Property Ownership
A 'judicial mortgage' in Louisiana is created by:
AThe borrower voluntarily pledging property as collateral
BA court judgment that becomes a lien on the debtor's immovable property✓ Correct
CA construction contract for improvements
DAn agreement between landlord and tenant
Explanation
A judicial mortgage in Louisiana arises from a court judgment and becomes a lien on all immovable property owned by the debtor in the parish where the judgment is recorded.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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