§ Art. 2337 Price insufficient to discharge superior privileges; property not sold

Codes > Louisiana Code of Civil Procedure > Book I > Title II : Chapter 2 > Art. 2337

Art. 2337. Price insufficient to discharge superior privileges; property not sold

    If the price offered by the highest bidder at the first or subsequent offering is not sufficient to discharge the costs of the sale and the security interests, mortgages, liens, and privileges superior to that of the seizing creditor, the property shall not be sold.

    LEGISLATIVE INTENT--ACTS 1989, NO. 137

     Acts 1989, No. 137, § 18 of which amended this article, affected numerous articles of the Civil Code and the Code of
Civil Procedure and sections of various Titles of the Revised Statutes. Section 20 of Act 137 provides:

     “It is the intent of the Legislature in enacting this Act to amend the preexisting Louisiana security device laws to
accompany and accommodate implementation of Chapter 9 of the Louisiana Commercial Laws (R.S. 10:9-101, et seq.) as
previously enacted under Act 528 of 1988. It is further the intent of the legislature that these preexisting Louisiana laws,
including without limitation the various statutes and code articles amended and reenacted under this Act, not be expressly or impliedly repealed by Chapter 9 of the Louisiana Commercial Laws, but that such laws remain in effect and be applied to
preexisting secured transactions and, at times when so provided, be applied to secured transactions subject to Chapter 9 of the Louisiana Commercial Laws.”