§4884.  When the privilege is established and when it is extinguished

A.  A privilege given by this Subpart is established and is effective as to a third person when the obligation it secures is incurred.

B.  The privilege is extinguished:

(1)  Upon extinction of the obligation it secures.

(2)  By written consent of the person in whose favor the privilege exists.

(3)  As otherwise provided in this Subpart.

Acts 1997, No. 1040, §1.