Art. 3160. Pledge of obligation of a third person
If the thing pledged is an obligation of a third person, the pledgee is entitled to
enforce performance of the third person's obligation when it becomes due and to retain as
security any payment or other thing received from the third person. The pledgee may apply
any money collected to the secured obligation, even if not yet due. He must account to the
pledgor for any payment or other thing remaining after the secured obligation has been
satisfied.
Acts 2014, No. 281, §1, eff. Jan. 1, 2015.