RS 9:5321 Definitions - Louisiana Statutes

PART II.  MORTGAGES ON RURAL PROPERTY

§5321.  Definitions

As used in this Part:

(1)  "Instrument" means any instrument, whether or not negotiable, which evidences the indebtedness of one or more persons.

(2)  "Rural Property" means a tract of land which is at least forty acres in area and from which at least seventy-five percent of the income derived is from agricultural or livestock purposes or mineral income and which is not located within the territorial limits of any incorporated municipality.

Added by Acts 1977, No. 251, §1.