A secured party that has satisfied R.S. 10:9-104, 9-105, 9-106, 9-107, 9-107.1, or 9-107.3 has control with respect to such collateral even if the secured party has agreed not to exercise such control until a default by the debtor or obligor or other unfulfilled condition is met.
La. R.S. 10:9-107.2
Control conditioned on default
Known as the Uniform Commercial Code
The act spans §§ 10-1-101 to 10-9-343 (238 sections).
Acts 2001, No. 128, §1, eff
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.