Louisiana § 39:1227 Failure of depository; depositing authority holding own notes; right to set-off

Louisiana Statutes

§ 39:1227 — Failure of depository; depositing authority holding own notes; right to set-off

Louisiana § 39:1227

Title 39Procurement and Contract

This text of Louisiana § 39:1227 (Failure of depository; depositing authority holding own notes; right to set-off) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 39:1227 (2026).

Text

Any depositing authority which holds its own note as security, in whole or in part, for its deposits in any bank, shall, if the bank fails, have the right to set-off its deposits against its note; and shall have the same right with respect to evidence of participation by its own note held by it as security, provided the right of set-off does not affect the rights of other holders of evidence in the notes.

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Any depositing authority which holds its own note as security, in whole or in part, for its deposits in any bank, shall, if the bank fails, have the right to set-off its deposits against its note; and shall have the same right with respect to evidence of participation by its own note held by it as security, provided the right of set-off does not affect the rights of other holders of evidence in the notes.