The Louisiana Uniform Request and Cancellation Affidavit (For Mortgages and Vendor's Liens) La R.S. 9:5166 is a legal document that is used in Louisiana to request the cancellation of a mortgage or vendor's lien from a public record. This document is required by Louisiana law in order to ensure that a homeowner's mortgage or a vendor's lien is properly released from their records. It is used in cases where the original loan has been paid in full and/or the lien has been satisfied. This document is also used to cancel a mortgage or lien that was improperly recorded, registered, or notarized. There are two types of Louisiana Uniform Request and Cancellation Affidavit (For Mortgages and Vendor's Liens) La R.S. 9:5166: (1) a Request for Cancellation of Mortgage and (2) a Request for Cancellation of Vendor’s Lien. Both of these documents must be notarized and filed with the clerk of court in the parish where the property is located in order for the mortgage or lien to be removed from the public record.
Louisiana Uniform Request and Cancellation Affidavit (For Mortgages and Vendor's Liens) La R.S. 9:5166
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How to fill out Louisiana Uniform Request And Cancellation Affidavit (For Mortgages And Vendor's Liens) La R.S. 9:5166?
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FAQ
Vendor's lien: this lien is the same as purchase money mortgage. This type of lien is issued to the borrower by the seller of a property as part of the transaction. This type of lien is common when a buyer cannot qualify for lending through traditional methods.
Promissory notes don't have to be notarized in most cases. You can typically sign a legally binding promissory note that contains unconditional pledges to pay a certain sum of money. However, you can strengthen the legality of a valid promissory note by having it notarized.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property.
Promissory notes are legally binding, but if a note becomes invalid, it may not be enforceable. A promissory note could become invalid if: It isn't signed by both parties.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
A valid promissory note only needs the signatures of the participating parties involved in the agreement, not necessitating acknowledgment or being witnessed by a notary public to be legitimate.
There is no legal requirement for a promissory note to be notarized in Louisiana. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
(2) "Vendor's privilege" shall mean a vendor's lien or vendor's privilege on immovable property that secures a written obligation, such as a collateral mortgage note, negotiable or nonnegotiable instrument, or other written evidence of debt.