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2018 Louisiana Laws
Civil Code
CC 3140 - Nullity of agreement of forfeiture
Universal Citation:
LA Civ Code 3140 (2018)
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Art. 3140. Nullity of agreement of forfeiture
Unless expressly permitted by law, a clause in a contract providing in advance that ownership of a thing given as security will transfer upon default in performance of the secured obligation is absolutely null.
A clause in a contract obligating the owner of a thing to give it to an obligee in payment of a debt upon a future default in performance of an obligation is absolutely null.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.
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