Security and Pledge – Security

Security and Pledge – Security

Art, 3136. Security defined. Security is an accessory right established by legislation or contract over property, or an obligation undertaken by a person other than the principal obligor, to secure performance of an obligation. It is accessory to the obligation it secures and is transferred with the obligation without a special provision to that effect.

Revision Comments: Art, 3136, Comment (b). The concept of security arises in numerous other Articles found throughout the Civil Code. See, e.g., C.C. arts. 474 (Rev. 1978); 571 (Rev. 1976; Amended 2004); 573 and 624 (Rev. 1976; Amended 2010); 1499 (Rev. 1996; Amended
2003); 1514 (Rev. 1996; Amended 2003); 1783, 1884, 1887, 1891, 1913, and 2023 (Rev. 1984); 2557 and 2569 (Rev. 1993); 3047, 3053, 3054, 3062, 3068, and 3070 (Rev. 1987).

Art. 3133. Liability of an obligor for his obligations. Whoever is personally bound for an obligation is obligated to fulfill it out of all of his property, movable and immovable, present and future.

Art. 3134. Ratable treatment of creditors. In the absence of a preference authorized or established by legislation, an obligor’s property is available to all his creditors for the satisfaction of his obligations, and the proceeds of its sale are distributed ratably among them.

Art. 3138. Kinds of security. Kinds of security include suretyship, privilege, mortgage, and pledge. A security interest established to secure performance of an obligation is also a kind of security.

Art. 3185. Privileges established only by law, stricti juris. Privilege can be claimed only for those debts to which it is expressly granted in this Code.

Art. 3186. Privilege, definition. Privilege is a right, which the nature of a debt gives to a creditor, and which entitles him to be preferred before other creditors, even those who have mortgages.