Louisiana Revised Statutes 6:1401 – As used in this Chapter, the following words have the following meanings:
Terms Used In Louisiana Revised Statutes 6:1401
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Financial institution: means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States. See Louisiana Revised Statutes 6:1401
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trust company: means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:1401
As used in this Chapter, the following words have the following meanings:
(1) “Custody services” means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company.
(2) “Financial institution” means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States.
(3) “Self-assessment” means either of the following:
(a) A financial institution’s or trust company’s voluntary, self-initiated internal assessment, audit, or review of the financial institution or trust company and its practices, policies, and procedures.
(b) A financial institution’s or trust company’s voluntary, self-initiated assessment, audit, or review of the practices, policies, and procedures of a person acting under contract, directly or indirectly, as the financial institution’s or trust company’s service provider, including mortgage servicers and subservicers, credit and debit card processors, and providers of loan document systems.
(4) “Trust company” means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank.
(5) “Virtual currency” has the same meaning as provided for in La. Rev. Stat. 6:1382.
Acts 2022, No. 509, §1.