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by: Miss Stanford Abshire


Miss Stanford Abshire
GPA 3.59


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Class Notes
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This 2 page Class Notes was uploaded by Miss Stanford Abshire on Tuesday October 13, 2015. The Class Notes belongs to LA 2001 at Louisiana State University taught by Staff in Fall. Since its upload, it has received 13 views. For similar materials see /class/222982/la-2001-louisiana-state-university in Landscape Architecture at Louisiana State University.

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Date Created: 10/13/15
II Corpus LOUISIANA SECURITY DEVICE SURVEY Professor Trahan A Real security 1 Volition 11 real security a b Concept Classi cations Fr 13 Mar Course Outline Installment 25 1 Volitional real movable security Article 9 security interests 2 Volitional real immovable security mortgages c Classi cations 1 Conventional mortgages 9 Effects of conventional mortgages 1 As between the mortgagor and mortgagee 3 As between the morgagee and third parties Varieties of conventional mortgages Mortgage to secure a single contemporaneous advance the plain vanilla mortgage Mortgage to secure determinate future advances eg construction mortgages Mortgage to secure indeterminate future advances revolving line of credit a The old law pre1993 The problem The solution the collateral mortgage a Prolegomena b3 w r 1 2 b 1 Article 9 security interest in chattel paper 2 Old Louisiana pledge law Explication 1 Elements of the collateral mortgage package a The pledge element 1 The collateral mortgage ne varietur note 2 The hand note b The mortgage element 2 Saving the package from prescription o a Interruption of prescription on the collateral mortgage note b Interruption of prescription on the hand note b The new law 1 2 Retention of the collateral mortgage Development of the new multipleindebtedness mortgage MIM a The need for something new b Explication 1 MIM concept amp effects 2 MIM form 3 MIM cancellation 4 MIM termination c Assessment of the MIM its future 2 Legal mortgages Assignments 1 For Mo 16 Mar 1 Also on collateral mortgages read Diamond Services Corp v Benoit 780 So 2d 367 La 2001 separate handout 2 Also on collateral mortgages read the following statute La RS 109312 Perfection of security interests in chattel paper deposit accounts documents goods covered 39 39 39 property letterofcredit rights money life insurance policies and collateral mortgage notes perfection by permissive filing temporary perfection without filing or transfer of possession b Control or possession of certain collateral Except as otherwise provided in RS 109 3150 and d for proceeds 4 a security interest in a collateral mortgage note may be perfected only by the secured party s taking possession under RS 109 313 and 5 a security interest in a life insurance policy may be perfected only by control under RS 109 314 Louisiana Official Revision Comment 2001 This section in revised Chapter 9 varies from revised UCC Article 9 to provide special rules for perfection of security interest in collateral mortgage notes and life insurance policies by adding subsections b4 and 5 A security interest in a collateral mortgage note may be perfected only by the secured party39s taking possession under RS 109313 See Louisiana Official Revision Comments to RS 109102d2 and 9301 A security interest in a life insurance policy may be perfected only by control under RS 109314 See Louisiana Official Revision Comment to RS 1091071 H For Tu 17 Mar 1 On ranking of mortgages read Kilbom Precis 14 at 99 101 2 On ranking ofrnortgages read CC art 3288 cmt 0 CC arts 3133 3135 3152 3154 3158 RS 95550 5554 5807


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