The bill, SB 131, proposes amendments to the 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 of receiving notice of nonpayment. The proposed law also emphasizes that the rights and claims of the seller are supplementary to any other legal remedies available. Furthermore, it establishes a process for serving notices via registered or certified mail, ensuring that the notice requirements are satisfied regardless of whether the mail is delivered, refused, or unclaimed. 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)