Louisiana Public Official Bond Update

LouisianaA new law regarding public officials was enacted in the state of Louisiana. Named HB 1067, the new law allows an affidavit from the obligee of record to replace a promissory note for identification with a mortgage or act creating a vendor’s privilege on fixed property if the note was misplaced or damaged. HB 1067 states that both the clerk of the court, ex-officio recorder of mortgages and the surety on his or her bond do not have any accountability for any damages that any individual or entity suffered as a result of terminating the inscription of a mortgage or vendor’s privilege pursuant to such an affidavit. The legislation is indistinguishable to legislation that the past Governor Blanco prohibited in 2007.