§ Art. 2377 Inferior mortgages; payment; reference to proceeds
Art. 2377. Inferior mortgages; payment; reference to proceeds
The sheriff shall pay the inferior security interests, mortgages, liens, and privileges, after payment of the costs and the amount due the seizing creditor. When the sum remaining after payment of the costs and the amount due the seizing creditor is insufficient to pay such inferior claims in full, the sheriff may deposit the remainder with the court and proceed by contradictory motion against the inferior creditors to have their claims referred to the proceeds of the sale.
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limitation the various statutes and code articles amended and reenacted under this Act, not be expressly or impliedly repealed by Chapter 9 of the Louisiana Commercial Laws, but that such laws remain in effect and be applied to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.”