reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-521. Uniform form of written financing statement and amendment

RS 10:9-521 - 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 a reason set forth in R.S. 10:9-516(b):
(b) Amendment form. A filing officer that accepts written records may not refuse to accept a written record in any form approved by the secretary of state, except for a reason set forth in R.S. 10:9-516(b).
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-522. Maintenance and destruction of records

RS 10:9-522 - 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 the financing statement has lapsed under R.S. 10:9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
(b) Destruction of written records. Except to the extent that a statute governing disposition of public records provides otherwise, the secretary of state and the filing office immediately may destroy any written record evidencing a financing statement. However, if the secretary of state or the filing office destroys a written record, it shall maintain another record of the financing statement which complies with Subsection (a).
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-524. Delay by filing office

RS 10:9-524 - 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 other circumstances beyond control of the secretary of state or the filing office; and
(2) the secretary of state or the filing office exercises reasonable diligence under the circumstances.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-525. Fees

RS 10:9-525 - 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
Retained by
Remitted to
The Filing
The Secretary
Officer
of State
(1) A $25 fee for an initial filing,
an amendment a continuation, an
assignment, or a debtor correction
$15
$10
(2) A $5 fee for each additional name
$ 3
$ 2
(3) A $5 additional fee for an initial
filing disclosing an assignment
$ 3
$ 2
(4) A $15 nonstandard form penalty
$15
$-0-
(plus $5 per page for each page in excess
of 10 pages)
$ 5
$-0-
(5) A $35 initial filing fee for as
extracted collateral or fixture filings
$25
$10
(6) A $200 initial filing fee for
transmitting utility filings
$183
$17
(7) A $35 initial filing fee for crops
and farm products
$30
$ 5
(8) A $5 fee per affected financing
statement for a master amendment or a
master assignment
$ 3
$ 2
(9) A $5 fee for a termination
(payable in advance)
$ 5
$-0-
(10) A $5 fee for each additional
name on a termination
$ 5
$-0-
(11) A $30 certificate fee (plus $1
for each listing more than ten)
$20
$10
(12) A $100 initial filing fee for
public finance transactions
$75
$25
(13) With respect to master assignments and master amendments subject to R.S. 10:9-514.1, a $5.00 fee for each of the financing statements to be assigned or amended.
(b) Fees charged by Department of Public Safety and Corrections. The following fees apply to filings made with the Department of Public Safety and Corrections, office of motor vehicles:
(1) A $15 fee for initial filing.
(2) A $15 fee for an amendment.
(c) Remittance to secretary of state. On or before the tenth day of each month, the filing office in R.S. 10:9-502(a)(2) shall remit to the secretary of state that portion of the aforementioned fee allocable to the secretary of state which was received by the filing office during the preceding month.
(d) Method of payment. Notwithstanding any other provision of law to the contrary, the secretary of state and all filing officers are hereby authorized to establish any method of payment for such fees, including but not limited to payment by charge account or credit card.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-526. Filing-office rules

RS 10:9-526 - 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 filing-office rules must be:
(1) consistent with this Chapter; and
(2) adopted and published in accordance with the Administrative Procedure Act.
(b) Harmonization of rules. To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this Part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this Part, the secretary of state, so far as is consistent with the purposes, policies, and provisions of this Chapter, in adopting, amending, and repealing filing-office rules shall:
(1) consult with filing offices in other jurisdictions that enact substantially this Part; and
(2) consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization;
(3) take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this Part; and
(4) consult with the clerks of court of this state.
Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2007, No. 319, §1, eff. July 1, 2008; Acts 2008, No. 220, §3, eff. June 14, 2008.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-527. Notification by filing office of cyber incidents

RS 10:9-527 - 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 incident that impacts the filing office, including but not limited to a computer system maintained by the secretary of state.
B. As used in Subsection A of this Section, "cyber incident" means an event that may jeopardize the confidentiality, integrity, or availability of digital information or information systems.
Acts 2020, No. 217, §1.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

RS 10:9-601 - 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 provided in R.S. 10:9-602, those provided by agreement of the parties. A secured party:
(1) may reduce a claim to judgment, foreclose, execute upon, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) if the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under R.S. 10:7-106, 9-104, 9-105, 9-106, 9-107, or 9-107.1 has the rights and duties provided in R.S. 10:9-207.
(c) Rights cumulative; simultaneous exercise. The rights under Subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d) Rights of debtor and obligor. Except as otherwise provided in Subsection (g) and R.S. 10:9-605, after default, a debtor and an obligor have the rights provided in this Part and by agreement of the parties.
(e) Continuation of security interest after judgment. The security interest shall continue when the secured party has reduced its claim to judgment and shall secure the judgment without interruption whether or not the security interest is expressly recognized in the judgment, except to the extent the judgment expressly provides to the contrary.
(f) Judicial sale. A judicial sale pursuant to a judgment or by executory process is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this Section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Chapter.
(g) Consignor or buyer of certain rights to payment. Except as otherwise provided in R.S. 10:9-607(c), this Part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Acts 1989, No. 135, §8, eff. Jan. 1, 1990; Acts 1990, No. 1041, §2, eff. Dec. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2009, No. 207, §5, eff. Jan. 1, 2010.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-602. Waiver and variance of rights and duties

RS 10:9-602 - 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 sections:
(1) R.S. 10:9-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
(2) R.S. 10:9-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) R.S. 10:9-607(c), which deals with collection and enforcement of collateral;
(4) R.S. 10:9-608(a) and 9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) R.S. 10:9-608(a) and 9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) R.S. 10:9-609 to the extent that it prohibits a secured party from taking possession of collateral;
(7) R.S. 10:9-610(b), 9-611, 9-613, and 9-614, which deal with disposition of collateral;
(8) R.S. 10:9-615(f), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9) R.S. 10:9-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) R.S. 10:9-620, 9-621, and 9-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) R.S. 10:9-623, which deals with redemption of collateral;
(12) R.S. 10:9-624, which deals with permissible waivers; and
(13) R.S. 10:9-625 and 9-626, which deal with the secured party's liability for failure to comply with this Chapter.
Acts 1989, No. 135, §8, eff. Jan. 1, 1990; Acts 1990, No. 1079, §4, eff. Sept. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-603. Agreement on standards concerning rights and duties

RS 10:9-603 - 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 standards are not manifestly unreasonable.
(b) [Reserved.]
Acts 1989, No. 135, §8, eff. Jan. 1, 1990; Acts 1990, No. 1079, §4, eff. Sept. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-604. Procedure if security agreement covers real property or fixtures

RS 10:9-604 - 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 any rights with respect to the real property; or
(2) as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this Part do not apply.
(b) [Reserved.]
(c) Removal of fixtures. Subject to the other provisions of this Part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may exercise any of the rights the secured party has with respect to the fixtures consistent with this Part.
(d) Injury caused by removal. A secured party that removes or causes the removal of fixtures shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
(e) Separate appraisal. A secured party may demand separate appraisal of the fixtures to fix its interest in the receipts of the sale thereof in any proceeding in which the real property is sold pursuant to execution upon it by a mortgagee or other encumbrancer.
Acts 1989, No. 135, §8, eff. Jan. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-605. Unknown debtor or secondary obligor

RS 10:9-605 - Unknown debtor or secondary obligor
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 secured party knows:
(A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) that the person is a debtor; and
(B) the identity of the person.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-606. Time of default for agricultural lien

RS 10:9-606 - 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, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-607. Collection and enforcement by secured party

RS 10:9-607 - 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 or for the benefit of the secured party;
(2) may take any proceeds to which the secured party is entitled under R.S. 10:9-315;
(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under R.S. 10:9-104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account perfected by control under R.S. 10:9-104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b) [Reserved.]
(c) Commercially reasonable collection and enforcement. A secured party shall proceed in a commercially reasonable manner if the secured party:
(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d) Expenses of collection and enforcement. A secured party may deduct from the collections made pursuant to Subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e) Duties to secured party not affected. This Section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
(f) Summary process. A secured party may proceed by summary process against the debtor to obtain any instrument, contract, receipt, or other document in order to exercise its rights under this Chapter or to obtain the endorsement of the debtor to any instrument or other document.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

RS 10:9-608 - 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 following rules apply:
(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under R.S. 10:9-607 in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by any subordinate security interest in or lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under Paragraph (1)(C).
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under R.S. 10:9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) No surplus or deficiency in sales of certain rights to payment. If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-609. Secured party's right to take possession after default

RS 10:9-609 - 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 consent given after or in contemplation of default;
(3) pursuant to judicial process; or
(4) in those cases expressly provided by law other than this Chapter.
(b) [Reserved.]
(c) [Reserved.]
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-610. Disposition of collateral after default

RS 10:9-610 - 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.
(b) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms. A disclaimer or modification of warranties in a secured party's disposition of collateral is commercially reasonable.
(c) Purchase by secured party. A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations, or if the secured party, or a person related to the secured party, is obligated by statute to purchase or repurchase the collateral from the debtor.
(d) Warranties on disposition. A sale, lease, license, or other disposition includes the warranties which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) Disclaimer of warranties. A secured party may disclaim or modify warranties under Subsection (d):
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition.
(2) [Reserved.]
(f) [Reserved.]
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-611. Notification before disposition of collateral

RS 10:9-611 - 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 an authenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided in Subsection (d), a secured party that disposes of collateral under R.S. 10:9-610 shall send to the persons specified in Subsection (c) a reasonable authenticated notification of disposition.
(c) Persons to be notified. To comply with Subsection (b), the secured party shall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B) any other secured party or lienholder that, ten days before the notification date, held a security interest in or lien on the collateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in R.S. 10:9-311(a).
(d) Subsection (b) inapplicable: perishable collateral; recognized market. Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) Compliance with Subsection (c)(3)(B). A secured party complies with the requirement for notification prescribed by Subsection (c)(3)(B) if:
(1) not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in Subsection (c)(3)(B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-612. Timeliness of notification before disposition of collateral

RS 10:9-612 - 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-consumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
(c) Twenty-one-day period sufficient in consumer transaction. In a consumer transaction, a notification of disposition sent after default and twenty-one days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-613. Contents and form of notification before disposition of collateral: general

RS 10:9-613 - Contents and form of notification before disposition of collateral: general
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(A) describes the debtor and the secured party;
(B) describes the collateral that is the subject of the intended disposition;
(C) states the method of intended disposition;
(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) states the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in Paragraph (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in Paragraph (1) are sufficient, even if the notification includes:
(A) information not specified by that Paragraph; or
(B) minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in R.S. 10:9-614(3), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [
Name of debtor, obligor, or other person to which the notification is sent
]
From:
[
Name, address, and telephone number of secured party
]
Name of Debtor(s): [
Include only if debtor(s) are not an addressee
]
[
For a public disposition:
]
We will sell [or lease or license,
as applicable
] the [
describe collateral
] to [the highest qualified bidder] in public as follows:
Day and Date:
Time:
Place:
[
For a private disposition:
]
We will sell [or lease or license,
as applicable
] the [
describe collateral
] privately sometime after [
day and date
].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license,
as applicable
] [for a charge of $ ]. You may request an accounting by calling us at [
telephone number
]
[End of Form]
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-617. Rights of transferee of collateral

RS 10:9-617 - 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 is made; and
(3) discharges any subordinate security interest or subordinate lien.
(b) Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests as described in Subsection (a), even if the secured party fails to comply with the requirements of this Chapter or the requirements of any judicial proceeding.
(c) Rights of other transferee. If a transferee does not take free of the rights and interests as described in Subsection (a), the transferee takes the collateral subject to:
(1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any other security interest or lien.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-618. Rights and duties of certain secondary obligors

RS 10:9-618 - 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 obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in Subsection (a):
(1) is not a disposition of collateral under R.S. 10:9-610; and
(2) relieves the secured party of further duties under this Chapter.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-619. Transfer of record or legal title

RS 10:9-619 - Transfer of record or legal title
(a) "Transfer statement." In this Section, "transfer statement" means a record authenticated by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) that the secured party has exercised its post-default remedies with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. A transfer of the record or legal title to collateral to a secured party under Subsection (b) or otherwise is not of itself a disposition of collateral under this Chapter and does not of itself relieve the secured party of its duties under this Chapter.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-621. Notification of proposal to accept collateral

RS 10:9-621 - 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 has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or lien on the collateral perfected by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in R.S. 10:9-311(a).
(b) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in Subsection (a).
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-622. Effect of acceptance of collateral

RS 10:9-622 - 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 all of a debtor's rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or subordinate lien; and
(4) terminates any other subordinate interest.
(b) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under Subsection (a), even if the secured party fails to comply with this Chapter.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-623. Right to redeem collateral

RS 10:9-623 - 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 secured by the collateral; and
(2) the reasonable expenses and attorney's fees described in R.S. 10:9-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under R.S. 10:9-607;
(2) has disposed of collateral or entered into a contract for its disposition under R.S. 10:9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under R.S. 10:9-622.
(d) Redemption in judicial proceeding. If collateral has been seized in a judicial proceeding, a redemption may occur at any time before the judicial sale. To redeem collateral in such circumstances, a person shall also tender the costs of the proceeding.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-624. Waiver

RS 10:9-624 - 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 authenticated after default.
(b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under R.S. 10:9-620(e) only by an agreement to that effect entered into and authenticated after default.
(c) Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under R.S. 10:9-623 only by an agreement to that effect entered into and authenticated after default.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-626. Action in which deficiency or surplus is in issue

RS 10:9-626 - 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 apply:
(1) A secured party need not prove compliance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor pleads the secured party's noncompliance in its petition, answer, or in connection with a motion for summary judgment.
(2) If the secured party's noncompliance is so pleaded, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this Part.
(3) Except as otherwise provided in R.S. 10:9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A) the proceeds of the collection, enforcement, disposition, or acceptance; or
(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this Part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of Paragraph (3)(B), in a consumer transaction the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5) [Reserved.]
(b) [Reserved.]
(c) Deficiency Judgment Act inapplicable. The provisions of R.S. 13:4106 and 13:4107 do not apply to enforcement of a security interest or agricultural lien governed by this Chapter.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-627. Determination of whether conduct was commercially reasonable

RS 10:9-627 - 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 acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) Dispositions that are commercially reasonable. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) Approval by court or on behalf of creditors. A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under Subsection (c) not necessary; absence of approval has no effect. Approval under Subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor

RS 10:9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor
(a) Limitation of liability of secured party for noncompliance with Chapter. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Chapter; and
(2) the secured party's failure to comply with this Chapter does not affect the liability of the person for a deficiency.
(b) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:
(1) to a person that is a debtor or obligor, unless the secured party knows:
(A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) that the person is a debtor; and
(B) the identity of the person.
(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) [Reserved.]
(e) [Reserved.]
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-702. Savings clause

RS 10:9-702 - 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. Except as otherwise provided in Subsection (c) and R.S. 10:9-703 through 9-710;
(1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before July 1, 2001, and would be subject to this Chapter if they had been entered into or created on or after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens, remain valid on and after July 1, 2001; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this Chapter or by the law that otherwise would apply if this Chapter had not taken effect, including law repealed by this Act.
(c) Pre-effective-date proceedings. This Chapter does not affect an action, case, or proceeding commenced before July 1, 2001.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-703. Security interest perfected before July 1, 2001

RS 10:9-703 - 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 creditor at that time is a perfected security interest under this Chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this Chapter are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in R.S. 10:9-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this Chapter are not satisfied on July 1, 2001, the security interest:
(1) is a perfected security interest for one year after July 1, 2001;
(2) remains enforceable thereafter only if the security interest becomes enforceable under R.S. 10:9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this Chapter are satisfied before the year expires.
Acts 2001, No. 128, §1, eff. July 1, 2001.
2023 Louisiana Laws › Revised Statutes › Title 10 - Commercial Laws › §10:9-704. Security interest unperfected before July 1, 2001

RS 10:9-704 - 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 one year after July 1, 2001;
(2) remains enforceable thereafter if the security interest becomes enforceable under R.S. 10:9-203 on July 1, 2001 or within one year thereafter; and
(3) becomes perfected:
(A) without further action, on July 1, 2001 if the applicable requirements for perfection under this Chapter are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Acts 2001, No. 128, §1, eff. July 1, 2001.