CC 3093 - Effect of respite on property of debtor; rights of non-assenting creditors. - Louisiana Statutes

Art. 3093. Effect of respite on property of debtor; rights of non-assenting creditors.

The property of the debtor is not hypothecated by reason of the respite, for the payment of the mass of the debts, unless the respite had been granted on the express condition that this hypothecation shall exist. But any creditor who has not assented to the respite may require that the debtor shall furnish security that the property of which he is left in possession shall not be alienated, or in case it is, that the money arising from the sale, or mortgage, of the same shall be employed in paying, ratably, the debts existing at the time of the respite; and if any debtor having obtained a respite shall fail or neglect to furnish, when required by order of court, the security herein before provided for, within ten days from the date of such order, or shall fail or neglect to make payment to his respective creditors, according to the terms of the said respite, any creditor thereby interested may proceed summarily against such debtor by rule, taken in the respite proceedings, to show cause why the judgment decreeing such respite should not be vacated and annulled, and why the debtor should not forthwith make a cession of his property to his creditors. And the court in making such rule absolute shall appoint a provisional syndic in the premises and order a meeting of creditors of such debtor to be held according to law for the election of a syndic, and such other business as may lawfully come before it.

Amended by Acts 1888, No. 134.