The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Jerry J. Guillot.
DIGEST
SB 265 Original 2015 Regular Session Broome
Present law provides that the rights and obligations established or created by the following written
instruments are without effect as to a third person unless the instrument is registered by recording
it in the appropriate mortgage or conveyance records pursuant to present law:
(1)An instrument that transfers an immovable or establishes a real right in or over an
immovable.
(2)The lease of an immovable.
(3)An option or right of first refusal, or a contract to buy, sell, or lease an immovable or to
establish a real right in or over an immovable.
(4)An instrument that modifies, terminates, or transfers the rights created or evidenced by the
instruments described in (1) through (3) above.
Proposed law retains present law and adds an instrument or endorsement that transfers an interest
in a note that is secured by a mortgage or a deed of trust on an immovable.
Proposed law requires an assignee of a legal or beneficial interest in an instrument listed above to
record each such assignment in the parish where the property that is subject to the right created or
evidenced by the instrument is situated. Provides that the assignee shall record an assignment within
30 days after the assignee first acquires the assignment. However, an assignee that reassigns the note
or other instrument prior to the thirtieth day after first acquiring the assignment may request that the
subsequent assignee file the unfiled assignment with the new reassignment. Requires that the
recorded assignment include the name and address of the assignor and the assignee of the instrument,
the legal description and address of the encumbered property, the original recordation number of the
document that first created or first evidenced the right or rights that are being assigned, and the date
of the assignment. Provides that at the time of filing the ex officio recorder of the parish in which
the encumbered property is located shall demand and receive filing fees as provided in present law
and any penalties assessed as provided in proposed law. Provides that each failure to record an
assignment within the specified time frame in proposed law shall subject the assignee to a civil
penalty of $250 with the penalty being assessed by and payable to the ex officio recorder of the
parish in which the encumbered property is situated.
Proposed law provides that the failure of the assignee to record the assignment of an instrument shall
not affect the validity or perfection, or invalidity or lack of perfection, of the interest established or
evidenced by the instrument under applicable law. Proposed law provides that evidence of the recorded assignment be made part of any authenticated
record filed in an executory or ordinary foreclosure action pursuant to R.S. 10:9-629.
Proposed law provides that the obligor on a mortgage instrument shall have the right to recover
damages for an assignee's willful failure to comply with proposed law. Provides that damages shall
not exceed three times the actual damages plus attorney fees and court costs, but in no event shall
be less than $500.
Present law authorizes the clerks of court as ex officio recorders to charge certain fees for
services, including:
(1)For filing and recording any document, $25 dollars per book for the first page and $10 for
each subsequent page per book up to 10 pages. All documents that exceed 10 pages, $25 for
the first page and eight dollars for each subsequent page.
(2)For indexing of all documents filed for record for each name after the first name that is
required to be indexed, five dollars per name.
Proposed law retains present law and adds that the funds derived from that portion of the fees and
any penalties collectable pursuant to Civil Code Art. 3339 regarding the filing of assignments of
mortgages and notes shall be expended exclusively as follows:
(1)60% shall be retained by the ex officio recorder.
(2)40% shall be paid to the Louisiana Housing Trust.
Effective August 1, 2015.
(Amends CC Art. 3338 and adds R.S. 13:844(F))