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Louisiana Code of Civil Procedure Tit. VI, Art. 4132. Nature of security

Current as of January 01, 2023 | Updated by FindLaw Staff

A. The security required by Article 4131 shall be in the form of a bond, to be approved by the court, and secured by:

(1) A surety company authorized to do business in this state;

(2) Bonds of this state or of any political subdivision or any municipality thereof, or of the United States, or certificates of deposit in any bank, savings bank, or trust company chartered under the laws of Louisiana or National Banking Association domiciled in this state and insured by the Federal Deposit Insurance Corporation, or shares of any building or loan or homestead association domiciled in this state and insured by an agency of the United States, in an amount at par value equal at least to the amount of the security required; or

(3) No less than two personal sureties signing in solido who are residents of this state and who each have unencumbered property located in this state in an amount amply sufficient to secure the amount of the bonds notwithstanding the provisions of Civil Code Article 3042 or any other law to the contrary.

B. Bonds or homestead shares or certificates of deposit of a bank posted as security shall be deposited for safekeeping with the clerk of court or in a bank or other recognized depository as directed by the court, and may not be withdrawn without an order of court. The form of the act under which such bonds or shares are given in security shall be substantially that of a bond, in which the principal binds himself and declares that instead of furnishing sureties, he deposits, as directed by the court, such bonds or shares to be subject to any claim the minor may have.

C. Insured homestead shares or certificates of deposit of a bank may not be furnished as security in excess of the amount insured.

D. The bond shall not be recorded in the mortgage records nor operate as a mortgage.

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Cite this article: FindLaw.com - Louisiana Code of Civil Procedure Tit. VI, Art. 4132. Nature of security - last updated January 01, 2023 | https://codes.findlaw.com/la/code-of-civil-procedure/la-code-civ-proc-tit-vi-art-4132/

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