§ 9:5807 — Interruption of prescription on pledged obligations by payment on obligation secured by pledge

Louisiana § 9:5807

• Jurisdiction: Louisiana
• Title 9: Civil Code-Ancillaries

Text

A payment by a debtor of interest or principal of an obligation shall constitute an acknowledgement of all other obligations including promissory notes of such debtor or his codebtors in solido pledged by the debtor or his codebtors in solido to secure the obligation as to which payment is made. In all cases the party claiming an interruption of prescription of such pledged obligation including a promissory note as a result of such acknowledgement shall have the burden of proving all of the elements necessary to establish the same. For purposes of this Section, a "pledged obligation" shall include any obligation, including a promissory note, in which a security interest has been granted under Chapter 9 of the Louisiana Commercial Laws or the corresponding provisions of the Uniform Commercial Code as adopted in any other state, to the extent applicable.

Legislative History

Acts 1991, No. 377, §3, eff. Jan. 1, 1992.