DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of
the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of
the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Shadoin HB No. 567
Abstract: Removes a federally insured certificate of deposit as an acceptable form of security to
be filed in certain civil matters.
Present law provides that if a statement of claim or privilege or a notice of pendency of action is
filed, any interested party may deposit with the recorder of mortgages either a bond of a lawful
surety company authorized to do business in the state, cash, certified funds, or a federally insured
certificate of deposit to guarantee payment of the obligation secured by the privilege.
Present law provides that if the recorder of mortgages finds the amount of the cash, certified
funds, or certificate of deposit or the terms and amount of a bond deposited with him to be in
conformity with present law, he shall note his approval on the bond and make note of either the
bond or of the cash, certified funds, or certificate of deposit in the margin of the statement of
claim or privilege or notice of pendency of action as it is recorded in the mortgage records and
cancel the statement of claim or privilege or the notice of pendency of action from his records by
making an appropriate notation in the margin of the recorded statement or notice.
Proposed law retains present law but removes a federally insured certificate of deposit as an
acceptable form of security to be filed in certain civil matters.
(Amends R.S. 9:4835(A) and (B))