Escrow & Title
In Louisiana, the 'law day' in an older mortgage refers to:
AThe day the mortgage was recorded
BThe maturity date by which the debt must be paid to prevent foreclosure proceedings✓ Correct
CThe date the attorney reviews the title
DThe closing date of the real estate transaction
Explanation
The 'law day' (or maturity date) in a mortgage is the date by which the borrower must repay the debt. In traditional mortgage law, failure to pay by the law day could allow the lender to initiate foreclosure.
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