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LOUISIANA NOTARY PRACTICE EXAM 2024 | ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+ | LATEST EDITION
Typology: Exams
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Notary's statement placed on the face of a document to identify and connect it with another's instrument passed before the notary. -----CORRECT ANSWER----------- Paraph Where is a paraph is most commonly made on? -----CORRECT ANSWER-----------A promissory note to identify it with a mortgage, priviledge, or other security device. What is an example form of a recitation of a paraph? -----CORRECT ANSWER----------- "And I, the undersigned Notary Public, paraphed the Note "Ne Varietur" for identification with this Sale with Mortgage and delivered the note to the Seller who acknowledges receipt thereof." The division of property owned in common into distinct physical shares. -----CORRECT ANSWER-----------Partition Predial Servitude on Mortgaged Property? -----CORRECT ANSWER-----------Yes If a predial servitude substantially impairs a mortgaed property... -----CORRECT ANSWER-----------the mortgagee has a right to demand payment of debt in full A property sold to enforce a mortgage is sold___ of predial servitude -----CORRECT ANSWER-----------Free(Note the user of servitude can take action against Issuer of the servitude)
What strong public policy is fundamental to the concept of partition. -----CORRECT ANSWER-----------No one should be compelled to hold property in indivision with another. What excludes the right to partion? -----CORRECT ANSWER-----------If it had been agreed upon in the contract of no partition or by law. When is partition excluded by law? -----CORRECT ANSWER-----------If partitioning the land substantially takes from the value of the other portions and renders them of no use. What could take place when partition is excluded by law? -----CORRECT ANSWER------ -----It can by sold for example by sherriff's sale and the proceeds divided amongst owners in indivision. In the case where partition is judicially ordered, the court will appoint... -----CORRECT ANSWER-----------a notary to make the partition in accordance with law. The act of partition is considered? -----CORRECT ANSWER-----------A conveyence A certificate of dishonor made by a notary certifying that a note, check, or other commercial paper was not satisfied when presented to the maker. -----CORRECT ANSWER-----------Protest What is necessary to fix the liability of the drawer or endorser on commercial paper. ----- CORRECT ANSWER-----------Unwaived Protest An attestation, usually certified under "acts of congress," issued by the clerk of court in the notary's parish of commission establishing that a particular person is a duly
appointed, commissioned and qualified notary public in that parish. -----CORRECT ANSWER-----------Protho-notarial certificate Purpose of Protho-notarial certificate -----CORRECT ANSWER-----------this fulfills the requirment to have the notary's signature proved by the clerk of court and "certified under Acts of Congress" in order to import full faith and credit provisions of the U.S. constitution to an act of a public official filed in a state other than that of the official. The protho-notarial certificate certified under acts of congress is in... -----CORRECT ANSWER-----------fact four certificates issued together in conformity with the requirements for certifying an instrument in accordance with Acts of Congress. Protho notarial certificate (four parts) -----CORRECT ANSWER-----------1. clerk of court approves the qualification notary 2. attest that 1. is a true copy 3. judge of judicial district court certifies that the clerk of court is a real clerk of court. 4. the clerk of court certifies that the judge is elected and qualified as a judge of that judicial district court. Authorizes another person to make decisions for the child on the absent parent's behalf. -----CORRECT ANSWER-----------Provisional custody by mandate Maximum period for provisional custody by mandate -----CORRECT ANSWER----------- 1 year Can a parent previously denied custody by court order be given provisional custody by mandate? -----CORRECT ANSWER-----------No Can a tutor confer provisional custody by mandate? -----CORRECT ANSWER----------- Yes
abstract -----CORRECT ANSWER-----------history of the title to property as revealed by the public records acceleration clause -----CORRECT ANSWER-----------clause used in an installment note and mortgage which gives the lender the right to demand payment in full upon the happnening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property, or other event which endangers the security of the loan acquisitive prescription -----CORRECT ANSWER-----------a mode of acquiring ownership of other real rights by uninterrupted possession for a period of time acquittance -----CORRECT ANSWER-----------a release, usually in writing, from an obligation act under private signature -----CORRECT ANSWER-----------any act or instrument, in writing, signed by a person or persons not in the presence of a notary that may or may not be witnessed administor -----CORRECT ANSWER-----------a person appointed by the court as the succession representative to manage the assets and liabilities of an intestate decedent agreement -----CORRECT ANSWER-----------contract agreement to sell or buy -----CORRECT ANSWER-----------binding contract to buy and sell in future aleatory contract -----CORRECT ANSWER-----------agreement in which the effects thereof depend on an uncertain event
alienate -----CORRECT ANSWER-----------to transfer property or a right to the ownership of another, especially by an act of the owner rather than by inheritance alluvion -----CORRECT ANSWER-----------an increase to the land caused by the buildup of deposits from running water antichresis -----CORRECT ANSWER-----------a written contract by which the debtor pledges the revenues of an immovable to the creditor as security for a debt appearance clause -----CORRECT ANSWER-----------clause giving full status of a natural or juridical person in any legal instrument appearer -----CORRECT ANSWER-----------a person who goes before an official authorized to administer oaths, take acknowledgments, or make authentic acts, and who makes a declaration, executes or acknowledges an instrument of writing appraisal -----CORRECT ANSWER-----------process of valuing property appurtenances -----CORRECT ANSWER-----------a right, privilege or property that is considered incident to the principal property for purposes such as passage of title, conveyance, or inheritance; a thing that is necessarily connected with the use and enjoyment of another thing ascendant -----CORRECT ANSWER-----------one who precedes in lineage; an ancestor assignment -----CORRECT ANSWER-----------the transfer of a claim, right, interest, or property from one to another; the instrument by which the transfer is affected
assumption deed -----CORRECT ANSWER-----------an act of sale in which the buyer agrees to assume payment of the seller's mortgage attest -----CORRECT ANSWER-----------to witness something attorney in fact -----CORRECT ANSWER-----------same as an agent authentic act -----CORRECT ANSWER-----------a writing executed before a notary public or other officer authorized to perform that function, in the presence of two witnesses, and signed by each party who executed it, by each witness, and by each notary public before whom it was executed base line -----CORRECT ANSWER-----------east-west reference line bequest -----CORRECT ANSWER-----------a disposition of property made by a testator bill of sale -----CORRECT ANSWER-----------instrument translative of title of movable property bond -----CORRECT ANSWER-----------a guarantee of indemnity by any person, usually an insurance company; or giving security for another bond, personal surety -----CORRECT ANSWER-----------a surety bond provided by an individual, personally, on behalf of a notary.
bond-for-deed contract -----CORRECT ANSWER-----------contract regarding immobavle property whereby the vendor agrees to transfer the title to the property when the purchase price is paid in full; the vendee is usually given possession during the existence of the contract boundary line -----CORRECT ANSWER-----------line of separation between contiguous lands cancellation of mortgage -----CORRECT ANSWER-----------clerk of court adjusts the public records to reflect that the mortgage has been extinguished. collateral mortgages are cancelled by the presentment of the paid collateral mortgage note. capacity -----CORRECT ANSWER-----------legal qualification, including age and other factors cash deed -----CORRECT ANSWER-----------common-law term for an act of sale of immovable property in which the buyer pays and the seller acknowledges receipt of the purchase price chattel -----CORRECT ANSWER-----------designates movable property code -----CORRECT ANSWER-----------a collection of laws codicil -----CORRECT ANSWER-----------common law term. amendment, modification, supplement or addition to a will that must be in the form of a testament collateral -----CORRECT ANSWER-----------property in which a security interest is granted
collateral mortgage -----CORRECT ANSWER-----------a mortgage designed to secure a mortgage note pledged as collateral security for a debt. both a mortgage and a pledge collaterals -----CORRECT ANSWER-----------any relation not directly in the line of ascent or descent collation -----CORRECT ANSWER-----------the supposed or real return to the mass of succession property given to forced heirs by donations inter vivos in order to divide the property with the other effects of the succession equalization of property amongst forced heirs" -----CORRECT ANSWER----------- common things -----CORRECT ANSWER-----------things that may not be owned by anyone (high seas, air) community property -----CORRECT ANSWER-----------a matrimonial regime whereby property acquired or produced through the labor of either spouse is owned in common by the husband and wife component parts of tracts of land -----CORRECT ANSWER-----------building, other constructions permanently attached to the ground, standing timber and unharvested crops or ungathered fruits of trees are component parts of a tract of land when they belong to the owner of the ground conditional obligation -----CORRECT ANSWER-----------an obligation that is dependent on the occurrence of an uncertain event
confession of judgment -----CORRECT ANSWER-----------a person's agreement in a mortgage to the entry of judgment if he defaults on the obligation secured by the mortgage confusion -----CORRECT ANSWER-----------when the qualities of the obligee and obligor are united in the same person, the obligation is extinguished by confusion. consideration -----CORRECT ANSWER-----------a common law term which refers to something promised, given, or done (such as money) that has the effect of making an agreement a legally enforceable contract conveyance records -----CORRECT ANSWER-----------the record of all sales and donations of immovable property kept by the clerk of court of each parish corporation -----CORRECT ANSWER-----------a business entity with separate legal personality from its shareholders, directors, officers formed by filing articles of incorporation with the secretary of state corporeals -----CORRECT ANSWER-----------things that have body, can be felt counter letter -----CORRECT ANSWER-----------separate writing expressing the true intent of the parties rather than the intent purported to be manifested in another instrument; not binding on third parties unless recorded credit deed -----CORRECT ANSWER-----------common-law term an act of sale of immovable property on credit terms cum onere -----CORRECT ANSWER-----------when the vendee purchases immovable property on which there is an existing mortgage, and the vendee does not assume the
indebtedness secured by the mortgage or agree to pay the indebtedness of his vendor; "with burden" curator -----CORRECT ANSWER-----------a court-appointed guardian who manages the affairs of another incapable of doing so himself dation en paiement -----CORRECT ANSWER-----------an act in which a debtor transfers ownership of a thing to his creditor in payment of a debt; giving in payment"" de jure -----CORRECT ANSWER-----------'of law' an official who holds his office by law and who is possessed of all lawfully necessary qualifications for office decedent -----CORRECT ANSWER-----------a person who has died descendants -----CORRECT ANSWER-----------all offspring dishonor -----CORRECT ANSWER-----------non-acceptance of an instrument such as a check or promissory note disinhersion -----CORRECT ANSWER-----------a means of depriving a forced heir of his inheritance due to some act upon his part which the law deems sufficient cause disposable portion -----CORRECT ANSWER-----------portion of a testator's property which he can will to anyone he chooses domicile -----CORRECT ANSWER-----------with respect to a natural person, the place of his habitual residence
donation inter vivos -----CORRECT ANSWER-----------a contract by which a person gratuitously divests himself, at present and irrevocably, of the thing given in favor of another (donee) who accepts it donation mortis causa -----CORRECT ANSWER-----------an act to take effect at the death of the donor by which he disposes of the whole part of his property a donation mortis causa is revocable during the life of the donor donee -----CORRECT ANSWER-----------one who receives a donation or gift donor -----CORRECT ANSWER-----------one who gives or donates drawee -----CORRECT ANSWER-----------the party on which an order for the payment of money is drawn, usually a bank drawer -----CORRECT ANSWER-----------one that draws, especially one that draws an order for the payment of money earnest money -----CORRECT ANSWER-----------permits either party to recede from a contract to sell, , but the buyer who chooses to rcede from the contract forfeits the earnest money and the seller who chooses to recede from the contract must return double the earnest money easement -----CORRECT ANSWER-----------(common law) right of way afforded a person to make limited use of another's real property; in Louisiana its a servitude emancipation -----CORRECT ANSWER-----------the act of conferring some or all of the effects of majority on a minor
enclosed estate -----CORRECT ANSWER-----------an estate that has no access to a public road encumber; encumberance -----CORRECT ANSWER-----------to burden with a claim such as a mortgage. privilege or lien; a burden or charge imposed upon property by law or conventional obligation or contract, such as a privilege or mortgage escrow -----CORRECT ANSWER-----------property, usually money, in the custody of a third party for delivery to another only after the fulfillment of the conditions specified estate -----CORRECT ANSWER-----------the property , rights, and obligations that a person leaves after his death, and includes all that has accrued thereto since death et seq. -----CORRECT ANSWER-----------and that which follows" subsequent text" exchange -----CORRECT ANSWER-----------a contract by which parties tot he contract transfer property (not money) to one another executor -----CORRECT ANSWER-----------a proceeding in court in which the holder of a mortgage containing a confession of judgment may obtain an ex parte seizure and sale of the mortgaged property without the ordinary delays required by law executrix -----CORRECT ANSWER-----------female executor express -----CORRECT ANSWER-----------clearly and distinctly stated in precise terms
fair market value -----CORRECT ANSWER-----------price of an object (movable or immovable) agreed upon by a willing seller and a willing buyer fee simple title -----CORRECT ANSWER-----------(common law) ownership of immovable property without any condition upon the power and authority to alienate, encumber or transfer by inheritance fiduciary -----CORRECT ANSWER-----------a person entrusted with the property of another party and in whose best interests the fiduciary is expected to act when holding, investing or otherwise using that person's property filiation -----CORRECT ANSWER-----------condition or fact of being the child of a particular parent forced heir -----CORRECT ANSWER-----------descendants of the first degree who either are 23 or younger when person dies or are any age and are mentally incapable of caring for his person or administer his estate at the parent's death forced portion -----CORRECT ANSWER-----------that portion of a decedent's estate that the law reserves to him by right, called the legitime, unless the decedent has just cause to disinherit him fortuitous event -----CORRECT ANSWER-----------an event that at the time the contract was made could not have been reasonably foreseen fruits -----CORRECT ANSWER-----------things produced by or derived from another thing without diminution of its substance, such as products of the earth in the case of natural fruits and rents or interest in the case of civil fruits
good faith -----CORRECT ANSWER-----------In general, a person who has no knowledge of or has no reasonable basis for questioning the validity of the transaction guardian -----CORRECT ANSWER-----------(common law) one who is reasonably responsible for the care and management of the person or property of an incompetent or a minor; in louisiana a curator or tutor habitation -----CORRECT ANSWER-----------personal servitude granted to a natural person to dwell in the house of another heritable -----CORRECT ANSWER-----------transferable; capable of transferring by voluntary action or by succession; not strictly personal homestead exemption -----CORRECT ANSWER-----------an exemption from liability that prevents creditors from obtaining satisfaction from immovable property which the debtor resides in as part of his primary domicile hypothecate -----CORRECT ANSWER-----------to pledge as collateral for a debt without transferring possession illegitimate children -----CORRECT ANSWER-----------those who are conceived and born outside of marriage immobilization -----CORRECT ANSWER-----------taking a trailer or something that is normally movable and fixing it to the land to make it an immovable immovable -----CORRECT ANSWER-----------real property; real estate
in globo -----CORRECT ANSWER-----------in a mass" as an undivided whole rather that separately" in toto - ----CORRECT ANSWER-----------in whole"; completely; as a whole" incorporeal -----CORRECT ANSWER-----------property that does not have a material form, such as a right or a debt infra -----CORRECT ANSWER-----------below inter vivos -----CORRECT ANSWER-----------between living persons interdict -----CORRECT ANSWER-----------a person above the age of majority who is declared by a court to be incapable of either caring for his own person or administering his estate, or both, although he may at times appear to have possession of his reason interdiction -----CORRECT ANSWER-----------judicial proceeding whereby a curator is appointed for an adult or emancipated minor who, due to infirmity, is unable to make reasoned decisions regarding his person or property, or both interpretive -----CORRECT ANSWER-----------relating to, involving, or providing an interpretation or explanation of something intestate -----CORRECT ANSWER-----------one who has died without a will inventory -----CORRECT ANSWER-----------a written list or catalog of the property of a person or succession that is made by under oath and that usually describes and assigns a value to each item of property
judgment -----CORRECT ANSWER-----------a determination of a court of law; a judicial decision judicial mortgage -----CORRECT ANSWER-----------a mortgage which results from filing a judgment in the mortgage records of the parish where the property of the debtor is located Jurat -----CORRECT ANSWER-----------the clause Sworn to and subscribed before me, notary public, at (place) on (date) and signed by the notary public" juridical person -----CORRECT ANSWER-----------an entity to which the law attributes legal personality, such as a corporation laborer's privilege or lien -----CORRECT ANSWER-----------a privilege granted by law to protect workmen for a payment of the labor performed by them landlord -----CORRECT ANSWER-----------lessor of property lease -----CORRECT ANSWER-----------agreement by one party to let another person use a thing for a fixed price and term legal mortgage -----CORRECT ANSWER-----------a mortgage arising by operation of law legatee -----CORRECT ANSWER-----------one who is named in a will to take personal property; one who has received a legacy or bequest; a testate successor
legitime -----CORRECT ANSWER-----------that portion of a decedent's estate that the law reserves to him by right lesion (lesion beyond moiety) -----CORRECT ANSWER-----------the sale of an immovable may be rescinded for lesion when the price is less than one half of the fair market value of the immovable. lesion can be claimed only by the seller and only in voluntary sales of corporeal immovables liberative prescription -----CORRECT ANSWER-----------the barring of actions as a result of inaction for a certain period of time lien -----CORRECT ANSWER-----------a legal claim; a privilege LLC -----CORRECT ANSWER-----------limited liability company LLP -----CORRECT ANSWER-----------limited liability partnership major -----CORRECT ANSWER-----------of legal age. 18 years of age is the legal age in Louisiana maker -----CORRECT ANSWER-----------the person who originates a note or other negotiable instrument such as a check mandatary -----CORRECT ANSWER-----------one who is authorized to act for or represent another, usually in business matters, whose authority may be express or implied; a representative
mandate -----CORRECT ANSWER-----------transaction in which a person confers authority on another person to act for the principal; a power of attorney marital portion -----CORRECT ANSWER-----------that portion of a deceased's estate which their surviving spouse is entitled to claimwhen the deceased spouse dies rich in comparison to the surviving spouse. (1/4 of the succession in ownership if no children) material man's privilege or lien -----CORRECT ANSWER-----------a privilege granted by law to protect the supplier of materials for the payment of materials furnished matrimonial agreement -----CORRECT ANSWER-----------a contract made by a couple intending to marry, or by a married couple, for the purpose of establishing a seperate property regime or modifying the legal regime maturity -----CORRECT ANSWER-----------the time fixed for payment of a loan or obligation meridian -----CORRECT ANSWER-----------north-south surveying reference line metes and bounds -----CORRECT ANSWER-----------boundary of real estate described by linear measurements from one point to another minerals -----CORRECT ANSWER-----------those precious metals, or oil and gas, located on or beneath immovable property or the bottoms of navigable waters minor -----CORRECT ANSWER-----------a person under the age of 18 who has not been emancipated
mortgage -----CORRECT ANSWER-----------a granting of a privilege or lien on a movable or immovable which does not transfer possession to the creditor mortgage records -----CORRECT ANSWER-----------records in which the parish clerk of court records instruments encumbering immovable property, such as mortgages, security interests, liens, judgments, etc. mortgagee -----CORRECT ANSWER-----------the person in whose favor a mortgage is granted mortgagor -----CORRECT ANSWER-----------the person who grants a mortgage mortis causa -----CORRECT ANSWER-----------in contemplation of death", refers to a donation given in contemplation of death; a testament or will" movable -----CORRECT ANSWER-----------any thing the law does not determine to be immovable naked owner -----CORRECT ANSWER-----------owner of property burdened with a usufruct ne varietur -----CORRECT ANSWER-----------latin for it must not be altered"; used as part of a paraph" non-alientation certificate -----CORRECT ANSWER-----------a certificate usually prepared by an abstract company of the clerk of court certifying that certain described property has not been sold
non-resident -----CORRECT ANSWER-----------a person who does not resdie on a permanent basis in this state novation -----CORRECT ANSWER-----------the extinguishment of an existing obligation by the substitution of a new one olographic will -----CORRECT ANSWER-----------testament entirely written, dated and signed by the testator onerous donation -----CORRECT ANSWER-----------a donation conditioned upon the performance of a stipulated donation ordinary process -----CORRECT ANSWER-----------proceedings in court using the usual or ordinary delays and legal requirements ownership in indivision -----CORRECT ANSWER-----------ownership of the same thing by two or more persons which is not divided or segregated into separate portions pact de non alienando -----CORRECT ANSWER-----------clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate, or mortgage the same property to other persons to the prejudice of the mortgage paraph -----CORRECT ANSWER-----------a notation on a document to mark it for identification with another act partial release of mortgage -----CORRECT ANSWER-----------a partial cancellation of a security interest such as a mortgage; an act executed by the owner/holder of a promissory note which is secured by a mortgage or other security instrument, secured
by a certain property in which the holder of the note releases cancels and erases the obligation on a specified portion of the property which secures the debt partition by licitation -----CORRECT ANSWER-----------the division of property by sheriff's sale where the funds are then distributed among the owners by the share of ownership in the original property partition in kind -----CORRECT ANSWER-----------a legal division of real or personal property in equal portion partnership -----CORRECT ANSWER-----------a legal entity created by contract between two or more persons to enter into a joint venture partnership in commendam -----CORRECT ANSWER-----------a partnership characterized by the presence of an ordinary partner and one or more partners who do not participate in the partnership except through capital contributions and enjoy limited liability party wall -----CORRECT ANSWER-----------a common wall; a wall constructed on a property boundary as a common support to buildings on both sides, which are under different ownerships. also referred to as a partition wall patrimony -----CORRECT ANSWER-----------the whole of ones estate pawn -----CORRECT ANSWER-----------the pledge of immovable property payee -----CORRECT ANSWER-----------a person to whom a promissory note or bill of exchange is payable
perjury -----CORRECT ANSWER-----------false swearing in court personal servitude -----CORRECT ANSWER-----------charge on a thing for the benefit of a person. There are three; usufruct, right of use, habitation pledge -----CORRECT ANSWER-----------a security interest in property where the creditor takes possession of the property and returns it upon payment of debt power of attorney -----CORRECT ANSWER-----------Transaction in which a person (mandator) confers authority on another person (mandatory or agent) to act for the principal preemptive right -----CORRECT ANSWER-----------a shareholder's right to purchase newly issued stock before shares are offered to another perons in an amount proportionate to the shareholders current holding in order to prevent dilution of the shareholder's ownership interest principal -----CORRECT ANSWER-----------"1. a sum of money
proces verbal -----CORRECT ANSWER-----------a detailed, authenticated written report of a proceeding; official record of oral proceedings"" procuration -----CORRECT ANSWER-----------a unilateral juridical act by which a person confers authority on another person to represent him in legal relations. not a mandate promissory note -----CORRECT ANSWER-----------writing evidencing the existence of a debt in which the obligor promises to pay a stated amount on a date certain protest -----CORRECT ANSWER-----------a certification by a notary that an instrument formally presented for payment was dishonored quitclaim -----CORRECT ANSWER-----------a common law term referring to a release of any rights, disputed or otherwise, a person has in immovable property ranking -----CORRECT ANSWER-----------the establishment of the priority of payment of privileges, mortgages, or liens recordation -----CORRECT ANSWER-----------recording an instrument with the proper authority as prescribed by law reinscription -----CORRECT ANSWER-----------a legal proceudre for renewing a lien or mortgage renunciation -----CORRECT ANSWER-----------the express or tacit abandonment of a right without transferring it to another
representation -----CORRECT ANSWER-----------when the descendants of a deceased successor take the place of a deceased heir representative -----CORRECT ANSWER-----------one who is authorized to act for or represent another (principal), usually in business matters; an agent or mandatary resolutory condition -----CORRECT ANSWER-----------a conditon of an obligation providing thaat upon the occurrence of a particular uncertain event, the obligation will come to an end sale per aversionem -----CORRECT ANSWER-----------an act of sale of immovable property whereby the surrounding property is used to provide the legal description of the boundaries of the property being sold section -----CORRECT ANSWER-----------a divison of land normally one square mil containing 640 acres. one of 36 in a township seizen -----CORRECT ANSWER-----------the right to legal possesion of property of the deceased prior to the placing in possession of heirs of the ownership of the deceased's property separate property -----CORRECT ANSWER-----------property of a spouse acquired before the marriage, property acquired with separate funds, or property acquired by dontation or inheritance; not community sequestration -----CORRECT ANSWER-----------a type of writ for the seizure of movable property
servitude -----CORRECT ANSWER-----------a real right which grants to the owner of the dominant estate the right to conduct works or activities or in some instances the right to prohibit certain works or conduct uopn the servient estate settlor -----CORRECT ANSWER-----------person who settles a trust sole proprietorship -----CORRECT ANSWER-----------a business enterprise, owned by a single person. which is not conducted by means or through the use of juridical entity spendthrift trust -----CORRECT ANSWER-----------a trust that prohibits the beneficiary's interest from being assigned and also prevents a creditor from attaching that interest, except as provided by law subdivision -----CORRECT ANSWER-----------a division of immovable property into small portions subordination -----CORRECT ANSWER-----------a juridical act the effct of which is to cause a higher ranked security interest, particularly a mortgage or privilege, to rank belowa lower ranked security interest for purposes of determining preference of payment in the event of default on the underlying obligation subrogation -----CORRECT ANSWER-----------the conventional or legal substitution of one person to the rights of another person succession -----CORRECT ANSWER-----------the transmission of the estate of a deceased person to his successors supra -----CORRECT ANSWER-----------above