The bill, SB 131, proposes amendments to existing laws regarding privileges on immovables, specifically focusing on the obligations of sureties in relation to sellers of movables. Key changes include the replacement of the term "materialman" with "seller" and "materials" with "movables," which clarifies the language surrounding the obligations of sureties. The bill outlines specific conditions under which a seller can make a claim for payment, including that the claim must be for the price of movables delivered in accordance with the order specifications, that a notice of nonpayment must be sent no sooner than 45 days after delivery, and that the seller must not have been paid in full within 90 days after delivery.

Additionally, the bill stipulates that if these conditions are met, the surety is required to pay the seller within 10 days after receiving notice of nonpayment. The proposed law also ensures that the seller's right to payment is supplementary to any other rights or remedies available under existing law. Furthermore, it establishes that any required notices can be sent via registered or certified mail, and that the return receipt will satisfy the notice requirement regardless of actual delivery status. The effective date for these changes is set for August 1, 2024.

Statutes affected:
SB131 Original: 9:4812(D)
SB131 Engrossed: 9:4812(D)
SB131 Reengrossed: 9:4812(D)