Legal Opinion
Pontchartrain State Bank v. Lybrand
District Court, E.D. Louisiana
Decided July 16, 1992No. Civ. A. 91-3076PublishedCited by 4 opinions
1Opinion of the Court
OPINION AND REASONS
McNAMARA, District Judge.
This matter was submitted for trial on the documents. It presents a single question of law: Is the maker of a collateral mortgage and collateral mortgage note personally liable when the collateral mortgage note is pledged as security on behalf of a third party?
Background
The collateral mortgage is a security device peculiar to Louisiana. It operates, more or less, as an open line of credit secured by a mortgage. 1 One of its virtues lies in its capacity for the ranking of liabilities from the date of the original pledge of the collateral mortgage…
2Cases cited13 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Sidney C. Green, Etc., Joni Green, Individually and on Behalf of the Minor Child, Jennifer Green v. Leslie Walker, M.D.Court of Appeals for the Fifth Circuit · 1990
- First Guaranty Bank v. AlfordSupreme Court of Louisiana · 1978
- Mary H. Shelp and Genevieve M. McKinney v. National Surety CorporationCourt of Appeals for the Fifth Circuit · 1964
- Cameron Brown South, Inc. v. East Glen Oaks, Inc.Louisiana Court of Appeal · 1976
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3Cited by4 opinions
- Diamond Services Corp. v. BenoitSupreme Court of Louisiana · 2001
- Commercial Nat. Bank v. Succession of RogersLouisiana Court of Appeal · 1993
- Ruston State Bank v. ColvinLouisiana Court of Appeal · 1996
- Good Gateway, LLC v. NRCT, LLCUnited States Bankruptcy Court, N.D. Georgia · 2022