§ Art. 2338 Judgment creditor having superior privilege; price insufficient to satisfy inferior mortgage

Codes > Louisiana Code of Civil Procedure > Book I > Title II : Chapter 2 > Art. 2338

Art. 2338. Judgment creditor having superior privilege; price insufficient to satisfy inferior mortgage

    A. If the security interest, mortgage, lien, or privilege of the seizing creditor is superior to other security interests, mortgages, liens, and privileges on the property, he may require that the property be sold, even though the price is not sufficient to satisfy his or the inferior security interests, mortgages, liens, and privileges.

    B. If the seizing creditor is not present or represented at the sale, the property shall not be sold for less than the amount necessary to fully satisfy his writ plus the costs.

    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limitation the various statutes and code articles amended and reenacted under this Act, not be expressly or impliedly repealed by Chapter 9 of the Louisiana Commercial Laws, but that such laws remain in effect and be applied to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.”