RS 9:2944
142 words·~1 min read·
/la/title-9/9-793A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
RS 9:2944
§2944. Timely payment of installments precludes foreclosure; change of description upon foreclosure
The payment as they fall due of all installments by buyers under bond for deed contracts, shall preclude the holder of any secured notes from foreclosure, but the failure of the buyers to make payments as they fall due, shall secure to the holder of the notes the right to foreclose when the notes become due and are unpaid. In the event of a foreclosure under such circumstances, the description as contained in the act of mortgage may be changed so as to leave unaffected those lots or tracts of land on which payments have been kept up and so as to affect and adjudicate under the foreclosure only such lots as may be in default of payments and other lots not sold under bond for deed contracts.