CHAPTER 4. THE EFFECT AND RANK OF MORTGAGES Art. 3307. The effect and rank of mortgages A mortgage has the following effects: (1) Upon failure of the obligor to perform the obligation secured by the mortgage, the mortgagee may cause the mortgaged property to be seized and sold in the manner provided by law and […]
Art. 3308. Repealed by Acts 2005, No. 169, §8, eff. July 1, 2006.
Art. 3309. Repealed by Acts 2005, No. 169, §8, eff. July 1, 2006.
Art. 3310. Repealed by Acts 2005, No. 169, §8, eff. July 1, 2006.
Art. 3311. Mortgage securing several obligations In the absence of contrary agreement, the proceeds realized from enforcement of the mortgage shall be apportioned among several obligations secured by the mortgage in proportion to the amount owed on each at the time of enforcement. Acts 1992, No. 1132, §2, eff. Jan. 1, 1993. {{NOTE: FORMER ART. […]
Art. 3312. Transfer of the secured obligation A transfer of an obligation secured by a mortgage includes the transfer of the mortgage. In such a case, the transferor warrants the existence, validity and enforceability of the mortgage only to the extent that he warrants the existence, validity, or enforceability of the obligation. Acts 1992, No. […]
Art. 3313. Transfer does not imply subordination A transferor of part of an obligation secured by a mortgage does not subordinate his rights to those of the transferee with respect to the portion of the mortgaged obligation he retains. Acts 1992, No. 1132, §2, eff. Jan. 1, 1993. {{NOTE: FORMER ART. 3313 REPEALED BY ACTS […]
Art. 3314. Repealed by Acts 2005, No. 169, §8, eff. July 1, 2006.
