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236 Cards in this Set
- Front
- Back
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abstract
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history of the title to property as revealed by the public records
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acceleration clause
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a clause used in an installment note and mortgage which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property, or other event which endangers the security of the loan
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accessory contract
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a contract is accessory when it is made to provide security for the performance of an obligation.
EX: Suretyship, mortgage, pledge, and other types of security agreements |
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accession
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acquiring title to additions or improvements to property as a result of natural growth, labor, the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
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acknowledged act
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any act or instrument in writing signed by the parties in the presence of two witnesses and then taken by the party(ies) or the witness(es) before a notary and two witnesses; the original act was signed out of the presence of the notary
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acknowledgment
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a formal declaration by a party before a notary public in the presence of two witnesses by the person who signs an instrument to the effect that it is his own free and voluntary act done for the purposes therein expressed
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acknowledgement of paternity
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a formal written declaration whereby a person establishes himself as the natural father of a child
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acquets and gains
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a civilian concept referring to the matrimonial regime of community property; acquets means all things acquired, and gains is the increase in the value of property through the skill or labor of a person, particularly a spouse
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acquisitive prescription
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mode of acquiring ownership of other real rights by uninterrupted possession for a period of time
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acquittance
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a release, usually in writing, from an obligation
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act under private signature
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any act or instrument, in writing, signed by a person or persons not in the presence of a notary that may or may not be witnessed
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administor
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a person appointed by the court as the succession representative to manage the assets and liabilities of an intestate decedent
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affiant
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one who makes an affidavit
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affidavit
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a declaration or statement of facts personally known to the affiant reduced in writing and sworn to by the affiant before a notary
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affidavit of distinction
(affidavit of identification) |
an affidavit executed before a notary by a person providing identifying information to distinguish said person from a judgment debtor with a same or similar name and then recorded in the mortgage records of the parish where the judgment is recorded
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agent
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one authorized to act or represent another
(MANDATARY) |
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agreement
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contract
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agreement to sell or buy
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a binding contract to buy and sell in future
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aleatory contract
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an agreement in which the effects thereof depend on an uncertain event
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alienate
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to transfer property or a right to the ownership of another, especially by an act of the owner rather than by inheritance
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alluvion
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an increase to the land caused by the buildup of deposits from running water
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antichresis
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a written contract by which the debtor pledges the revenues of an immovable to the creditor as security for a debt
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appearance clause
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a clause giving full status of a natural or juridical person (e.g., corporation or partnership) in any legal instrument
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appearer
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a person who goes before an official authorized to administer oaths, take acknowledgments, or make authentic acts, and who makes a declaration, executes or acknowledges an instrument of writing
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appraisal
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the process of valuing property; a valuation of property by two or more appraisers who are appointed and authorized by the court to place a value on designated property.
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appurtenances
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a right, privilege or property that is considered incident to the principal property for purposes such as passage of title, conveyance, or inheritance; a thing that is necessarily connected with the use and enjoyment of another thing
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ascendant
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one who precedes in lineage; an ancestor
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assignment
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the transfer of a claim, right, interest, or property from one to another; the instrument by which the transfer is effected
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assumption deed
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an act of sale in which the buyer agrees to assume payment of the seller's mortgage
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attest
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to witness something
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attorney in fact
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same as an agent
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authentic act
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a writing executed before a notary public or other officer authorized to perform that function, in the presence of two witnesses, and signed by each party who executed it, by each witness, and by each notary public before whom it was executed
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base line
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east-west reference line
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bequest
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a disposition of property made by a testator
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bill of sale
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instrument translative of title of movable property
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bond
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a guarantee of indemnity by any person, usually an insurance company; or giving security for another
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bond, personal surety
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a surety bond provided by an individual, personally, on behalf of a notary. must be recorded in mortgage records of parish notary holds commission
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bond-for-deed contract
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contract regarding immobavle property whereby the vendor agrees to transfer the title to the property when the purchase price is paid in full; the vendee is usually given possession during the existence of the contract
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boundary line
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line of separation between contiguous lands
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cancellation of mortgage
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clerk of court adjusts the public records to reflect that the mortgage has been extinguished. collateral mortgages are cancelled by the presentment of the paid collateral mortgage note.
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capacity
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legal qualification, including age and other factors
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cash deed
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common-law term for an act of sale of immovable property in which the buyer pays and the seller acknowledges receipt of the purchase price
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chattel
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designates movable property
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code
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a collection of laws
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codicil
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common-law term for amendment, modification, supplement or addition to a will that must be in the form of a testament
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collateral
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property in which a security interest is granted
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collateral mortgage
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a mortgage designed to secure a mortgage note pledged as collateral security for a debt. both a mortgage and a pledge
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collaterals
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any relation not directly in the line of ascent or descent
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collation
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the supposed or real return to the mass of succession property given to forces heirs by donation inter vivos in order to divide the property with the other effects of the succession
equalization of property amongst forced heirs |
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common things
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things that may not be owned by anyone (high seas, air)
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community property
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a matrimonial regime whereby property acquired or produced through the labor of either spouse is owned in common by the husband and wife
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component parts of tracts of land
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a building, other constructions permanently attached to the ground, standing timber and unharvested crops or ungathered fruits of trees are component parts of a tract of land when they belong to the owner of the ground
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conditional obligation
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an obligation that is dependent on the occurrence of an uncertain event
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confession of judgment
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a person's agreement in a mortgage to the entry of judgment if he defaults on the obligation secured by the mortgage
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confusion
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when the qualities of the obligee and obligor are united in the same person, the obligation is extinguished by confusion.
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consideration
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common law-term which refers to something promised, given, or done (such as money) that has the effect of making an agreement a legally enforceable contract
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conveyance records
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the record of all sales and donations of immovable property kept by the clerk of court of each parish
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corporation
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a business entity with separate legal personality from its shareholders, directors, officers formed by filing articles of incorporation with the secretary of state
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corporeals
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things that have body, whether animate or inanimate, and can be felt or touched
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counter letter
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separate writing expressing the true intent of the parties rather than the intent purported to be manifested in another instrument; not binding on third parties unless recorded
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credit deed
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common-law term for an act of sale of immovable property on credit terms
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cum onere
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"with burden"
when the vendee purchases immovable property on which there is an existing mortgage, and the vendee does not assume the indebtedness secured by the mortgage or agree to pay the indebtedness of his vendor |
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curator
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a court-appointed guardian who manages the affairs of another incapable of doing so himself
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dation en paiement
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"giving in payment"
an act in which a debtor transfers ownership of a thing to his creditor in payment of a debt; |
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decedent
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a person who has died
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de jure
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"of law"
an official who holds his office by law and who is possessed of all lawfully necessary qualifications for office |
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descendants
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all offspring of a person in a direct line
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dishonor
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non-acceptance of an instrument such as a check or promissory note
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disinhersion
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a means of depriving a forced heir of his inheritance due to some act upon his part which the law deems sufficient cause
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disposable portion
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portion of a testator's property which he can will to anyone he chooses
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domicile
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with respect to a natural person, the place of his habitual residence
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donation inter vivos
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a contract by which a person gratuitously divests himself, at present and irrevocably, of the thing given in favor of another (donee) who accepts it
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donation mortis causa
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an act to take effect at the death of the donor by which he disposes of the whole part of his property a donation mortis causa is revocable during the life of the donor
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donee
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one who receives a donation or gift
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donor
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one who gives or donates
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drawee
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the party on which an order for the payment of money is drawn, usually a bank
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drawer
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one that draws, especially one that draws an order for the payment of money
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earnest money
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permits either party to recede from a contract to sell, but the buyer who chooses to recede from the contract forfeits the earnest money and the seller who chooses to recede from the contract must return double the earnest money
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easement
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common law; right of way afforded a person to make limited use of another's real property; in Louisiana, it is a servitude
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emancipation
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the act of conferring some or all of the effects of majority on a minor
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enclosed estate
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an estate that has no access to a public road
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encumber; encumberance
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to burden with a claim such as a mortgage. privilege or lien; a burden or charge imposed upon property by law or conventional obligation or contract, such as a privilege or mortgage
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escrow
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property, usually money, in the custody of a third party for delivery to another only after the fulfillment of the conditions specified
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estate
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the property, rights, and obligations that a person leaves after his death, and includes all that has accrued thereto since death
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et seq.
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"and that which follows";
subsequent text |
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exchange
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a contract by which parties tot he contract transfer property (not money) to one another
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executor
(executrix) |
a proceeding in court in which the holder of a mortgage containing a confession of judgment may obtain an ex parte seizure and sale of the mortgaged property without the ordinary delays required by law
ADMINISTRATOR |
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express
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clearly and distinctly stated in precise terms
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fair market value
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price of an object (movable or immovable) agreed upon by a willing seller and a willing buyer
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fee simple title
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common law; ownership of immovable property without any condition upon the power and authority to alienate, encumber or transfer by inheritance
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fiduciary
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a person entrusted with the property of another party and in whose best interests the fiduciary is expected to act when holding, investing or otherwise using that person's property
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filiation
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condition or fact of being the child of a particular parent
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forced heir
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descendants of the first degree who either are 23 or younger when person dies or are any age and are mentally incapable of caring for his person or administer his estate at the parent's death
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forced portion
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that portion of a decedent's estate that the law reserves to him by right, called the legitime, unless the decedent has just cause to disinherit him
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fortuitous event
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an event that at the time the contract was made could not have been reasonably foreseen
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fruits
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things produced by or derived from another thing without diminution of its substance, such as products of the earth in the case of natural fruits and rents or interest in the case of civil fruits
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good faith
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party: if he has no knowledge of or has no reasonable basis for questioning the validity of the transaction
acquirer: in good faith unless he knows or should have known that the transferor was not the owner |
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guardian
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common law; one who is reasonably responsible for the care and management of the person or property of an incompetent or a minor; in louisiana a curator or tutor
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habitation
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personal servitude granted to a natural person to dwell in the house of another
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heritable
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transferable; capable of transferring by voluntary action or by succession; not strictly personal
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homestead exemption
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an exemption from liability that prevents creditors from obtaining satisfaction from immovable property which the debtor resides in as part of his primary domicile
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hypothecate
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to pledge as collateral for a debt without transferring possession
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illegitimate children
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those who are conceived and born outside of marriage
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immobilization
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taking a trailer or something that is normally movable and fixing it to the land to make it an immovable
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immovable
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real property; real estate
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in globo
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"in a mass" ;
as an undivided whole rather that separately |
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in toto
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"in whole";
completely; as a whole |
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incorporeal
(or non-corporeal) |
property that does not have a material form, such as a right or a debt
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infra
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"below"
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inter vivos
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between living persons
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interdict
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a person above the age of majority who is declared by a court to be incapable of either caring for his own person or administering his estate, or both, although he may at times appear to have possession of his reason
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interdiction
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judicial proceeding whereby a curator is appointed for an adult or emancipated minor who, due to infirmity, is unable to make reasoned decisions regarding his person or property, or both
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interpretive
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relating to, involving, or providing an interpretation or explanation of something
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intestate
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one who has died without a will
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inventory
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a written list or catalog of the property of a person or succession that is made by under oath and that usually describes and assigns a value to each item of property
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judgment
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a determination of a court of law; a judicial decision
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judicial mortgage
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a mortgage which results from filing a judgment in the mortgage records of the parish where the property of the debtor is located
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jurat
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the clause "Sworn to and subscribed before me, notary public, at (place) on (date) and signed by the notary public," certifying that the statements contained in writing were sworn to before an authorized officer, such as a notary public
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juridical person
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an entity to which the law attributes legal personality, such as a corporation
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LLC
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limited liability company
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LLP
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limited liability partnership
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laborer's privilege or lien
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a privilege granted by law to protect workmen for a payment of the labor performed by them
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landlord
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lessor of property
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lease
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agreement by one party to let another person use a thing for a fixed price and term
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legal mortgage
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a mortgage arising by operation of law
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legatee
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one who is named in a will to take personal property; one who has received a legacy or bequest; a testate successor
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legitime
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That portion of a decedent's estate that the law reserves to him by right, unless the decedent has just cause to disinherit him
FORCED PORTION |
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lesion
(lesion by moiety) |
the sale of an immovable may be rescinded for lesion when the price is less than one half of the fair market value of the immovable. lesion can be claimed only by the seller and only in voluntary sales of corporeal immovables
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liberative prescription
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the barring of actions as a result of inaction for a certain period of time
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lien
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a legal claim; a privilege
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major
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of legal age. 18 years of age is the legal age in Louisiana
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maker
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the person who originates a note or other negotiable instrument such as a check
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marital portion
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that portion of a deceased's estate which their surviving spouse is entitled to claim when the deceased spouse dies rich in comparison to the surviving spouse. (1/4 of the succession in ownership if no children)
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mandatary
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one who is authorized to act for or represent another, usually in business matters, whose authority may be express or implied; a representative
also referred to as "agent" or "attorney-in-fact" |
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mandate
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transaction in which a person (mandator) confers authority on another person (mandatary or agent) to act for the principal; a power of attorney
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material man's privilege or lien
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a privilege granted by law to protect the supplier of materials for the payment of materials furnished
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matrimonial agreement
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a contract made by a couple intending to marry, or by a married couple, for the purpose of establishing a separate property regime or modifying the legal regime
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maturity
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the time fixed for payment of a loan or obligation
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meridian
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north-south surveying reference line
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metes and bounds
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boundary of real estate described by linear measurements from one point to another
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minerals
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those precious metals, or oil and gas, located on or beneath immovable property or the bottoms of navigable waters
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minor
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a person under the age of 18 who has not been emancipated
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mortgage
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a granting of a privilege or lien on a movable or immovable which does not transfer possession to the creditor
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mortgage records
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records in which the parish clerk of court records instruments encumbering immovable property, such as mortgages, security interests, liens, judgments, etc.
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mortgagee
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the person in whose favor a mortgage is granted
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mortgagor
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the person who grants a mortgage
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mortis causa
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"in contemplation of death",
refers to a donation given in contemplation of death; a testament or will |
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movable
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any thing the law does not determine to be immovable
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naked owner
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owner of property burdened with a usufruct
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ne varietur
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"it must not be altered";
used as part of a paraph |
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non-alientation certificate
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a certificate usually prepared by an abstract company of the clerk of court certifying that certain described property has not been sold
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non-resident
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a person who does not reside on a permanent basis in this state
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novation
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the extinguishment of an existing obligation by the substitution of a new one
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olographic will
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testament entirely written, dated and signed by the testator
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onerous donation
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a donation conditioned upon the performance of a stipulated donation
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ordinary process
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proceedings in court using the usual or ordinary delays and legal requirements
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ownership in indivision
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ownership of the same thing by two or more persons which is not divided or segregated into separate portions
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pact de non alienando
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clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate, or mortgage the same property to other persons to the prejudice of the mortgage
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paraph
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a notation on a document to mark it for identification with another act
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partial release of mortgage
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a partial cancellation of a security interest such as a mortgage; an act executed by the owner/holder of a promissory note which is secured by a mortgage or other security instrument, secured by a certain property in which the holder of the note releases cancels and erases the obligation on a specified portion of the property which secures the debt
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partition by licitation
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the division of property by sheriff's sale where the funds are then distributed among the owners by the share of ownership in the original property
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partition in kind
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a legal division of real or personal property in equal portion
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partnership
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a legal entity created by contract between two or more persons to enter into a joint venture
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partnership in commendam
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a partnership characterized by the presence of an ordinary partner and one or more partners who do not participate in the partnership except through capital contributions and enjoy limited liability
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party wall
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a common wall; a wall constructed on a property boundary as a common support to buildings on both sides, which are under different ownerships.
also referred to as a "partition wall" |
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patrimony
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the whole of one's estate
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pawn
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the pledge of immovable property
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payee
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a person to whom a promissory note or bill of exchange is payable
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perjury
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false swearing in court; to tell a lie under oath
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personal servitude
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charge on a thing for the benefit of a person.
There are three; usufruct, right of use, habitation |
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pledge
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a security interest in property where the creditor takes possession of the property and returns it upon payment of debt
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power of attorney
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transaction in which a person (mandator) confers authority on another person (mandatary or agent) to act for the principal; a power of attorney
MANDATE |
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preemptive right
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a shareholder's right to purchase newly issued stock before shares are offered to another perons in an amount proportionate to the shareholders current holding in order to prevent dilution of the shareholder's ownership interest
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principal
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1. a sum of money
2. the person granting authority under a mandate |
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private act
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an act between the parties that may or may not be witnessed but is signed by both parties
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private act duly acknowledged
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private act acknowledged before a notary
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privilege
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a security interest in property that arises by operation of law and which is not often recorded
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proces verbal
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"official record of oral proceedings"
a detailed, authenticated written report of a proceeding; |
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procuration
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a unilateral juridical act by which a person confers authority on another person to represent him in legal relations
differs from mandate, which is a contract |
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promissory note
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writing evidencing the existence of a debt in which the obligor promises to pay a stated amount on a date certain
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protest
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a certification by a notary that an instrument formally presented for payment was dishonored
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quitclaim
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a common law term referring to a release of any rights, disputed or otherwise, a person has in immovable property
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ranking
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the establishment of the priority of payment of privileges, mortgages, or liens
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recordation
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recording an instrument with the proper authority as prescribed by law
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reinscription
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a legal proceudure for renewing a lien or mortgage
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renunciation
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the express or tacit abandonment of a right without transferring it to another
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representation
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when the descendants of a deceased successor take the place of a deceased heir
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representative
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one who is authorized to act for or represent another (principal), usually in business matters; an agent or mandatary
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resolutory condition
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a conditon of an obligation providing thaat upon the occurrence of a particular uncertain event, the obligation will come to an end
CONDITIONAL OBLIGATION |
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sale per aversionem
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an act of sale of immovable property whereby the surrounding property is used to provide the legal description of the boundaries of the property being sold
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section
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a divison of land normally one square mil containing 640 acres. one of 36 in a township
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seizen
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the right to legal possession of property of the deceased prior to the placing in possession of heirs of the ownership of the deceased's property
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separate property
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property of a spouse acquired before the marriage, property acquired with separate funds, or property acquired by dontation or inheritance; not community
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sequestration
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a type of writ for the seizure of movable property
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servitude
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a real right which grants to the owner of the dominant estate the right to conduct works or activities or in some instances the right to prohibit certain works or conduct uopn the servient estate
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settlor
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person who settles a trust
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sole proprietorship
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a business enterprise, owned by a single person. which is not conducted by means or through the use of jurdical entity
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spendthrift trust
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a trust that prohibits the beneficiary's interest from being assigned and also prevents a creditor from attaching that interest, except as provided by law
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subdivision
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a division of immovable property into small portions
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subordination
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a juridical act the effect of which is to cause a higher ranked security interest, particularly a mortgage or privilege, to rank below a lower ranked security interest for purposes of determining preference of payment in the event of default on the underlying obligation
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subrogation
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the conventional or legal substitution of one person to the
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succession
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the transfer of the estate of a deceased person to his successors
2 types: testate & intestate |
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supra
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"above"
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surety
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person who obligates himself to a creditor of another to pay the debt if the debtor fails to pay the creditor
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suspensive condition
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a condition of an obligation providing that the obligation may not be enforced until the occurrence of a partucular uncertain event
CONDITIONAL OBLIGATION |
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tacit
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not express; that which, although not expressed, is understood from the nature of the thing or from provisions of the law.
EX: a contract of mortgage need not be signed by the mortgagee, whose consent is assumed and whose acceptance may be "tacit" |
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testament
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will; donation mortis causa
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testate
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having left a valid will at death
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testator
(testatrix) |
person who makes a will
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third persons
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any person who is not a party to, or personally bound by, an instrument.
EX: the persons wno are parties to an act of sale are the seller and buyer; all others are "third persons" |
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trust
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a relationship resulting from the transfer of ownership of property to another to be administered by him as a fiduciary, called a trustee, to hold for the benefit of another
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trustee
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a fiduciary that holds title to property for the benefit of another
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tutor
(tutrix) |
the legal guardian of a minor after the termination of parental authority by divorce or death
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Uniform Commercial Code
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a system of uniform rules for commericial laws adopted in every state
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usury
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collection of interest on a debt which exceeds that allowable by law
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vendee
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buyer
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vendor
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seller
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vendor's lien
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a right granted to the seller of a movable or immovable for the unpaid part of the price; this right entitles him to be paid before the buyer's other creditors.
also sometimes the term is used as the title of an act of credit sale of immovable property |
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venue
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place or location
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meter
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a metric unit of measurement of length. slightly longer that the English measurement of a yard
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warranty deed
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common law; an act of sale wherein the vendor warrants his ownership and the marketability of title to immovable property
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will
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a donation made in contemplation of death; a testament or donation mortis causa
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witness
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a person competent to testify as to what he has seen. to attest as to observation or knowledge
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wrap-around mortgage
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a subsequent mortgage which permits a creditor to refinance a mortgage for a sum greater than the existing balance on a first mortgage without paying off or disturbing the existence of the first mortgage
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usufruct
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a real right of limited duration on the property of another
comprises "usus and fructus" |
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beneficiary
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a person whose benefit the trust is created and may be a natural person, corporation, partnership, or other legal entity having the capacity to receive property
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private signature
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a signature made on a writing (as an instrument or will) that is not witnessed or notarized; executed outside of the presence of a notary public or witnesses
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ownership
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the right that confers on a person direct, immediate, and exclusive authority over a thing and may use, enjoy, and dispose of it within the limits and under the conditions established by law
usus, fructus, abusus |
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possession
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the detention or enjoyment of a corporeal thing, movable or immovable, that one holds or exercises by himself or by another who keeps or exercises it in his name
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usus
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the right to the "use, experience, skill, advantage, or profit"
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fructus
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"fruit, profit, enjoyment, or produce"
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abusus
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the right to "consume, dispose of or alienate"
naked owner |
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personal servitude
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the charge on a thing for the benefit of a person
usufruct, habitation, rights of use |
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predial servitude
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a charge on a servient estate for the benefit of a dominant estate
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township
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A public land surveying unit of 36 sections, each one mile square
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small succession
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The succession or the ancillary succession of a person who at any time died leaving property in Louisiana having a gross value of $75,000 or less valued as of the date of death or, if the date of death occurred at least 25 years prior to the date of filing of a small succession affidavit, leaving property in Louisiana of any value.
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