Title 10, Commercial Laws
0 chapters · 458 sections in this title.
La. Rev. Stat. § 10:9-326.1 Priority of security interest in controllable account, controllable electronic record,
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§9-326.1. Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party having co…
La. Rev. Stat. § 10:9-327 Priority of security interests in deposit account
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§9-327. Priority of security interests in deposit account The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under R.S. 10:9-104 has priority o…
La. Rev. Stat. § 10:9-328 Priority of security interests in investment property
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§9-328. Priority of security interests in investment property The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under R.S. 10:9-106 has pr…
La. Rev. Stat. § 10:9-329 Priority of security interests in letter-of-credit right
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§9-329. Priority of security interests in letter-of-credit right The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) A security interest held by a secured party having control of the letter-of-credit right under R.S. 10…
La. Rev. Stat. § 10:9-329.1 Priority of security interest in a life insurance policy
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§9-329.1. Priority of security interest in a life insurance policy The following rules govern priority among conflicting security interests in the same life insurance policy: (1) A security interest held by an insurer has priority over a conflicting security interest held by anot…
La. Rev. Stat. § 10:9-330 Priority of purchaser of chattel paper or instrument
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§9-330. Priority of purchaser of chattel paper or instrument (a) Purchaser's priority: security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to…
La. Rev. Stat. § 10:9-331 Priority of rights of purchasers of controllable accounts, controllable electronic
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§9-331. Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments, and securities under other Chapters; priority of interests in financial assets and security entitlements and protection ag…
La. Rev. Stat. § 10:9-332 Transfer of money; transfer of funds from deposit account
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§9-332. Transfer of money; transfer of funds from deposit account (a) Transferee of money. A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of t…
La. Rev. Stat. § 10:9-333 Priority of certain liens arising by operation of law
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§9-333. Priority of certain liens arising by operation of law (a) "Possessory lien." In this section, "possessory lien" means a lien other than an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect to good…
La. Rev. Stat. § 10:9-334 Priority of security interests in fixtures and crops
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§9-334. Priority of security interests in fixtures and crops (a) Security interest in fixtures under this Chapter. A security interest under this Chapter may not be created or perfected in goods after they become fixtures. Except as otherwise provided in this Subsection, a securi…
La. Rev. Stat. § 10:9-335 Accessions
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§9-335. Accessions (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. (b) Perfection of security interest. If a security interest is perfected when the collateral becomes an acc…
La. Rev. Stat. § 10:9-336 Commingled goods
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§9-336. Commingled goods (a) "Commingled goods." In this Section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) No security interest in commingled goods as such. A security interes…
La. Rev. Stat. § 10:9-337 Priority of security interests in goods covered by certificate of title
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§9-337. Priority of security interests in goods covered by certificate of title If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the s…
La. Rev. Stat. § 10:9-338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
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§9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information If a security interest or agricultural lien is perfected by a filed financing statement providing information described in R.S. 10:9-516(b)(5)…
La. Rev. Stat. § 10:9-339 Priority subject to subordination
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§9-339. Priority subject to subordination This Chapter does not preclude subordination by agreement by a person entitled to priority. Acts 2001, No. 128, §1, eff. July 1, 2001.
La. Rev. Stat. § 10:9-340 Effectiveness of right of compensation, recoupment, or set-off against deposit account
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§9-340. Effectiveness of right of compensation, recoupment, or set-off against deposit account (a) Exercise of compensation, recoupment, or set-off. Except as otherwise provided in Subsection (c), a bank with which a deposit account is maintained may exercise any right of compens…
La. Rev. Stat. § 10:9-341 Bank's rights and duties with respect to deposit account
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§9-341. Bank's rights and duties with respect to deposit account Except as otherwise provided in R.S. 10:9-340(c), and unless the bank otherwise agrees in a signed record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, su…
La. Rev. Stat. § 10:9-342 Bank's right to refuse to enter into or disclose existence of control agreement
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§9-342. Bank's right to refuse to enter into or disclose existence of control agreement This Chapter does not require a bank to enter into an agreement of the kind described in R.S. 10:9-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an …
La. Rev. Stat. § 10:9-343 Control agreement not automatic subordination
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§9-343. Control agreement not automatic subordination An agreement of the kind specified in R.S. 10:9-104(a)(2) does not constitute a waiver or subordination of a security interest in favor of the bank unless it specifically so provides. Acts 2001, No. 128, §1, eff. July 1, 2001.
La. Rev. Stat. § 10:9-344 Life insurance companies
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§9-344. Life insurance companies (a) This Chapter does not require an insurer to enter into an acknowledgment of the kind described in R.S. 10:9-107.1(a)(2), even if its customer so requests or directs. (b) If an insurer acknowledges the creation of a security interest in a life …
La. Rev. Stat. § 10:9-401 Alienability of debtor's rights
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§9-401. Alienability of debtor's rights (a) Other law governs alienability; exceptions. Except as otherwise provided in Subsection (b) and R.S. 10:9-406, 9-407, 9-408, and 9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed b…
La. Rev. Stat. § 10:9-402 Secured party not obligated on contract of debtor or in tort
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§9-402. Secured party not obligated on contract of debtor or in tort The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the de…
La. Rev. Stat. § 10:9-403 Agreement not to assert defenses against assignee
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§9-403. Agreement not to assert defenses against assignee (a) "Value." In this Section, "value" has the meaning provided in R.S. 10:3-303(a). (b) Agreement not to assert claim or defense. Except as otherwise provided in this Section, an agreement between an account debtor and an …
La. Rev. Stat. § 10:9-404 Rights acquired by assignee; claims and defenses against assignee
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§9-404. Rights acquired by assignee; claims and defenses against assignee (a) Assignee's rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to Subsections (b) through …
La. Rev. Stat. § 10:9-405 Modification of assigned contract
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§9-405. Modification of assigned contract (a) Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contra…
La. Rev. Stat. § 10:9-406 Discharge of account debtor; notification of assignment; identification and proof
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§9-406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective (a) Discharge of account debtor; effect of notification. Subject t…
La. Rev. Stat. § 10:9-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest
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§9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest (a) Term restricting assignment generally ineffective. Except as otherwise provided in Subsection (b), a term in a lease is ineffective to the extent that i…
La. Rev. Stat. § 10:9-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
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§9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective (a) Term restricting assignment generally ineffective. Except as otherwise provided in Subsections (b) and (f) and R.S. 10:9-410, a term in a pro…
La. Rev. Stat. § 10:9-409 Restrictions on assignment of letter-of-credit rights ineffective
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§9-409. Restrictions on assignment of letter-of-credit rights ineffective (a) Term or law restricting assignment generally ineffective. A term in a letter of credit or a statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or req…
La. Rev. Stat. § 10:9-410 Relation to the Louisiana Trust Code
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§9-410. Relation to the Louisiana Trust Code Nothing under this Chapter shall supersede the provisions of the Louisiana Trust Code that prohibit a beneficiary from alienating or encumbering a beneficial interest in the trust if the trust instrument so provides. Acts 2001, No. 128…
La. Rev. Stat. § 10:9-411 Judgments and litigious rights
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§9-411. Judgments and litigious rights (a) Judicial mortgages. Law other than this Chapter governs the rights of third persons with respect to real property burdened by a judicial mortgage created by filing a judgment, including the effect of releases of the judicial mortgage by …
La. Rev. Stat. § 10:9-412 Discharge of tortfeasor; notification and filing of assignment
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§9-412. Discharge of tortfeasor; notification and filing of assignment (a) Discharge of tortfeasor. Subject to Subsections (b) through (c) of this Section, a person obligated on a tort claim may discharge its obligation by paying the debtor until, but not after, the person receiv…
La. Rev. Stat. § 10:9-501 Filing office
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§9-501. Filing office (a) Filing offices. If the local law of this state governs perfection of a security interest, the office in which to file a financing statement to perfect the security interest is: (1) The Department of Public Safety and Corrections, office of motor vehicles…
La. Rev. Stat. § 10:9-502 Contents of financing statement; time of filing financing statement
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§9-502. Contents of financing statement; time of filing financing statement (a) Sufficiency of financing statement. Subject to Subsection (b), a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of the secured party or a repr…
La. Rev. Stat. § 10:9-503 Name of debtor and secured party
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§9-503. Name of debtor and secured party (a) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor: (1) except as otherwise provided in Paragraph (3) of this Subsection, if the debtor is a registered organization or the collateral is hel…
La. Rev. Stat. § 10:9-504 Indication of collateral
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§9-504. Indication of collateral A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to R.S. 10:9-108; (2) an indication that the financing statement covers all assets or all …
La. Rev. Stat. § 10:9-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
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§9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions (a) Use of terms other than "debtor" and "secured party." A consignor, lessor, or bailor of goods, a licensor, or a buyer of a payment intangible or pr…
La. Rev. Stat. § 10:9-506 Effect of errors or omissions
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§9-506. Effect of errors or omissions (a) Minor errors and omissions. A financing statement substantially satisfying the requirements of this Part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously mislead…
La. Rev. Stat. § 10:9-507 Effect of certain events on effectiveness of financing statement
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§9-507. Effect of certain events on effectiveness of financing statement (a) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural …
La. Rev. Stat. § 10:9-508 Effectiveness of financing statement if new debtor becomes bound by security agreement
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§9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement (a) Financing statement naming original debtor. Except as otherwise provided in this Section, a filed financing statement naming an original debtor is effective to perfect a security in…
La. Rev. Stat. § 10:9-509 Persons entitled to file a record
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§9-509. Persons entitled to file a record (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: (1) the debtor author…
La. Rev. Stat. § 10:9-510 Effectiveness of filed record
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§9-510. Effectiveness of filed record (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under R.S. 10:9-509. (b) Authorization by one secured party of record. A record authorized by one secured …
La. Rev. Stat. § 10:9-511 Secured party of record
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§9-511. Secured party of record (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has bee…
La. Rev. Stat. § 10:9-512 Amendment of financing statement
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§9-512. Amendment of financing statement (a) Amendment of information in financing statement. Subject to R.S. 10:9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to Subsection (e), otherwise amend the information pro…
La. Rev. Stat. § 10:9-513 Termination statement
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§9-513. Termination statement (a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) there is no obligation secured…
La. Rev. Stat. § 10:9-514 Assignment of powers of secured party of record
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§9-514. Assignment of powers of secured party of record (a) Assignment reflected on initial financing statement. An initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name…
La. Rev. Stat. § 10:9-514.1 Master assignments and master amendments
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§9-514.1. Master assignments and master amendments (a) Master assignment. A secured party of record may assign all of its rights under twenty or more financing statements filed in a parish by filing with the filing office where the financing statements were originally filed a sta…
La. Rev. Stat. § 10:9-515 Duration and effectiveness of financing statement; effect of lapsed financing
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§9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement (a) Five-year effectiveness. Except as otherwise provided in Subsections (b), (e), (f), and (g) a filed financing statement is effective for a period of five years after the date of fi…
La. Rev. Stat. § 10:9-516 What constitutes filing; effectiveness of filing
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§9-516. What constitutes filing; effectiveness of filing (a) What constitutes filing. (1) Except as otherwise provided in Subsection (a)(2), acceptance of the record by the filing office constitutes filing. (2) A financing statement covering a titled motor vehicle not held as inv…
La. Rev. Stat. § 10:9-517 Effect of indexing errors
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§9-517. Effect of indexing errors The failure of the filing office to transmit or the secretary of state to index a record correctly does not affect the effectiveness of the filed record. Acts 2001, No. 128, §1, eff. July 1, 2001.