La. Civ. Code art. 3158
This is the official text of La. Civ. Code art. 3158, part of Louisiana’s Civil Code — louisiana's civil law tradition codifies persons, property, obligations, and family relations here rather than in a separate statutory code.
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Enforcement of pledge of a movable
Official statutory text
If agreed in a written contract of pledge of a movable, the pledgee may, upon failure of performance of the secured obligation, dispose of the thing pledged at public auction or by private sale, but he shall act reasonably in disposing of the thing and shall account to the pledgor for any proceeds of the disposition in excess of the amount needed to satisfy the secured obligation. Otherwise, the pledgee may cause the sale of the thing pledged only by having it seized and sold under judicial process.
Amended by Acts 1900, No. 157, §1; Acts 1952, No. 290, §1; Acts 1989, No. 137, §17, eff. June 22, 1989; Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Amended by Acts 1900, No. 157, §1; Acts 1952, No. 290, §1; Acts 1989, No. 137, §17, eff. June 22, 1989; Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Status: in_force · Read it on the official government site
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