Louisiana Civil Code 1978 – Stipulation for a third party
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Terms Used In Louisiana Civil Code 1978
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
A contracting party may stipulate a benefit for a third person called a third party beneficiary.
Once the third party has manifested his intention to avail himself of the benefit, the parties may not dissolve the contract by mutual consent without the beneficiary’s agreement.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985.