Art. 3161. Performance by obligor of a pledged obligation A third person obligated on a pledged obligation is bound to render performance to the pledgee only from the time that the pledgor or pledgee notifies him of the pledge and directs him in writing to render performance to the pledgee. Performance that the third person […]
Art. 3162. Defenses available to obligor of a pledged obligation Unless the obligor of a pledged obligation makes a contrary agreement with the pledgor or pledgee, he may assert against the pledgee any defense arising out of the transaction that gave rise to the pledged obligation. He may also assert against the pledgee any other […]
Art. 3163. Clause prohibiting pledge A clause in a contract restricting the pledge of the rights of a party to payments that are or will become due under the contract, making the pledge or its enforcement a default under the contract, or providing that the other party is excused from performance or may terminate the […]
Art. 3164. Modification of contract from which a pledged obligation arises The parties to a contract from which a pledged obligation arises may agree to modify or terminate the contract or to substitute a new contract. If made in good faith, the agreement is effective against the pledgee without his consent. Nevertheless, after written notice […]
Art. 3165. Attachment of pledge to obligations arising under modified or substituted contract Upon the modification of a contract from which a pledged obligation arises, or the substitution of a new contract, the pledge encumbers the corresponding rights of the pledgor under the modified or substituted contract. Amended by Acts 1872, No. 9; Acts 2014, […]
Art. 3166. Modification as default by pledgor The pledgor and pledgee may agree that a modification or termination of the contract from which a pledged obligation of a third person arises, or the substitution of a new contract, is a default by the pledgor. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
Art. 3167. Pledgee not bound for pledgor’s obligations In the absence of an assumption by the pledgee, the existence of a pledge does not impose upon the pledgee liability for the pledgor’s acts or omissions, nor does it bind the pledgee to perform the pledgor’s obligations. Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
