Title 10, Commercial Laws
0 chapters · 458 sections in this title.
La. Rev. Stat. § 10:9-104 Control of deposit account
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§9-104. Control of deposit account (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in a signed record that the ba…
La. Rev. Stat. § 10:9-105 Control of electronic copy of record evidencing chattel paper
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§9-105. Control of electronic copy of record evidencing chattel paper (a) General rule: control of electronic copy of record evidencing chattel paper. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidenc…
La. Rev. Stat. § 10:9-106 Control of investment property
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§9-106. Control of investment property (a) Control under R.S. 10:8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in R.S. 10:8-106. (b) Control of commodity contract. A secured party has control of a commodity co…
La. Rev. Stat. § 10:9-107 Control of letter-of-credit right
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§9-107. Control of letter-of-credit right A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter …
La. Rev. Stat. § 10:9-107.1 Control over life insurance policy
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§9-107.1. Control over life insurance policy (a) Requirements for control. A secured party has control over a life insurance policy: (1) if the secured party is the insurer that issued the policy; (2) if the secured party is not also the insurer, the insurer signs a record acknow…
La. Rev. Stat. § 10:9-107.2 Control conditioned on default
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§9-107.2. Control conditioned on default A secured party that has satisfied R.S. 10:9-104, 9-105, 9-106, 9-107, 9-107.1, or 9-107.3 has control with respect to such collateral even if the secured party has agreed not to exercise such control until a default by the debtor or oblig…
La. Rev. Stat. § 10:9-107.3 Control of controllable electronic record, controllable account, or controllable
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§9-107.3. Control of controllable electronic record, controllable account, or controllable payment intangible (a) Control under R.S. 10:12-105. A secured party has control of a controllable electronic record as provided in R.S. 10:12-105. (b) Control of controllable account and c…
La. Rev. Stat. § 10:9-107.4 No requirement to acknowledge or confirm; no duties
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§9-107.4. No requirement to acknowledge or confirm; no duties (a) No requirement to acknowledge. A person that has control under R.S. 10:9-104, 9-105, or 9-107.1 is not required to acknowledge that it has control on behalf of another person. (b) No duties or confirmation. If a pe…
La. Rev. Stat. § 10:9-108 Sufficiency of description
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§9-108. Sufficiency of description (a) Sufficiency of description. Except as otherwise provided in Subsections (c), (d), and (e), a description of personal property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (b) Examples of reason…
La. Rev. Stat. § 10:9-109 Scope
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§9-109. Scope (a) General scope of Chapter. Except as otherwise provided in Subsections (c) and (d), this Chapter applies to: (1) a transaction, regardless of its form, that creates by contract a security interest in any type of personal property, standing timber that constitutes…
La. Rev. Stat. § 10:9-201 General effectiveness of security agreement
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§9-201. General effectiveness of security agreement (a) General effectiveness. Except as otherwise provided in this Title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) Applicable con…
La. Rev. Stat. § 10:9-202 Title to collateral immaterial
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§9-202. Title to collateral immaterial Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Chapter with regard to rights and obligations apply whether title to collateral i…
La. Rev. Stat. § 10:9-203 Attachment and enforceability of security interest; proceeds; supporting obligations;
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§9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites (a) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly …
La. Rev. Stat. § 10:9-204 After-acquired property; future advances
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§9-204. After-acquired property; future advances (a) After-acquired collateral. Except as otherwise provided in Subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. …
La. Rev. Stat. § 10:9-205 Use or disposition of collateral permissible
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§9-205. Use or disposition of collateral permissible (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part …
La. Rev. Stat. § 10:9-206 Security interest arising in purchase or delivery of financial asset
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§9-206. Security interest arising in purchase or delivery of financial asset (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a fin…
La. Rev. Stat. § 10:9-207 Rights and duties of secured party having possession or control of collateral
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§9-207. Rights and duties of secured party having possession or control of collateral (a) Duty of care when secured party in possession. Except as otherwise provided in Subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the …
La. Rev. Stat. § 10:9-208 Additional duties of secured party having control of collateral
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§9-208. Additional duties of secured party having control of collateral (a) Applicability of section. This Section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give va…
La. Rev. Stat. § 10:9-209 Duties of secured party if account debtor has been notified of assignment
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§9-209. Duties of secured party if account debtor has been notified of assignment (a) Applicability of Section. Except as otherwise provided in Subsection (c), this Section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to m…
La. Rev. Stat. § 10:9-210 Request for accounting; request regarding list of collateral or statement of account
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§9-210. Request for accounting; request regarding list of collateral or statement of account (a) Definitions. In this Section: (1) "Request" means a record of a type described in Paragraph (2), (3), or (4). (2) "Request for an accounting" means a record signed by a debtor request…
La. Rev. Stat. § 10:9-211 Repealed by Acts 2006, 1st Ex
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§9-211. Repealed by Acts 2006, 1st Ex. Sess., No. 14, §2, eff. Feb. 23, 2006, and Acts 2006, 1st Ex. Sess., No. 21, §2, eff. April 1, 2006.
La. Rev. Stat. § 10:9-301 Law governing perfection and priority of security interests
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§9-301. Law governing perfection and priority of security interests Except as otherwise provided in R.S. 10:9-303 through 9-306.2, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in col…
La. Rev. Stat. § 10:9-302 Law governing perfection and priority of agricultural liens
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§9-302. Law governing perfection and priority of agricultural liens While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. …
La. Rev. Stat. § 10:9-303 Law governing perfection and priority of security interests in goods covered by a certificate of title
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§9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title (a) Applicability of Section. This Section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whos…
La. Rev. Stat. § 10:9-304 Law governing perfection and priority of security interests in deposit accounts
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§9-304. Law governing perfection and priority of security interests in deposit accounts (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a depos…
La. Rev. Stat. § 10:9-305 Law governing perfection and priority of security interests in investment property
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§9-305. Law governing perfection and priority of security interests in investment property (a) Governing law: general rules. Except as otherwise provided in Subsection (c) of this Section, the following rules apply: (1) While a security certificate is located in a jurisdiction, t…
La. Rev. Stat. § 10:9-306 Law governing perfection and priority of security interests in letter-of-credit rights
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§9-306. Law governing perfection and priority of security interests in letter-of-credit rights (a) Governing law: issuer's or nominated person's jurisdiction. Subject to Subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfec…
La. Rev. Stat. § 10:9-306.1 Law governing perfection and priority of security interests in chattel paper
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§9-306.1. Law governing perfection and priority of security interests in chattel paper (a) Chattel paper evidenced by authoritative electronic copy. Except as provided in Subsection (d) of this Section, if chattel paper is evidenced only by an authoritative electronic copy of the…
La. Rev. Stat. § 10:9-306.2 Law governing perfection and priority of security interests in controllable
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§9-306.2. Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles (a) Governing law: general rules. Except as provided in Subsection (b) of this Section, the local law of the contr…
La. Rev. Stat. § 10:9-307 Location of debtor
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§9-307. Location of debtor (a) "Place of business." In this section, "place of business" means a place where a debtor conducts its affairs. (b) Debtor's location: general rules. Except as otherwise provided in this section, the following rules determine a debtor's location: (1) A…
La. Rev. Stat. § 10:9-308 When security interest or agricultural lien is perfected; continuity of perfection
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§9-308. When security interest or agricultural lien is perfected; continuity of perfection (a) Perfection of security interest. Except as otherwise provided in this Section and R.S. 10:9-309, a security interest is perfected if it has attached and all of the applicable requiremen…
La. Rev. Stat. § 10:9-309 Security interest perfected upon attachment
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§9-309. Security interest perfected upon attachment The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in R.S. 10:9-501(a)(1) with respect to titled motor vehicles and R.S. 10:9-3…
La. Rev. Stat. § 10:9-310 When filing required to perfect security interest or agricultural lien; security
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§9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply (a) General rule: perfection by filing. Except as otherwise provided in Subsection (b) and R.S. 10:9-312(b), a financi…
La. Rev. Stat. § 10:9-311 Perfection of security interests in property subject to certain statutes, regulations,
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§9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties (a) Security interest subject to other law. Except as otherwise provided in Subsection (d) of this Section, the filing of a financing statement is not necessary or effectiv…
La. Rev. Stat. § 10:9-312 Perfection of security interests in chattel paper, controllable accounts, controllable
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§9-312. Perfection of security interests in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, negotiable documents, goods covered by documents, instruments, investment property, letter-of-credit rights, mone…
La. Rev. Stat. § 10:9-313 When possession by or delivery to secured party perfects security interest without
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§9-313. When possession by or delivery to secured party perfects security interest without filing (a) Perfection by possession or delivery. Except as otherwise provided in Subsection (b) of this Section, a secured party may perfect a security interest in goods, instruments includ…
La. Rev. Stat. § 10:9-314 Perfection by control
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§9-314. Perfection by control (a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, letter-of-credit rights, or a life insurance poli…
La. Rev. Stat. § 10:9-314.1 Perfection by possession and control of chattel paper
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§9-314.1. Perfection by possession and control of chattel paper (a) Perfection by possession and control. A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtai…
La. Rev. Stat. § 10:9-315 Secured party's rights on disposition of collateral and in proceeds
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§9-315. Secured party's rights on disposition of collateral and in proceeds (a) Disposition of collateral: continuation of security interest; proceeds. Except as otherwise provided in this Chapter: (1) a security interest continues in collateral notwithstanding sale, lease, licen…
La. Rev. Stat. § 10:9-316 Continued perfection of security interest following change in governing law
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§9-316. Continued perfection of security interest following change in governing law (a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in R.S. 10:9-301(1), 9-305(c), 9-306.1(d), or 9-…
La. Rev. Stat. § 10:9-317 Interests that take priority over or take free of security interest or agricultural lien
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§9-317. Interests that take priority over or take free of security interest or agricultural lien (a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority under R.S.…
La. Rev. Stat. § 10:9-318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers
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§9-318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers (a) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note …
La. Rev. Stat. § 10:9-319 Rights and title of consignee with respect to creditors and purchasers
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§9-319. Rights and title of consignee with respect to creditors and purchasers (a) Consignee has consignor's rights. Except as otherwise provided in Subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while …
La. Rev. Stat. § 10:9-320 Buyer of goods
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§9-320. Buyer of goods (a) Buyer in ordinary course of business. Except as otherwise provided in Subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created…
La. Rev. Stat. § 10:9-321 Licensee of general intangible and lessee of goods in ordinary course of business
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§9-321. Licensee of general intangible and lessee of goods in ordinary course of business (a) "Licensee in the ordinary course of business." In this Section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, wi…
La. Rev. Stat. § 10:9-322 Priorities among conflicting security interests in and agricultural liens on same collateral
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§9-322. Priorities among conflicting security interests in and agricultural liens on same collateral (a) General priority rules. Except as otherwise provided in this Section, priority among conflicting security interests and agricultural liens in the same collateral is determined…
La. Rev. Stat. § 10:9-323 Future advances
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§9-323. Future advances (a) When priority based on time of advance. Except as otherwise provided in Subsection (c), for purposes of determining the priority of a perfected security interest under R.S. 10:9-322(a)(1), perfection of the security interest dates from the time an adva…
La. Rev. Stat. § 10:9-324 Priority of purchase-money security interests
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§9-324. Priority of purchase-money security interests (a) General rule: purchase-money priority. Except as otherwise provided in Subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security intere…
La. Rev. Stat. § 10:9-325 Priority of security interests in transferred collateral
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§9-325. Priority of security interests in transferred collateral (a) Subordination of security interest in transferred collateral. Except as otherwise provided in Subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral …
La. Rev. Stat. § 10:9-326 Priority of security interests created by new debtor
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§9-326. Priority of security interests created by new debtor (a) Subordination of security interest created by new debtor. Subject to Subsection (b) of this Section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights a…