RS 5384 - Assumption of a mortgage on immovable property by a third person
An original vendor's privilege or first mortgage, or both, is not extinguished nor is its ranking subordinated to any other mortgage, lien, privilege, or encumbrance when the obligation it secures is assumed by a new obligor, notwithstanding the release of the original obligor.
Added by Acts 1980, No. 585, §1.