Dation

Louisiana Partial Dation En Paiement
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State:
Louisiana
Control #:
LA-497-M
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Description louisiana partial

A Partial Dation en Paiement is a transfer of property in partial satisfaction of an obligation, with options and language for commercial and consumer transactions. Where the debt arises out of a commercial transaction, the borrower and creditor agree on a credit to be allowed for the property and agree on the debt remaining, in accordance with R.S. 13:4108.1. Where the debt arises out of a consumer transaction, R.S. 13:4108.2 requires that the parties agree on the value of the property and requires that the debtor be given notice of judicial appraisal and sale rights. For an example of an agreement by which property is transferred in full payment of debt, see document Dation En Paiement: LA-496-M.

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