Art. 1783.  Impairment or failure of security

When the obligation is subject to a term and the obligor fails to furnish the promised security, or the security furnished becomes insufficient, the obligee may require that the obligor, at his option, either perform the obligation immediately or furnish sufficient security.  The obligee may take all lawful measures to preserve his right.

Acts 1984, No. 331, §1, eff. Jan. 1, 1985.