Mortgages and Security Devices Flashcards
6 cards from real LA NOTARY practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Mortgages and Security Devices flashcards as text
Under Louisiana law, what is executory process in the context of mortgage enforcement?
Answer: An expedited judicial foreclosure procedure available when the mortgage is in authentic act form with a confession of judgment
Executory process allows faster foreclosure because the authentic act waives certain debtor defenses.
What is a keeper in the context of a Louisiana foreclosure sale?
Answer: A person appointed by the sheriff to maintain seized property pending the foreclosure sale
A keeper maintains seized property during the period between seizure and sale.
Under Louisiana law, what is a deficiency judgment after a foreclosure sale?
Answer: A judgment against the debtor for the difference between the mortgage debt and the foreclosure sale price
If the sale price does not cover the full debt, the creditor may obtain a deficiency judgment.
What is a vendor's privilege on an immovable in Louisiana?
Answer: A legal privilege securing the unpaid purchase price of immovable property, which has priority over most prior-recorded mortgages
The vendor's privilege secures the unpaid purchase price and has special priority.
Under Louisiana law, what is a pledge as a security device?
Answer: A contract by which a debtor gives a thing to a creditor as security, with the creditor taking possession
A pledge gives the creditor possession of the thing as security for the debt.
What is the public records doctrine and its significance in Louisiana mortgage law?
Answer: The principle that third parties are affected only by interests properly recorded in the public records
The public records doctrine means rights in immovable property are effective against third parties only when properly recorded.