Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE XII > Chapter 4 - Confession of Judgment

• Accumulated employee contributions: means the sum of all amounts deducted from a member's salary and paid to the fund. See Louisiana Revised Statutes 11:1402
• Adult: means an individual who has attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Board: means the board of trustees of the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
• Contract: A legal written agreement that becomes binding when signed.
• Conventional reverse mortgage loan: means a reverse mortgage loan other than a program reverse mortgage loan. See Louisiana Revised Statutes 6:1083
• Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
• Custodian: means a person so designated under La. See Louisiana Revised Statutes 9:751
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Default: means nonpayment of two consecutive payments on the date due. See Louisiana Revised Statutes 6:965
• Fund: means the Assessors' Retirement Fund. See Louisiana Revised Statutes 11:1402
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intestate: Dying without leaving a will.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
• Person: means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized. See Louisiana Revised Statutes 6:1083
• Personal property: All property that is not real property.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Reverse mortgage loan: means a nonrecourse loan secured by immovable property that meets all of the following criteria:

  (a)  The loan provides purchase money proceeds for the acquisition by a borrower of a domicile to be inhabited by the borrower as his principal domicile or cash advances to a borrower based on the equity or the value in a borrower's inhabited principal domicile. See Louisiana Revised Statutes 6:1083

• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• State: means any state of the United States, the District of Columbia, or any territory of the United States including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Louisiana Revised Statutes 6:1083
• Surviving spouse: means a person who is legally married to a member of the system and living with the member at the time of his death. See Louisiana Revised Statutes 11:1402