RS 9:5388 Authority to carry out and enforce rights - Louisiana Statutes

§5388.  Authority to carry out and enforce rights

A mortgage or security agreement may contain provisions granting the mortgagee or secured party and its agents the power to carry out and enforce all or any specified portion of the incorporeal rights collaterally assigned or pledged by the mortgagor or on which the mortgagor/debtor has granted a security interest under Chapter 9 of the Louisiana Commercial Laws (R.S. 10:9-101, et seq.).  The grant of authority may be phrased in the form of a mandate or power of attorney, coupled with an interest or otherwise.  The grant of authority may not be revoked by the mortgagor or debtor so long as the mortgage or security interest remains in effect.

Acts 1988, No. 985, §1; Acts 1989, No. 137, §5, eff. Sept. 1, 1989.

{{NOTE:  SEE ACTS 1988, NO. 985, §2.}}