State v. Citizens' Bank
Supreme Court of Louisiana
APPEAL from, the Sixth District Court for the parish of Orleans. Bightor, J. To render a conventional mortgage valid it is necessary that the exact sum for which it i© given shall be declared in the act.
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APPEAL from, the Sixth District Court for the parish of Orleans. Bightor, J. To render a conventional mortgage valid it is necessary that the exact sum for which it i© given shall be declared in the act. O. Code, article 3309 ; 2 An. 790 ¡ 9 R. 482; 17 An. 00. First — A mortgage stipulating that the property shall be insured by the purchaser, in a sum sufficient to secure the holder of the notes given as part of the purchase price, and that the property shall be kept so insured, and the policy transferred to the vendor, or holder of the notes, and that the holder of the notes is authorized to…
1Opinion of the Court
The opinion of the Court was delivered by
Fenner, J.
The Citizens’ Bank sold to the New Orleans National *706Building Association the property then known as the St. Louis Hotel, at a price paid partly in cash and partly in notes.
The act contained a stipulation by which the vendee was bound to keep the property “constantly insured in an amount satisfactory to the holders o£ said notes (for the price), in one of the solvent insurance companies of the city, until the final payment of said notes; * * and should the said purchasers fail or omit to cause said insurance to be effected, any holders of said…
2Cases cited1 opinion
- Linton v. PurdonSupreme Court of Louisiana · 1845
3Cited by3 opinions
- Brewer v. BrewerSupreme Court of Louisiana · 1919
- Aldridge v. ReedLouisiana Court of Appeal · 1939
- Dodd v. HoranLouisiana Court of Appeal · 1929