Bill No.: HB0189                  Drafter:  LNS

LSO No.:  11LSO-0411              Effective Date:  7/1/2011

Enrolled Act No.:  HEA0082

Chapter No.:       173

Prime Sponsor:     Representative Stubson

Catch Title:       Foreclosure and redemption revisions.

Subject:  Rescission of foreclosure sales.

Summary/Major Elements:

● The act creates a new statute that allows a foreclosure sale to be rescinded before a sheriff's deed has been recorded.

● The act describes the conditions under which foreclosure sales can be rescinded.

● The act provides that when a notice of a foreclosure sale rescission is recorded, the mortgage and the power of sale are revived.

● The act provides that after agricultural land has been sold at an execution or foreclosure sale, the prior owner is entitled to possession of the land and the rents and profits from the land for 12 months.

● The act permits a foreclosing mortgagee to sell distinct lots as a whole.