiation or delivery of document of title
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§7-507. Warranties on negotiation or delivery of document of title If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under R.S. 10:7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or …
La. Rev. Stat. § 10:7-508 Warranties of collecting bank as to documents of title
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§7-508. Warranties of collecting bank as to documents of title A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents' warrants by the delivery of the do…
La. Rev. Stat. § 10:7-509 Adequate compliance with commercial contract
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§7-509. Adequate compliance with commercial contract Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by law other than this Chapter. Added by Acts 1978, No. 164,…
La. Rev. Stat. § 10:7-601 Lost, stolen, or destroyed documents of title
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§7-601. Lost, stolen, or destroyed documents of title (a) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document w…
La. Rev. Stat. § 10:7-602 Judicial process against goods covered by negotiable document of title
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§7-602. Judicial process against goods covered by negotiable document of title Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in …
La. Rev. Stat. § 10:7-603 Conflicting claims; concursus
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§7-603. Conflicting claims; concursus If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for concursus. The bailee …
La. Rev. Stat. § 10:7-604 Fraud through the use of a document of title
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§7-604. Fraud through the use of a document of title The offense of fraud through the use of a document of title is defined as: (1)(a) Issuing or aiding in issuing a warehouse receipt knowing that the goods for which the receipt is issued have not been actually received by the is…
La. Rev. Stat. § 10:8-101 Short title
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§8-101. Short title This Chapter may be cited as Uniform Commercial Code--Investment Securities. Added by Acts 1978, No. 165, §1, eff. Jan. 1, 1979; Acts 1995, No. 884, §1, eff. Jan. 1, 1996.
La. Rev. Stat. § 10:8-102 Definitions and index of definitions
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§8-102. Definitions and index of definitions (a) In this Chapter: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financi…
La. Rev. Stat. § 10:8-103 Rules for determining whether certain obligations and interests are securities or
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§8-103. Rules for determining whether certain obligations and interests are securities or financial assets (a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (b) An "investment company security" is…
La. Rev. Stat. § 10:8-104 Acquisition of security or financial asset or interest therein
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§8-104. Acquisition of security or financial asset or interest therein (a) A person acquires a security or an interest therein, under this Chapter, if: (1) the person is a purchaser to whom a security is delivered pursuant to R.S. 10:8-301; or (2) the person acquires a security e…