Louisiana Request for Cancellation by Licensed Financial Institution (Judgments and/or Judicial Mortgages) La. R.S. 9:5172 is a law that allows a licensed financial institution to request the cancellation of any judgment or judicial mortgage that it holds. The law provides for two types of cancellation requests. The first type of cancellation request is for judgments and/or judicial mortgages that are no longer necessary to secure the financial institution’s loan and are no longer of any value to the financial institution. The second type of cancellation request is for judgments and/or judicial mortgages that are not enforceable or are otherwise invalid. In both cases, the financial institution must submit a written request to the court in which the judgment or judicial mortgage is filed, stating the reasons for the request. The court will then review the request and, if found to be valid, cancel the judgment or judicial mortgage.
Louisiana Request for Cancellation by Licensed Financial Institution (Judgments and/or Judicial Mortgages) La. R.S. 9:5172
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FAQ
After five years of judgment in Louisiana, the judgment remains enforceable, but creditors may face increased challenges in collecting debts. Moreover, the debtor may still seek options such as cancellation of the judgment. Utilizing the Louisiana Request for Cancellation by Licensed Financial Institution (Judgments and/or Judicial Mortgages) La. R.S. 72 can help facilitate this process, reducing the burden of unresolved judgments on your finances.
In Louisiana, a judgment usually lasts for ten years from the date it is rendered, but this duration can be extended through certain actions, like filing a renewal. Understanding the time frame of a judgment is critical, especially if you are considering a Louisiana Request for Cancellation by Licensed Financial Institution (Judgments and/or Judicial Mortgages) La. R.S. 72. If you want to manage your financial situation effectively, consider seeking legal help to navigate your options. Staying informed can empower you to take control of your financial future.
In Louisiana, you typically have 30 days from the day the judgment is rendered to file an appeal. This timeframe is crucial for anyone looking to challenge a judgment, including those seeking a Louisiana Request for Cancellation by Licensed Financial Institution (Judgments and/or Judicial Mortgages) La. R.S. 72. Keep in mind that depending on the circumstances, certain appeals may require specific paperwork or additional steps, so it is advisable to consult a legal professional. Acting quickly can help you protect your rights and interests.
Executory proceedings are those which are used to effect the seizure and sale of property, without previous citation and judgment, to enforce a mortgage or privilege thereon evidenced by an authentic act importing a confession of judgment, and in other cases allowed by law.
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.
R.S. 7 Paraphed Obligation ? An act of release executed before a notary who certifies in the act that the obligation. was presented to him by the holder and owner and that he paraphed it for identification with the act of release.