This form is used if any party fails or is unable to pay its proportionate share of the costs for the operation, the Operator shall have the right to enforce the lien, or the Operator shall have the right, exercised before or after Completion of the operation.
Louisiana Rights of Operator Against A Defaulting Party Pre 1989 Agreements
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FAQ
The consent of parties legally capable of contracting is one of the requirements for a valid contract.
2375. The purchaser is liable for nothing beyond the purchase price. He shall pay the full purchase price to the sheriff, despite the existence of a mortgage, lien, or privilege on the property inferior to that of the seizing creditor.
Louisiana law governing these rights, known as Matrimonial Regimes, is found in the Louisiana Civil Code at articles 2325-2376. Marriage impacts property rights of both spouses. The rights of married people when buying or selling property, borrowing money, or obtaining credit are all regulated by law.
Art. 2325. Matrimonial regime. A matrimonial regime is a system of principles and rules governing the ownership and management of the property of married persons as between themselves and toward third persons.
If separate property of a spouse has been used either during the existence of the community property regime or thereafter to satisfy a community obligation, that spouse is entitled to reimbursement for one-half of the amount or value that the property had at the time it was used.
Buildings, other constructions permanently attached to the ground, and plantings made on the separate property of a spouse with community property belong to the owner of the ground. The other spouse is entitled to reimbursement for one-half of the amount or value that the community property had at the time it was used.
Is an operating agreement required in Louisiana? There is no Louisiana law requiring LLCs to adopt an operating agreement. However, a written operating agreement is usually required to open a company bank account, and it can help you reinforce your limited liability status if you ever face a lawsuit.
Art. 2801. Partnership; definition. A partnership is a juridical person, distinct from its partners, created by a contract between two or more persons to combine their efforts or resources in determined proportions and to collaborate at mutual risk for their common profit or commercial benefit.
