Louisiana Notice of Cancellation of Sales Agreement Pursuant to Article 2 of the Uniform Commercial Code

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Multi-State
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US-03284BG
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Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states.


After the seller or lessor has notified the buyer or lessee of the cancellation, the seller's or lessor's obligations are discharged and he or she can pursue remedies available for breach [UCC 2-703(f), 2A-523(1)(a)].


On notice of cancellation, the buyer or lessee has no more obligations under the contract and retains all rights to other remedies against the seller [UCC 2711(1), 2A508(1)(a)].

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FAQ

Car insurance is required for all drivers in Louisiana. Like many states, there are penalties for driving without auto insurance, including fines, license confiscation, registration suspension and vehicle impoundment.

When it comes to traffic collisions, Louisiana is not a no-fault state. Instead, it is a ?tort? state, which means victims need to prove the other driver caused their crash and hold them responsible to recover money damages.

The insurance flags and associated fines are as follows: No insurance for 30 days or less ? $125.00. No insurance for 31 to 90 days ? $275.00. No insurance for 91 days or more ? $525.00.

The UCC implemented provisions of Article 9 with regard to the "notice filing" approach under which an abbreviated notice is filed with the appropriate filing officer evidencing that a debtor and a secured party intend to engage in or have engaged in a secured transaction using specified collateral as security.

In Louisiana, when there is a car accident, the driver who does not have the required car liability insurance coverage, cannot recover the first $15,000 for injuries and the first $25,000 for property damage. The No Pay, No Play statute was passed in 2011 to persuade Louisiana drivers to purchase insurance.

In the case of a bond for deed, "cancel" describes a formal legal process. The seller will have to ask the Clerk of Court to make an entry in the Mortgage and Conveyance Records that reflects that the contract is no longer effective; it is "cancelled".

Any motor vehicle liability policy may provide that the insured shall reimburse the insurance carrier for any payment the insurance carrier would not have been obligated to make under the terms of the policy except for the provisions of this Chapter.

Explanation of three business days: If the sale happens on a Monday during a week without a federal holiday, you will have until midnight on Thursday to cancel the contract. If the sale happens on a Monday when Tuesday is a federal holiday, you will have until midnight on Friday to cancel the contract.

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Louisiana Notice of Cancellation of Sales Agreement Pursuant to Article 2 of the Uniform Commercial Code