ENROLLED
Page 1 of 2
Regular Session, 2012
HOUSE CONCURRENT RESOLUTI ON NO. 93
BY REPRESENTATIVE BILLIOT
A CONCURRENT RESOLUTI ON
To urge and request the Louisiana State Law Institute to study creating procedures that
would enable a surety to take possession of collateral in certain circumstances and
to report its findings on or after January 1, 2014.
WHEREAS, many people obligate themselves as surety of debts for the purchase of
movables; and
WHEREAS, the purchased movables are the primary collateral of the debt incurred;
and
WHEREAS, if the principal obligor of the debt fails or refuses to make required
payments, the surety is then required to make the payments in order to prevent default on the
debt and seizure of the collateral; and
WHEREAS, while the surety is making payments on the debt, he frequently does not
have possession or control of the collateral; and
WHEREAS, the principal obligor who has failed or refused to make payments retains
possession and control of the movable and may cause damage to or destruction of the
movable; and
WHEREAS, it would be beneficial to the surety, in addition to his rights of
subrogation and reimbursement, if he were able to take possession of the movable in order
to protect his interest in the collateral before it is damaged or destroyed.
THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
urge and request the Louisiana State Law Institute to study creating procedures that would
enable a surety to take possession of collateral in certain circumstances and to report its
findings and recommendations in the form of specific proposed legislation to the Legislature
of Louisiana on or before January 1, 2014. ENROLLEDHCR NO. 93
Page 2 of 2
BE IT FURTHER RESOLVED that a suitable copy of this Resolution be transmitted
to the director of the Louisiana State Law Institute.
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE