§ 45:1243 — Conditional sale; retaking of property

If the vendee, lessee, or bailee fails to make the payments or perform the covenants in any such contract, the lessor, vendor or bailor, or his assignee may retake the property in accordance with the contract; and in case of retaking the vendee, lessee, or bailee or his assignee has no right of redemption, and all payments made under the contract shall be forfeited to the vendor, lessor, or bailor, or to the party to whom they may have been made.