CC 333 - Sale of mortgaged property by one claimant; inscription of legal mortgage of remaining minors. - Louisiana Statutes

Art. 333. Sale of mortgaged property by one claimant; inscription of legal mortgage of remaining minors.

Whenever a special mortgage is given by a tutor to secure the rights of two or more minors, any of the minors, on attaining the age of majority or being emancipated, may cause the sale of the mortgaged property to satisfy the indebtedness of the tutor to him, after having discussed the other property of the debtor, in the following manner:

If the judge is of the opinion that the mortgaged property is sufficient to satisfy all of the demands of the major and minors, he shall order the sale of so much of the property as will satisfy the demand of the major, if susceptible of division, and the property so sold shall be free of the mortgage in favor of the remaining minors.

If the judge is of the opinion that the mortgaged property is not sufficient to meet the demands of the major and minors, or that it is not susceptible of division, he shall order the sale of the whole of the mortgaged property, and the release of the mortgage of the major and minors. The proceeds of the sale, after defraying the expenses thereof, shall be divided equally among the major and minors, giving each his virile share. The portion to be paid the minors shall be paid to their tutor.

When the judge orders the sale of the property, he shall order the inscription of the minor's legal mortgage in the manner heretofore provided. This inscription shall be made in the parish where the tutor resides within three days of the order, and in all other parishes where the tutor has immovable property within thirty days of the order.

Amended by Acts 1960, No. 30, §1, eff. Jan. 1, 1961.