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Glossary terms
appendix B
220
Law
Professional
09/16/2013

Additional Law Flashcards

 


 

Cards

Term
Abstract
Definition
A history of the title to property as revealed by public records.
Term
Acceleration clause
Definition
Clause used in an installment note and mortgage which gives the leader the right to demand payment in full upon the happening of a certain event, such as failure to pay installment by a certain date, change of ownership without the leader's consent, destruction of the property, or other event which endangers the security of the loan.
Term
Accessory contract
Definition
Made to provide security for performance of an obligation. Ex: suretyship, mortgage, pledge, and other types of security agreements. La C.C. art 1913.
Term
Accession
Definition
Acquiring title to additions or improvements to property as a result of natural growth, labor, the annexation of fixtures or the accretion of alluvial deposits along the banks of streams. La C.C. art 483, et seq.
Term
Acknowledged act
Definition
Any act or instrument in writing signed by the parties in the presence of two witness and then taken by the party(ies )or witness(es) before the notary and two witnesses; the original act was signed out of the presence of the notary.
Term
Acknowledgement
Definition
A formal declaration by a party before a notary public in the presence of two witnesses by the person who signs am instrument to the effect that it is his own free and voluntary act done for the purposes therein expressed.
Term
Acknowledgment of paternity
Definition
A formal written declaration whereby a person establishes himself as the natural father of a child.
Term
Acquets and gains
Definition
A civilian concept referring to the matrimonial regime of community property; acquets means all thing acquired, gains is the increase in the value of property through the skill or labor of a person, particularly a spouse. See C.C art. 2338.
Term
Acquisitive prescription
Definition
A mode of acquiring ownership of other real rights by uninterrupted possession for a period of time
Term
Acquittance
Definition
A release, usually in writing, from an obligation.
Term
Act under private signature
Definition
Any act or instrument, in writing, signed by a person or persons not in the presence of a notary that may or may not be witnessed
Term
Administrator
Definition
A person appointed by the court as the succession representative to manage the assets and liabilities of an intestate decedent.
Term
Affiant
Definition
One who makes an affidavit
Term
Just title
Definition
A juridical act such as a sale, exchange, or donation, sufficient to transfer ownership.
Term
Affidavit
Definition
A declaration of statement of facts personally known to the affiant reduced in writing and sworn to by the affiant before the notary.
Term
Affidavit of distinction (identification)
Definition
An affidavit executed before a notary by a person providing identifying information to distinguish said person from a judgement debtor with a same or similar name and then recorded in the mortgage records of the parish where the judgement is recorded.  (Affidavit of one and the same)
Term
Agent /mandatary/attorney in fact
Definition
One who is authorized to act for or represent another (principal), usually in business matters, whose authority may be expess or implided; a representiative.
Term
Agreement
Definition
A contract.
Term
Agreement to sell or buy
Definition
Binding contract to buy and sell in future.
Term
Aleatory contract
Definition
An agreement in which the effects thereof depend on an uncertain event.  La. C.C. art. 2982
Term
Alluvion
Definition
An increase to lthe land caused by the buildup of deposits from running water.
Term
Antichresis
Definition
A pledge of property "when the security given consists in immovables."  A written contract by which the debtor pledges the revenues of an immovable to the creditor as security for a debt. La. C.C. art. 3135, 3179.  The creditor acquires by the contract of antichresis "the right of reaping the fruits or other revenues of the immovable to him given in plege, on condition of deducting annually their proceeds from the intrest, if any be due him, and afterwards from the principal of his debt." La. C.C. art. 3176.
Term
Apperarance clause
Definition
Clause giving full status of a natural or juridical person (e.g., corporation of partnership) in any legal instrument.
Term
Appearer
Definition
A person who goes before an official authorized to administer oaths, take acknowledgments, or make authentic acts, and who makes a declaration, executes or acknowleges an instrument of writing.
Term
Appraisal
Definition
The process of valuing property;  a valuation of property by two or more appraisers who are appointed and authorized by a court to place a value on designated property as a part of a court proceeding.
Term
Appurtenances
Definition
A right, privilege, or propery that is considered incident to the principal property for purposes such as passage of title, conveyance, or inheritance; a thing that is neccessarily connected with the use and enjoyment of another thing. State farm fire & cas. co v Pfiffer, 399 So.2d 1250 (La.App. 1st Cir. 1981).
Term
Ascendant
Definition
One who precedes in lineage (parent, grandparent); an ancestor.
Term
Assignment
Definition
The transfer of a claim, right, intreest, or propery from one to another; the instrument by which this transfer is effected.
Term
Attest
Definition
To witness something.
Term
Authentic act
Definition
A writing executed before a notary public or other officer authorized to perform that function, in the presence of two witnesses, and signed by each party who executed it, by each witness, and by each notary public before whom it was executed.
Term
Base line
Definition
East-West reference line.
Term
Bequest
Definition
A disposition of propery made by a testator.
Term
Bill of sale
Definition
Instrument translative of title of movable property.
Term
Bond
Definition
A guarantee of indemnity by any person, usually an insurance company, or giving secutiry for another.
Term
Bond, personal surety
Definition
A surety bond provided by an individual, personally, on behalf of a notary.  The bond must be recorded in the mortgage records in the parish in which the notary is seeking or holds a commission.  A notary who is bonded with a personal surety only needs to provide a new bond if the surety dies, if the surety is no longer solvent of $10,000, or if the surety withdraws his suretyship.
Term
Bond-for-deed contract
Definition
A contract regarding immovable property whereby the vendor agrees to transfer title to the propery when the purchase price is paid in full; the vendee is usually given possession during the existence of the contract.
Term
Boundary line
Definition
The line of separation between contiguous lands.
Term
Cancellation of a mortgage
Definition
A process whereby the clerk of court adjusts the public records to reflect that the mortgage has been extinguished. Collateral mortgages are cancelled by the presentment of the paid collateral mortgage note. Multiple Obligations Mortgages are cancelled via a letter directing such from the creditor/mortgage holder.
Term
Capacity
Definition
A legal qualification, including age and other factors. Parties, unless emancipated, must be 18 years of age to contract. Witnesses to most instruments must be 14. Witnesses for wills must be 16.
Term
Cash deed
Definition
Common-law term for an act of sale of immovable property in which the buyer pays and the seller acknowledges receipt of the purchase price.
Term
Chattel
Definition
In general, used to designate movable property, as in the case of a "chattel mortgage," which is a mortgage of movable property.
Term
Code
Definition
A collection of laws; Louisiana has many codes: Civil, Criminal, Civil Procedure, Criminal Procedure, Evidence
Term
Codicil
Definition
Common-law term. An amendment, modification, supplement or addition to a will that must be in the form of a testament. La. C.C.art. 1610
Term
Collateral
Definition
Property in which a security interest is granted.
Term
Collateral mortgage
Definition
A mortgage designed, not to directly secure an existing debt, but to secure a mortgage note pledged as collateral security for a debt. The maker may reissue the mortgage note from time to time, and have it returned to him without extinguishing the mortgage. It is both a mortgage and a pledge. Thrift Fund Canal v. Foy, 261 La. 573, 260 So.2d 628(1972). A collateral mortgage or collateral chattel mortgage may provide on its face that the mortgage is granted in favor of a designed mortgage and any future holder or holders of the collateral mortgage note.
Term
Collaterals
Definition
Any relation not directly in the line of ascent or descent.
Term
Collation
Definition
The supposed or real return to the mass of succession property given to forced heirs by donations inter vivos in order to divide the property with the other effects of the succession.
Term
Common things
Definition
Things that may not be owned by anyone (air, the high seas).
Term
Community property
Definition
A matrimonial regime whereby property acquired or produced through the labor of either spouse is owned in common by husband and wife.
Term
Component parts of tracts of land
Definition
Buildings, other constructions permanently attached to the ground, standing timber, and unharvested crops or ungathered fruits of trees are component parts of a tract of land when they belong to the owner of the ground.
Term
Conditional obligation
Definition
An obligation that is dependent upon the occurrence of an uncertain event.
Term
Confession of judgment
Definition
A person's agreement in a mortgage to the entry of judgement if he defaults on the obligation secured by the mortgage.
Term
Confusion
Definition
When the qualities of obligee and obligor are united in the same person, the obligation is extinguished by confusion. La. C.C.art. 1903. Example: a predial servient estates are acquired in their entirety by the same person. La. C.C. art. 765.
Term
Consideration
Definition
A common law term which refers to something promised, given, or done (such as money) that has the effect of making an agreement a legally enforceable contract. In Lousiana contracts are supported by "cause"; consideration is frequently the cause that will support an obligation.
Term
Conveyance records
Definition
The record of all sales and donations of immovable property kept by the clerk of court of each parish.
Term
Corporation
Definition
A business entity with separate legal personality from its shareholders, directors, and officers formed by filing articles of incorporation with the Secretary of State.
Term
Counter letter
Definition
Separate writing expressing the true intent of the parties rather than the intent purported to be manifested in another instrument; not binding on third parties unless recorded. La. C.C. art. 2025.
Term
Credit deed
Definition
Common-law term.  An act of sale of immovable property on credit terms.
Term
Cum onere
Definition
When the vendee purhcases immovable property on which there is an existing mortgage, and the vendee does not assume the indebtedness secured by the mortgage or agree to pay the indebtedness of his vendor.  Simply started, cum onere means "with burden."
Term
Curator
Definition
A court-appointed guardian who manages the affairs of another incapable of doing so himself.
Term
Dation en paiement
Definition
A act in which a debtor transfers ownership of a thing to his creditor in payment of a debt; "giving in payment."
Term
Decedent
Definition
A person who has died.
Term
De jure
Definition
French, "of law."  An official who holds his office by law and who is possessed of all lawfully necessary qualifications for office.
Term
Descendants
Definition
All offspring of a person in a direct line, i.e., children, grandchildren, etc.
Term
Dishonor
Definition
The non-acceptance of an instrument, such as a check or promissary note.
Term
Disinherison
Definition
A means of depriving a forced heir of his inheritance due to some act upon his part which the law deems sufficient cause.
Term
Disposable portion
Definition
The portion of a testator's property which he can will to anyone he chooses.
Term
Domicile
Definition
With respect to a natural person, the place of his habitual residence.
Term
Donation inter vivos
Definition
A contract by which a person, called the donor, gratuitously divests himself, at present and irrevocably, of the thing given in favor of another, called the donee, who accepts it.
Term
Donation mortis causa
Definition
An act to take effect at the death of the donor by which he disposes of the whole or part of his property.  A donation mortis causa is revocable during the lifetime of the donor.
Term
Donee
Definition
One who receives a donation or gift.
Term
Donor
Definition
One who gives or donates.
Term
Drawee
Definition
The party on which an order for the payment of money is drawn, usually a bank.
Term
Drawer
Definition
One that draws, especially one that draws an order for the payment of money.
Term
Earnest money
Definition
Earnest money permits either party to recede from a contract to sell, but the buyer who chooses to recede from the contract forfeits the earnest money and the seller who chooses to recede frome the contract must return double the earnest money. La. C.C. art. 2624
Term
Easement
Definition
In common law, a right of way afforded a person to make limited use of another's real property; in Louisiana, a servitude.
Term
Emancipation
Definition
The act of conferring some or all of the effects of majority on a minor.
Term
Enclosed estate
Definition
An estate that has no access to a public road.
Term
Encumber; encumberance
Definition
To burden with a claim such as a mortgage, privilege or lien; a burden or charge imposed upon property by law or conventional obligation or contract, such as a privilege or mortgate.
Term
Escrow
Definition
Property, usually money, in the custody of a third party for delivery to another only after the fulfillment of the conditions specified.
Term
Estate
Definition
The property, rights, and obligations that a person leaves after his death, and includes also all that has accrued thereto since death.
Term
Et. seq.
Definition
Latin: "And that which follows"; Subsequent text.
Term
Exchange
Definition
A contract by which parties to the contract transfer property (which is not money) to one another.
Term
Executor/administrator/executrix
Definition
A succession representative designated in a will to administer an estate.
Term
Executory process
Definition
A proceeding in court in which the holder of a mortgage containing a confession of judgment may obtain an ex parte seizure and sale of the mortgaged property without the ordinary delays required by law.
Term
Express
Definition
Clearly and distinctly stated in precise terms.
Term
Fair market value
Definition
The price of the object (movable or immovable property) agreed upon by the willing seller and the willing buyer.
Term
Free simple title
Definition

Common-law term referring to ownership of immovable property without any conditions upon the power and authority to alienate, encumber or transfer by inheritance; analogous to "full ownership," where the elements of ownership (right to use, the right to enjoy the fruits and the right to alienate) are in common in one person. La. C.C. art. 477.
Term
Fiduciary
Definition
A person entrusted with the property of another party and in whose best interests the fiduciary is expected to act when holding, investing, or otherwise using that person's property.
Term
Filiation
Definition
The condition or fact of being the child of a particular parent.
Term
Forced Heir
Definition
Descendants of the first degree (children) who at the time of the death of the decedent are 23 or under, or of any age who because of mental incapacity or physical infirmity is permanently incapable of taking care of his person or to administer his estate at the parent's death.
Term
Fortuitous event
Definition
An event that at the time the contract was made could not have been reasonably foreseen.
Term
Forced portion/legitime
Definition
the portion of a decedent's estate that the law reserves to him by right, called the legitime, unless the decedent has just cause to disinherit him.
Term
Fruits
Definition
Things produced by or derived from antoher thing without diminution of its substance, such as products of the earth in the case of natural fruits and rents or interest in the case of civil fruits.
Term
Good faith
Definition
In general, a party is in good faith if he has no knowledge of or has no reasonable basis for questioning the validity of a transaction. Concerning the acquisition of property, the acquirer is in good faith unless he knows or should have known that the transferor was not the owner. La. C.C. art. 523.
Term
Guardian
Definition
In the common law, one who is legally responsible for the care and management of the person or property of an incompetent or a minor; In Louisiana, a curator or tutor.
Term
Habitation
Definition
A personal servitude granted to a natural personal to dwell in the house of another.
Term
Heritable
Definition
Transferable; capable of transferring by voluntary action or by succession; not strictly personal.
Term
Homestead exemption
Definition
An exemption from liability that prevents creditors from obtaining satisfaction from immovable property which the debtor resides in as his primary domicile.
Term
Hypothecate
Definition
To pledge as collateral for a debt without transferring possessions.
Term
Illegitimate children
Definition
Those who are conceived and born outside of marriage.
Term
Immobilization (and de-immobilization)
Definition
An act executed before a notary by a party declaring that he is the owner of a certain movable property (mobile home, trailer, manufactured home) in which he declares said movable to be permanently affixed to the immovable property and immobilized (meaning the wheels and tongue of the movable are removed) and that the movable shall remain permanently attached to the land and be a part hereof under the provisions of La. R.S. 9:1149.4. The affixed movable may later be de-immobilized and the previously mentioned components replaced.
Term
Immovable
Definition
Real property; real estate.
Term
In globo
Definition
As an undivided whole rather than separately; latin for "in a mass."
Term
In toto
Definition
Latin for "in whole"; completely; as a whole.
Term
Incorporeal (or non-corporeal)
Definition
Property that does not have a material form, such az a right or debt.
Term
Infra
Definition
Below
Term
Inter vivos
Definition
Between living persons. A donation between living persons is called an inter vivos donation.
Term
Interdict
Definition
A person above the age of majority who is declared by a court to be incapable of either caring for his own person or administering his estate, or both, although he may at times appear to have possession of his reason.
Term
Interdiction
Definition
Judicial proceeding whereby a curator is appointed for an adult or emancipated minor who, due to infirmity, is unable to make reasoned decisions regarding his person or property, or both.
Term
Interpretive
Definition
Relating to, involving, or providing an interpretation or explanation of something.
Term
Intestate
Definition
One who has died without a will.
Term
Inventory
Definition
A written list or catalog of the property of a person or succession that is made under oath and that usually describes and assigns a value to each item of property.
Term
Judgment
Definition
A determination of a court of law; a judicial decision.
Term
Judicial mortgage
Definition
A mortgage which results from filing a judgement in the mortgage records of the parish where property of the debtor is located.
Term
Jurat
Definition
The clause "Sworn to and subscribed before me, notary public, at (place), on (date), and signed by the notary public," certifying that the statements contained in a writing were sworn to before an authorized officer, such as a notary public.
Term
Juridical person
Definition
An entity to which the law attributes legal personality, such as a corporation.
Term
L.L.C.
Definition
Limited liability company.
Term
L.L.P.
Definition
Limited liability partnership.
Term
Laborer's privilege or lien
Definition
A privilege granted by law to protect workmen for the payment of the labor performed by them.
Term
Landlord
Definition
Lessor of property.
Term
Lease
Definition
Agreement by one party to let another person use a thing for a fixed price and term.
Term
Legal mortgage
Definition
A mortgage arising by operation of law.
Term
Legatee
Definition
One who is named in a will to take personal property; one who has received a legacy or bequest; a successor of a testate succession.
Term
Lesion
Definition
Also referred to as "lesion beyond moiety." The sale of an immovable may be rescinded for lesion when the price is less than one-half of the fair market value of the immovable. Lesion can be claimed only by the seller and only in voluntary sales of corporeal immovables. La. C.C. art. 2589.
Term
Liberative prescription
Definition
The barring of actions as a result of inaction for a certain period of time.
Term
Lien
Definition
A legal claim; a privilege.
Term
Major
Definition
Of legal age. 18 is the legal age in LA
Term
Maker
Definition
The person who originates a note or other negotiable instrument such as a check.
Term
Martial portion
Definition
That portion of a deceased's estate which the surviving spouse is entitles to claim when the deceased spouse dies rich in comparison with surviving spouse. The martial portion is 1/4 of the succession in ownership if the deceased died without children, the same fraction in usufruct for life if three or fewer children survive the deceased, and a child's share in usufruct if more than three children survive him; but the amount cannot exceed one million dollars. La. C.C. arts. 2432, 2434.
Term
Mandate
Definition
Transaction in which a person (mandator) confers authority on another person (mandatory or agent) to act for the principal; a power of attorney.
Term
Materialman's privilege or lien
Definition
A privilege granted by law to protect the supplier of materials for the payment of the materials furnished.
Term
Matrimonial agreement
Definition
A contract made by a couple intending to marry, or be married couple, for the purpose of establishing a separate property regime or modifying the legal regime.
Term
Maturity
Definition
The fixed for payment of a loan or obligation.
Term
Meridian
Definition
North-south surveying reference line.
Term
Meter
Definition
A metric unit of measurement of length. Slightly longer than the English measurement of a yard.
Term
Metes and bounds
Definition
Boundary of real estate described by linear measurements from one point to another.
Term
Minerals
Definition
Those precious metals, or oil and gas, etc., located on or beneath immovable property or the bottoms of navigable waters.
Term
Minor
Definition
A person under 18 who has not been emancipated.
Term
Mortgage
Definition
A granting of a privilege or lien on a movable or immovable which does not transfer possession to the creditor.
Term
Mortgage records
Definition
Records in which the parish clerk of court records instruments encumbering immovable property, such as mortgages, security interests, liens, judgements, etc.
Term
Mortgagee
Definition
The person in whose favor a mortgage is granted.
Term
Mortgagor
Definition
The person who grants a mortgage.
Term
Mortis causa
Definition
" In contemplation of death," refers to a donation given in contemplation of death; a testament or will.
Term
Movable
Definition
Any thing that the law does not determine to be immovable.
Term
Naked owner
Definition
Owner of property burdened with a usufruct.
Term
Ne varietur
Definition
Latin for "it must not be altered" or "no variation"; used as part of a paraph.
Term
Non-alienation
Definition
A certificate usually prepared by an abstract company or the clerk of court certifying that certain described property has not been sold.
Term
Non-resident
Definition
A person who does not reside on a permanent basis in the state.
Term
Novation
Definition
The extinguishment of an existing obligation by the substitution of a new one. La C.C. art. 1879.
Term
Olographic will
Definition
Testament entirely written, dated and signed by testator.
Term
Onerous donation
Definition
A donation conditioned upon the performance of a stipulated condition.
Term
Ordinary process
Definition
Proceedings in court using the usual or ordinary delays and legal requirements.
Term
Ownership in indivision
Definition
Ownership of the same thing by two or more persons which is not divided or segregated into separate portions.
Term
Pact de non alienando
Definition
Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate, or mortgage the same property to other persons to the prejudice of the mortgage.
Term
Paraph
Definition
A notation on a document to mark it for identification with another act.
Term
Partial release of mortgage
Definition
A partial cancellation of a security interest such as a mortgage; an act executed by the owner/holder of a promissory note which is secured by a mortgage or other security instrument, secured by a certain property, in which the holder of the note releases, cancels and erases the obligation on a specified portion of the property which secures the debt.
Term
Partition by licitation
Definition
The division of property by sheriff's sale where the funds are then distributed among the owners by the share of ownership in the original property.
Term
Partition in kind
Definition
A legal division of real or personal property in equal portion.
Term
Partnership
Definition
A legal entity created by contract between two or more persons to enter into a joint venture.
Term
Partnership in commendam
Definition
A partnership characterized by the presence of ordinary partner and one or more partners who do not participate in the partnership except through capital contributions and enjoy limited liability.
Term
Party wall
Definition
A common wall; a wall constructed on a property boundary as a common support to buildings on both sides, which are under different ownerships. "Aka partition wall" La. C.C. art 673.
Term
Patrimony
Definition
The whole of one's estate.
Term
Pawn
Definition
The pledge of movable property.
Term
Payee
Definition
A person to whom a promissory note or bill of exchange is payable.
Term
Perjury
Definition
False swearing in court. To tell a lie under oath.
Term
Personal servitude
Definition
Change on a thing for a benefit of a person. There are three: usufruct, right of use, and habitation.
Term
Pledge
Definition
A security interest in property where the creditor takes possession of the property and returns it upon payment of the debt.
Term
Preemptive right
Definition
A shareholder's right to purchase newly issued stock before shares are offered to another person in an amount proportionate to the shareholder's current holdings in order to prevent dilution of the shareholder's ownership interest.
Term
Principal
Definition
1. A sum of money. 2. The person granting authority under a mandate.
Term
Private act
Definition
An act between the parties that may or may not be witnesses but is signed by both parties.
Term
Quitclaim
Definition
A common-law term referring to a release of any rights, disputed or otherwise, a person has in immovable property.
Term
Private act duly acknowledged
Definition
Private act acknowledged before a notary public.
Term
Privilege
Definition
A security interest in property that arises by operation of law and which is often not recorded.
Term
Proces verbal
Definition
A detailed, authenticated written report of a proceeding; French for "official record of oral proceedings. "
Term
Procuration
Definition
A unilateral juridical act by which a person confers authority on another person to represent him in legal relations. La. C.C. art. 2987. It differs from mandate, which is a contract.
Term
Promissory note
Definition
Writing evidencing the existence of a debt in which the obligor promises to pay a stated amount on a date certain.
Term
Protest
Definition
A certification by a notary that an instrument formally presented for payment was dishonored.
Term
Ranking
Definition
The establishment of the priority of payment of privileges, mortgages, or liens.
Term
Recordation
Definition
Recording an instrument with the proper authority as prescribed by law.
Term
Reinscription
Definition
A legal procedure for renewing a lien or mortgage.
Term
Renunciation
Definition
The express or tacit abandonment of a right without transferring it to another.
Term
Representation
Definition
When the descendants of a deceased successor take the place of a deceased heir.
Term
Representative
Definition
One who is authorized to act for or represent another (principal), usually in business matters; an agent or mandatary.
Term
Resolutory condition
Definition
A condition of an obligation providing that upon the occurrence of a particular uncertain event, the obligation will come to an end.
Term
Sale Per Aversionem
Definition
A act of sale of immobable property whereby the surrounding property is used to provide the legal description of the boundaries of the property being sold.
Term
Section
Definition
A division of land. Normally one square mile containing 640 acreas.  One of 36 comprised in township.
Term
Seizen
Definition
The right to legal possession of the property of the deceased prior to the placing in possession of heirs of the ownership of the deceased's property. La. C.C. art. 935.
Term
Separate property
Definition
Property of a spouse acquired before the marriage, property acquired with separate funds, or property acquired by donation or inheritance; property which is not community.
Term
Sequestration
Definition
A type of writ for the seizure of movable property.
Term
Servitude
Definition
A real right which grants to the owner of the dominant estate the right to conduct works or activites, or, in some instances the right to prohibit certain works or conduct upon the servient estate.
Term
Settlor
Definition
The person who creates a trust.
Term
Siblings
Definition
Brothers and sisters.
Term
Sole proprietorship
Definition
A business enterprise, owned by a single person, which is not conducted by means or through the use of a juridical entity.
Term
Spendthrift trust
Definition
A trust that prohibits the beneficiary's intrerest from being assigned and also prevents a creditor from attaching that interest, except as provided by law.  La. R.S. 9:1725 (7), 9:2002.
Term
Subdivision
Definition
A division of immovable property into smaller portions.
Term
Subordination
Definition
A juridical act the effect of which is to cause a higher ranked security interest, particularly a mortgage or privilege, to rank below a lower ranked security interest for purposes of determining preference of payment in the event of default on the underlying obligation. La. C.C. art. 3307.
Term
Subrogation
Definition
The conventional or legal substitution of one person to the rigths of another person. La. C.C. art 1825.
Term
Succession
Definition
The transmission of the estate of a deceased person to his successors.
Term
Supra
Definition
Above
Term
Surety
Definition
Person who obligates himself to a creditor of another to pay the debt if the debtor fails to pay the creditor.
Term
Suspensive condition
Definition
A condition of an obligation providing that the obligation may not be enforced until the occurrence of a particular uncertain event.
Term
Tacit
Definition
Not express; that which, althought not expressed, is understood from the nature of the thing or from provisions of law.  Ex:  a contract of mortgage need not be signed by the mortagee, whose consent is presumed and whose acceptance may be "tacit." La. C.C. art. 3289.
Term
Testament
Definition
Will; donation mortis causa
Term
Testate
Definition
Having left a valid will at death.
Term
Testor/Testatrix
Definition
The person who makes a will.
Term
Third person
Definition
Any person who is not a party to, or personally bound by, an instrument.
Term
Trust
Definition
The relationship resulting from the transfer of ownership of propety to another to be administered by him as a fiduciary, called a trustee, to hold for the benefit of another.  La. R.S. 9:1731.
Term
Trustee
Definition
A fiduciary that holds title to property for the benefit of another.
Term
Tutor/Tutrix
Definition
The legal guardian of a minor after the termination of parental authority by divorce or death. La. C.C. art 246, et seq.
Term
Uniform commercial code
Definition
A system of uniform rules for commercial laws adopted in every state.
Term
Usury
Definition
Collection of interest on a debt which exceeds that allowable by law.
Term
Vendee
Definition
The buyer.
Term
Vendor
Definition
The seller.
Term
Vendor's lien
Definition
A right granted to the seller of a movable or immovable for the unpaid part of the price; this right entitles him to be paid before the buyer's other creditors.  Also sometimes the term is used as the title of an act of credit sale o immovable property.
Term
Venue
Definition
The place or location.
Term
Warranty deed
Definition
A common-law term for an act of sale wherein the vendor warrants his ownership and the marketablility of title to immovable propery.
Term
Will
Definition
A donation made in contemplation of death; a testament or donation martis causa.
Term
Witness
Definition
A person competent ot testify as to what he has seen.  To attest as a to observation or knowledge.
Term
Wrap-around mortage
Definition
A subsequent mortgage which permits a creditor to refinance a mortgage for a sum greater than the existing balance on a first mortgage without paying off or disturbing the existence of the first mortgage.
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