TITLE XX-A. PLEDGE CHAPTER 1. GENERAL PROVISIONS Art. 3141. Pledge defined Pledge is a real right established by contract over property of the kind described in Article 3142 to secure performance of an obligation. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3142. Property susceptible of pledge The only things that may be pledged are the following: (1) A movable that is not susceptible of encumbrance by security interest. (2) The lessor’s rights in the lease of an immovable and its rents. (3) Things made susceptible of pledge by law. Acts 2014, No. 281, §1, eff. […]
Art. 3143. Pledge of property susceptible of encumbrance by security interest A contract by which a person purports to pledge a thing that is susceptible of encumbrance by security interest does not create a pledge under this Title but may be effective to create a security interest in the thing. Acts 2014, No. 281, §1, […]
Art. 3144. Accessory nature of pledge Pledge is accessory to the obligation that it secures and may be enforced by the pledgee only to the extent that he may enforce the secured obligation. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3145. Preference afforded by pledge Pledge gives the pledgee the right to be satisfied from the thing pledged and its fruits in preference to unsecured creditors of the pledgor and to other persons whose rights become effective against the pledgee after the pledge has become effective as to them. Acts 2014, No. 281, §1, […]
Art. 3146. Obligations for which pledge may be given A pledge may be given to secure the performance of any lawful obligation, including obligations that arise in the future. As to all obligations, present and future, secured by the pledge, notwithstanding the nature of the obligations or the date they arise, the pledge has effect […]
Art. 3147. Pledge securing obligation that is not for the payment of money A pledge that secures an obligation other than one for the payment of money, such as an obligation for the performance of an act, secures the claim of the pledgee for the damages he may suffer from the breach of the obligation. […]
Art. 3148. Pledge securing an obligation of another person A person may pledge his property to secure an obligation of another person. In such a case, the pledgor may assert against the pledgee any defense that the obligor could assert except lack of capacity or discharge in bankruptcy of the obligor. The pledgor may also […]
Art. 3149. Formal requirements of contract of pledge The pledge of a corporeal movable is effective between the parties only if the thing pledged has been delivered to the pledgee or a third person who has agreed to hold the thing for the benefit of the pledgee. The pledge of other things is effective between […]
Art. 3150. Acceptance A written contract of pledge need not be signed by the pledgee, whose consent is presumed and whose acceptance may be tacit. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3151. Power to pledge A contract of pledge may be established only by a person having the power to alienate the thing pledged. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3152. Pledge of a thing not owned A pledge given over a thing that the pledgor does not own is established when the thing is acquired by the pledgor and the other requirements for the establishment of the pledge have been satisfied. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3153. General requirements for effectiveness of pledge against third persons A pledge is without effect as to third persons unless it has become effective between the parties and is established by written contract. Acts 2014, No. 281, §1, eff. Jan, 1, 2015.
Art. 3154. Effectiveness against third persons of the pledge of the lease of an immovable The pledge of the lessor’s rights in the lease of an immovable and its rents has effect against third persons in accordance with the provisions of Chapter 2 of this Title. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3155. Effectiveness against third persons of the pledge of other obligations If the thing pledged is another person’s obligation not arising under the lease of an immovable, the pledge is effective against third persons only from the time that the obligor has actual knowledge of the pledge or has been given notice of it. […]
Art. 3156. Pledgee’s right of retention If the thing pledged has been delivered to the pledgee or a third person for the benefit of the pledgee, the pledgee is not obligated to return it until all secured obligations have been extinguished. Amended by Acts 1981, No. 315, §1; Acts 2014, No. 281, §1, eff. Jan. […]
Art. 3157. Indivisibility of pledge The contract of pledge is indivisible, notwithstanding the divisibility of the secured obligations, and the pledgor may not demand return of all or part of the thing pledged until all secured obligations have been extinguished. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3158. Enforcement of pledge of a movable 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 […]
Art. 3159. Fruits of things pledged The pledgee is entitled to receive the fruits of the thing pledged and to retain them as security. He may also apply them to the secured obligation, even if not yet due. Amended by Acts 1900, No. 157, §2; Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3160. Pledge of obligation of a third person If the thing pledged is an obligation of a third person, the pledgee is entitled to enforce performance of the third person’s obligation when it becomes due and to retain as security any payment or other thing received from the third person. The pledgee may apply […]
