Source: http://lcco.law.lsu.edu/?uid=96&ver=ensp
Timestamp: 2018-05-20 15:48:56
Document Index: 564492768

Matched Legal Cases: ['Art. 2567', '§1', 'Art. 2568', '§1', 'Art. 2569', '§1', 'Art. 2570', '§1', 'Art. 2571', '§1', 'Art. 2572', '§1', 'Art. 2573', 'Art. 2574', '§1', 'Art. 2575', '§1', 'Art. 2576', 'Art. 2577', '§1', 'Art. 2578', '§1', 'Art. 2584', '§1', 'Art. 2587', '§1', 'Art. 2588', '§1']

CHAPTER 11 - OF THE SALE WITH A RIGHT OF REDEMPTION
Art. 2567. The parties to a contract of sale may agree that the seller shall have the right of redemption, which is the right to take back the thing from the buyer. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2568. The right of redemption may not be reserved for more than ten years when the thing sold is immovable, or more than five years when the thing sold is movable. If a longer time for redemption has been stipulated in the contract that time must be reduced to either ten or five years, depending on the nature of the thing sold. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2569. A sale with right of redemption is a simulation when the surrounding circumstances show that the true intent of the parties was to make a contract of security. When such is the case, any monies, fruits or other benefit received by the buyer as rent or otherwise may be regarded as interest subject to the usury laws. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2570. If the seller does not exercise the right of redemption within the time allowed by law, the buyer becomes unconditional owner of the thing sold. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2571. The period for redemption is peremptive and runs against all persons including minors.
It may not be extended by the court. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2572. When the thing is immovable, the right of redemption is effective against third persons only from the time the instrument that contains it is filed for registry in the parish where the immovable is located.
When the thing is movable, the right of redemption is effective against third persons who, at the time of purchase, had actual knowledge of the existence of that right. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2573. [Reserved]
Art. 2574. A buyer under redemption may avail himself of the right of discussion against creditors of the seller. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2575. The fruits and products of a thing sold with right of redemption belong to the buyer. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2576. [Reserved]
Art. 2577. The buyer is entitled to all improvements he made on the thing that can be removed when the seller exercises the right of redemption. If such improvements cannot be removed, the buyer is entitled to the enhancement of the value of the thing resulting from the improvements. The buyer is also entitled to the enhancement of the value of the thing resulting from ungathered fruits and unharvested crops.
If the thing sold under right of redemption is naturally increased by accession, alluvion, or accretion before the redeeming seller exercises the right, the increase belongs to the seller. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2578. During the time allowed for redemption, the buyer must administer the thing sold with the degree of care of a prudent administrator. He is liable to the redeeming seller for any deterioration of the thing caused by the lack of such care. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Arts. 2579-2583. [Reserved]
Art. 2584. If more than one seller concurred in the sale with right of redemption of an immovable, or if a seller has died leaving more than one successor, the exercise of the right of redemption is governed by the rules provided for the division of the action for lesion among multiple sellers, or among successors of the seller or of the buyer. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Arts. 2585-2586. [Reserved]
Art. 2587. A seller who exercises the right of redemption must reimburse the buyer for all expenses of the sale and for the cost of repairs necessary for the preservation of the thing. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]
Art. 2588. The seller who exercises the right of redemption is entitled to recover the thing free of any encumbrances placed upon it by the buyer. Nevertheless, when the thing is an immovable, the interests of third persons are governed by the laws of registry. [Acts 1993, No. 841, §1, eff. Jan. 1, 1995]