Title 10, Commercial Laws
0 chapters · 458 sections in this title.
La. Rev. Stat. § 10:9-518 Claim concerning inaccurate or wrongfully filed record
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§9-518. Claim concerning inaccurate or wrongfully filed record (a) Statement with respect to record indexed under person's name. A person may file in the filing office where the financing statement was originally filed an information statement with respect to a record indexed und…
La. Rev. Stat. § 10:9-519 Numbering, maintaining, and indexing records; communicating information provided in records
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§9-519. Numbering, maintaining, and indexing records; communicating information provided in records (a) Filing office duties. For each record filed in a filing office, the filing office shall: (1) assign a unique number to the filed record; (2) create a record that bears the numb…
La. Rev. Stat. § 10:9-520 Acceptance and refusal to accept record
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§9-520. Acceptance and refusal to accept record (a) Refusal to accept record. A filing office may refuse to accept a record for filing only for a reason set forth in R.S. 10:9-516(b). (b) Notice of refusal. If a filing office refuses to accept a record for filing, it shall inform…
La. Rev. Stat. § 10:9-521 Uniform form of written financing statement and amendment
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§9-521. Uniform form of written financing statement and amendment (a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in any form or format approved by the secretary of state, except for…
La. Rev. Stat. § 10:9-522 Maintenance and destruction of records
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§9-522. Maintenance and destruction of records (a) Post-lapse maintenance and retrieval of information. The secretary of state and the filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of…
La. Rev. Stat. § 10:9-523 Information from filing office; sale or license of records
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§9-523. Information from filing office; sale or license of records (a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number a…
La. Rev. Stat. § 10:9-524 Delay by filing office
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§9-524. Delay by filing office Delay by the secretary of state or the filing office beyond a time limit prescribed by this Part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or othe…
La. Rev. Stat. § 10:9-525 Fees
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§9-525. Fees (a) Fees charged by filing offices. The following fees apply to filings and searches made under this Chapter, other than filings with the Department of Public Safety and Corrections, office of motor vehicles subject to Subsection (b): SCHEDULE OF FEES To Be To Be Ret…
La. Rev. Stat. § 10:9-526 Filing-office rules
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§9-526. Filing-office rules (a) Adoption of filing-office rules. The secretary of state, the secretary of the Department of Public Safety and Corrections, and the secretary of the Department of Wildlife and Fisheries may adopt and publish rules to implement this Chapter. The fili…
La. Rev. Stat. § 10:9-527 Notification by filing office of cyber incidents
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§9-527. Notification by filing office of cyber incidents A. The filing office, as provided by R.S. 10:9-501(a)(4), shall notify the secretary of state, or his designee, by telephone, electronic mail, or facsimile within twenty-four hours following the discovery of a cyber inciden…
La. Rev. Stat. § 10:9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel
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§9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes (a) Rights of secured party after default. After default, a secured party has the rights provided in this Part and, except as otherwise prov…
La. Rev. Stat. § 10:9-602 Waiver and variance of rights and duties
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§9-602. Waiver and variance of rights and duties Except as otherwise provided in R.S. 10:9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed se…
La. Rev. Stat. § 10:9-603 Agreement on standards concerning rights and duties
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§9-603. Agreement on standards concerning rights and duties (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in R.S. 10:9-602 if the stan…
La. Rev. Stat. § 10:9-604 Procedure if security agreement covers real property or fixtures
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§9-604. Procedure if security agreement covers real property or fixtures (a) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: (1) under this Part as to the personal property without prejudicing a…
La. Rev. Stat. § 10:9-605 Unknown debtor or secondary obligor
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§9-605. Unknown debtor or secondary obligor (a) In general: No duty owed by secured party. Except as provided in Subsection (b) of this Section, a secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secur…
La. Rev. Stat. § 10:9-606 Time of default for agricultural lien
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§9-606. Time of default for agricultural lien For purposes of this Part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. Acts 2001, No. 128, §1, …
La. Rev. Stat. § 10:9-607 Collection and enforcement by secured party
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§9-607. Collection and enforcement by secured party (a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to…
La. Rev. Stat. § 10:9-608 Application of proceeds of collection or enforcement; liability for deficiency and
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§9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus (a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the…
La. Rev. Stat. § 10:9-609 Secured party's right to take possession after default
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§9-609. Secured party's right to take possession after default (a) Possession. After default, a secured party may take possession of the collateral only: (1) after the debtor's abandonment, or the debtor's surrender to the secured party, of the collateral; (2) with the debtor's c…
La. Rev. Stat. § 10:9-610 Disposition of collateral after default
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§9-610. Disposition of collateral after default (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing…
La. Rev. Stat. § 10:9-611 Notification before disposition of collateral
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§9-611. Notification before disposition of collateral (a) "Notification date." In this Section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or (2) the debtor an…
La. Rev. Stat. § 10:9-612 Timeliness of notification before disposition of collateral
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§9-612. Timeliness of notification before disposition of collateral (a) Reasonable time is question of fact. Except as otherwise provided in Subsection (b) and (c), whether a notification is sent within a reasonable time is a question of fact. (b) Ten-day period sufficient in non…
La. Rev. Stat. § 10:9-613 Contents and form of notification before disposition of collateral: general
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§9-613. Contents and form of notification before disposition of collateral: general (a) Contents and form of notification. Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) …
La. Rev. Stat. § 10:9-614 Contents and form of notification before disposition of collateral: consumer-goods
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§9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction (a) Contents and form of notification. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) …
La. Rev. Stat. § 10:9-615 Application of proceeds of disposition; liability for deficiency and right to surplus
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§9-615. Application of proceeds of disposition; liability for deficiency and right to surplus (a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under R.S. 10:9-610 in the following order to: (1) the reasonable ex…
La. Rev. Stat. § 10:9-616 Explanation of calculation of surplus or deficiency
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§9-616. Explanation of calculation of surplus or deficiency (a) Definitions. In this Section: (1) "Explanation" means a record that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with Subsection (c) of this Section of how the secure…
La. Rev. Stat. § 10:9-617 Rights of transferee of collateral
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§9-617. Rights of transferee of collateral (a) Effects of disposition. A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) discharges the security interest under which the disposition…
La. Rev. Stat. § 10:9-618 Rights and duties of certain secondary obligors
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§9-618. Rights and duties of certain secondary obligors (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obliga…
La. Rev. Stat. § 10:9-619 Transfer of record or legal title
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§9-619. Transfer of record or legal title (a) "Transfer statement." In this Section, "transfer statement" means a record signed by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured par…
La. Rev. Stat. § 10:9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory
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§9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral (a) Conditions to acceptance in satisfaction. A secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) the d…
La. Rev. Stat. § 10:9-621 Notification of proposal to accept collateral
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§9-621. Notification of proposal to accept collateral (a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party h…
La. Rev. Stat. § 10:9-622 Effect of acceptance of collateral
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§9-622. Effect of acceptance of collateral (a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party…
La. Rev. Stat. § 10:9-623 Right to redeem collateral
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§9-623. Right to redeem collateral (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations secure…
La. Rev. Stat. § 10:9-624 Waiver
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§9-624. Waiver (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under R.S. 10:9-611 only by an agreement to that effect entered into and signed after default. (b) Waiver of mandatory disposition…
La. Rev. Stat. § 10:9-625 Remedies for secured party's failure to comply with Chapter
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§9-625. Remedies for secured party's failure to comply with Chapter (a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this Chapter, a court may order or restrain collection, enforcement, or disposition of …
La. Rev. Stat. § 10:9-626 Action in which deficiency or surplus is in issue
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§9-626. Action in which deficiency or surplus is in issue (a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, including a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules a…
La. Rev. Stat. § 10:9-627 Determination of whether conduct was commercially reasonable
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§9-627. Determination of whether conduct was commercially reasonable (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptan…
La. Rev. Stat. § 10:9-628 Nonliability and limitation on liability of secured party; liability of secondary
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§9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor (a) Limitation of liability of secured party for noncompliance with Chapter. Subject to Subsection (f) of this Section, unless a secured party knows that a person is a debtor or obli…
La. Rev. Stat. § 10:9-629 Judicial proceedings; authentic evidence
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§9-629. Judicial proceedings; authentic evidence (a) Foreclosure. For purposes of executory or ordinary process seeking enforcement of a security interest and the obligation it secures: (1) A signed record that contains a confession of judgment shall be deemed to be authentic for…
La. Rev. Stat. § 10:9-701 Effective date
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§9-701. Effective date This Chapter takes effect on July 1, 2001. Acts 2001, No. 128, §1, eff. July 1, 2001.
La. Rev. Stat. § 10:9-702 Savings clause
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§9-702. Savings clause (a) Pre-effective-date transactions or liens. Except as otherwise provided in this Part, this Chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (b) Continuing validity…
La. Rev. Stat. § 10:9-703 Security interest perfected before July 1, 2001
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§9-703. Security interest perfected before July 1, 2001 (a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien c…
La. Rev. Stat. § 10:9-704 Security interest unperfected before July 1, 2001
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§9-704. Security interest unperfected before July 1, 2001 A security interest that is enforceable immediately before July 1, 2001 but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for o…
La. Rev. Stat. § 10:9-705 Effectiveness of action taken before July 1, 2001
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§9-705. Effectiveness of action taken before July 1, 2001 (a) Pre-effective date action; one-year perfection period unless reperfected. If action other than the filing of a financing statement, is taken before July 1, 2001 and the action would have resulted in priority of a secur…
La. Rev. Stat. § 10:9-706 When initial financing statement suffices to continue effectiveness of financing statement
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§9-706. When initial financing statement suffices to continue effectiveness of financing statement (a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in R.S. 10:9-501 continues the effectiveness …
La. Rev. Stat. § 10:9-707 Amendment of pre-effective date financing statement
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§9-707. Amendment of pre-effective date financing statement (a) [Reserved.] (b) Applicable law. On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-…
La. Rev. Stat. § 10:9-708 Persons entitled to file initial financing statement or continuation statement
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§9-708. Persons entitled to file initial financing statement or continuation statement A person may file an initial financing statement or a continuation statement under this Part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under thi…
La. Rev. Stat. § 10:9-709 Priority
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§9-709. Priority (a) Law governing priority. This Chapter and other law that remains effective after July 1, 2001 determine the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former Chapter 9 a…
La. Rev. Stat. § 10:9-710 Definitions; filing under repealed laws
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§9-710. Definitions; filing under repealed laws (a) "Former Chapter 9." In this Part, "former Chapter 9" means Chapter 9 of Revised Statutes Title 10 that was in effect prior to July 1, 2001. (b) "Pre-effective-date financing statement." In this Part, "pre-effective-date financin…
La. Rev. Stat. § 10:9-801 Definition of "Act"; effective date
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§9-801. Definition of "Act"; effective date In this Part, "Act" means the Act that originated as House Bill No. 369 of the 2012 Regular Session of the Legislature1 which enacted this Part 8 and amended other provisions of law in other Parts of this Chapter. The Act takes effect o…