If any mortgagee named in a mortgage of a ship, and not being at the time the owner and holder of the debt secured, shall fraudulently execute a release or satisfaction of said mortgage, he shall be fined not more than five hundred dollars, or imprisoned for not more than six months, or both.
La. R.S. 9:5535
Fraudulent release of mortgage; penalty
Known as the Ship Mortgage Law
The act spans §§ 9–9 (18 sections).
Added by Acts 1975, No. 368, §1.
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.