RS 3:3617

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RS 3:3617

§3617. Protection of ownership interests

A. All forfeitures or dispositions under this Part shall be made with due provisions for the rights of any person who did not knowingly enter into a transaction with the foreign adversary or the prohibited foreign actor.

B. No mortgage, lien, privilege, or other security interest recognized under the laws of this state and no ownership interest in indivision, lease, servitude, usufruct, right of use, bond for deed, or other real right shall be affected by the forfeiture, seizure, or divestiture provisions of this Part.

C. No forfeiture or disposition under this Part shall affect the rights of any person who did not knowingly enter into a transaction with the foreign adversary or a prohibited foreign actor.

D. The attorney general shall, within three business days of instituting any action under this Part, file a copy of the petition or other pleading instituting the action in the mortgage records of the parish in which any related immovable property is situated.

E. Notice of pending forfeiture, seizure, or divestiture shall be provided by the attorney general to the holder of each mortgage, lien, or security interest in the same manner as provided in R.S. 40:2608(3) or R.S. 14:90.1(B)(3).

F. Notice of pending forfeiture, seizure, or divestiture shall be provided by the attorney general to the holder of any interest in the immovable property being seized.

G. The attorney general may cause the petition or other pleading to be cancelled from the mortgage records no later than three business days after judgment is rendered or after a request for cancellation is made by any interested party seeking to transfer the property to a person other than a foreign adversary or a prohibited foreign actor. If the petition or other pleading relates to a property interest vested in a foreign adversary or a prohibited foreign actor, the attorney general may petition the court for an order requiring that the proceeds of the sale attributable to the property interest of the foreign adversary or a prohibited foreign actor, after the deduction of payments to mortgagees, lienholders, person providing services in connection with the transfer of the property, and credits to the purchaser relating to tax and other customary prorations, be deposited in the registry of the court in which the proceeding is pending.

Acts 2024, No. 420, §1.