What is the term for the procedure allowing a mortgage without ordinary legal delays?

The procedure allowing a mortgage without ordinary legal delays is known as Executory Process. This legal mechanism is specifically designed to streamline the process of enforcing a mortgage, enabling lenders to move quickly to seize property in the event of a default without the extensive delays common in other foreclosure processes.

Executed properly, this process requires specific provisions to be included in the mortgage agreement, allowing for a more efficient resolution in the case of breach. This efficiency benefits lenders seeking to mitigate losses while also providing statutory protections to borrowers, ensuring they are informed of the actions being taken against them.

Understanding the significance of Executory Process is crucial for notaries and legal professionals in Louisiana, as it highlights the balance between the rights of lenders to recover their property and the rights of borrowers to have a clear and fair process.