Pact de non alienando or Non-alienation pact - A clause in a mortgage giving the mortgagee the right to foreclose by
EXECUTORY PROCESS directed solely against the mortgagor, and giving him the right to seize and sell the mortgaged property, regardless of any subsequent alienations.
An example is “The mortgagors hereby agree in solido not to sell, alienate, deteriorate, or encumber said mortgaged property to the prejudice of this mortgage.”
See
HYPOTHECARY ACTION.
Pacte de preference - A right of preemption, equivalent to a right of first refusal.
Paraph, Ne varietur - A paraph is a signature by a notary on the evidence of an obligation, typically a
COLLATERAL MORTGAGE NOTE, to identify the note with the
COLLATERAL MORTGAGE securing the note.
The phrase “
ne varietur,” Latin for “it must not be altered,” is traditionally used in the paraph. Paraphing means that the notary signs the note with his official signature, thereby certifying to the note's genuineness. By paraphing the note `
ne varietur,' the notary binds and identifies the note with the act of mortgage. Paraphing is no longer required for
EXECUTORY PROCESS .
The collateral mortgage will typically recite that collateral mortgage note “has been paraphed `
Ne Varietur' for identification with this act . . . .” The paraph itself, appearing at the end of the collateral mortgage note, can read as follows:
“Ne Varietur” For identification with an Act of Mortgage, dated the ___ day of __, 20__, passed before me, the undersigned Notary.
Partition by licitation or by private sale, Partition in kind - A co-owner of a
THING owned in
INDIVISION with another may demand partition of the thing. The court shall decree partition in kind when the thing is susceptible to such division, e.g., when lots are of nearly equal value. If the thing is not susceptible to partition in kind, the court will decree a partition by licitation or by private sale, and the proceeds are distributed to the co-owners.
Partnership in commendam - A partnership in commendam is a equivalent to a limited partnership.
Peremption - A period of time fixed by law for the existence of a right. Unlike
LIBERATIVE PRESCRIPTION, which merely prevents the enforcement of a right by an action, peremption destroys the right itself. Also, unlike prescription, peremption may not be renounced, interrupted, or suspended.
See
LIBERATIVE PRESCRIPTION.
Petitory action - See PROCEDURE.
Pledge, Pawn, Antichresis - A pledge is a contract by which a debtor gives something to his creditor as a security for his debt. The two kinds of pledge are pawn and antichresis. Pawn is the pledge of a
MOVABLE THING, while antichresis is the pledge of an
IMMOVABLE.
Antichresis is probably limited to the pledge of land and other
CORPOREAL IMMOVABLES.
Possessory action - See PROCEDURE.
Precarious possession - The exercise of possession over a
THING with the permission of or on the behalf of the owner or possessor.
Privilege - 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.
Procedure:
Concursus - A concursus is equivalent to an interpleader.
Incidental demand - Incidental demands are reconvention, cross-claims, intervention, and the demand against third parties.
Reconventional demand – A reconventional demand is equivalent to a counterclaim.
Devolutive and Suspensive appeals - A suspensive appeal is one that suspends the effect or execution of an appealable order or judgment. A devolutive appeal is one that does not suspend the effect of the judgment.
Homologation - A homologation is a confirmation or approval by a court, for example the confirmation and homologation of a sheriff's sale.
Petitory action, Possessory action - A petitory action is one brought by a person who claims the ownership, but who is not in possession, of
IMMOVABLE PROPERTY or of a
REAL RIGHT therein, against another who is in possession or who claims the ownership thereof adversely, to obtain judgment recognizing the plaintiff's ownership. The possessory action is one brought by the possessor of immovable property or of a real right therein to be maintained in his possession of the property or enjoyment of the right when he has been disturbed, or to be restored to the possession or enjoyment thereof when he has been evicted. See
JACTITATORY ACTION.
Proces verbal - A transcript of a hearing, such as a probate hearing, signed by a judge or clerk.
(Return to Civil Law Glossary)
Comments (0)
You don't have permission to comment on this page.