Louisiana Request for Cancellation by Licensed Financial Institution (MORTGAGE OR PRIVILEGE) La. R.S. 9:5172 is a law that provides for the cancellation of mortgages or privileges held by a licensed financial institution in Louisiana. This law allows licensed financial institutions, such as banks and credit unions, to request the cancellation of a mortgage or privilege they hold on real property. The cancellation can be requested for any reason, including nonpayment, foreclosure, or a change in the financial circumstances of the borrower. The two types of Louisiana Request for Cancellation by Licensed Financial Institution (MORTGAGE OR PRIVILEGE) La. R.S. 9:5172 are: 1. Mortgage Cancellation — This type of cancellation applies when a licensed financial institution holds a mortgage on a property located in Louisiana. The financial institution can request a cancellation of the mortgage when the borrower fails to make their payments or if the financial institution decides to foreclose on the property. 2. Privilege Cancellation — This type of cancellation applies when a licensed financial institution holds a privilege on a property located in Louisiana. This type of privilege is typically a lien held against the property and is used as collateral for a loan. The financial institution can request a cancellation of the privilege when the borrower fails to make their payments or if the financial institution decides to foreclose on the property.
Louisiana Request for Cancellation by Licensed Financial Institution (MORTGAGE OR PRIVILEGE) La. R.S. 9:5172
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