CHAPTER 7. LEGAL SURETYSHIP Art. 3063. Commercial suretyship rules apply to legal suretyship The provisions governing commercial suretyship contained in this Title apply to legal suretyship except as otherwise provided in this Chapter. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3064. Supplementary nature of this Chapter The provisions of this Chapter apply to the extent they are not contrary to special laws governing particular kinds of legal suretyship. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3065. Qualifications of legal surety; evidenced by affidavit; lack thereof not a defense Legal suretyship may be given only by a person authorized to conduct a surety business in Louisiana or by a natural person domiciled in this state who owns property in this state that is subject to seizure and is of sufficient […]
Art. 3066. Legal suretyship to conform to law A legal suretyship is deemed to conform to the requirements of the law or order pursuant to which it is given, except as provided by Article 3067. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3067. Permissible variations A surety is not liable for a sum in excess of that expressly stated in his contract. A legal suretyship may contain terms more favorable to the creditor than those required by the law or order pursuant to which it is given, but it may not provide for a time longer […]
Art. 3068. Pledge of funds in lieu of suretyship Legal suretyship may be given whenever the law requires or permits a person to give security for an obligation. The principal obligor may in lieu of legal suretyship deposit a sum equal to the amount for which he is to furnish security to be held in […]
Art. 3069. Necessity for judgment against legal surety No judgment shall be rendered against a legal surety unless the creditor obtains judgment against the principal obligor fixing the amount of the latter’s liability to the creditor or unless the amount of that liability has otherwise been fixed. The creditor may join the surety and principal […]
Art. 3070. Right to demand new security If a legal surety ceases to possess required qualifications or becomes insolvent or bankrupt, any interested person may demand that the principal obligor furnish additional security in the same amount and upon the same terms as those given by the existing surety for the performance of the obligation. […]
