Louisiana Codes > Civil Code > PRELIMINARY TITLE > Title XXI > Chapter 6 – Of the Order in Which Privileged Creditors Are to Be Paid
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Terms Used In Louisiana Codes > Civil Code > PRELIMINARY TITLE > Title XXI > Chapter 6 - Of the Order in Which Privileged Creditors Are to Be Paid
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Child: means a person under eighteen years of age and not emancipated by marriage. See Louisiana Children's Code 1169
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the Louisiana Department of Children and Family Services. See Louisiana Children's Code 1169
- Fraud: Intentional deception resulting in injury to another.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Trustee: A person or institution holding and administering property in trust.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.