Louisiana Revised Statutes 27:278 – Notice of default and cure
Terms Used In Louisiana Revised Statutes 27:278
- 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.
- Corporation: means the Louisiana Economic Development and Gaming Corporation, which except as specifically provided in this Chapter shall be a special corporation operated for a public purpose, the ownership interest of which is vested in the state. See Louisiana Revised Statutes 27:205
- License: means an authorization issued to a person by or in the name of the corporation to engage in or assist gaming operations or activities regulated by this Chapter. See Louisiana Revised Statutes 27:205
- Security: means the protection of information that would or could provide an unfair advantage to any individual involved in the operation of the casino gaming; protection and preservation of the integrity of casino gaming games and operations; as well as measures taken to prevent crimes against a gaming operator or the corporation. See Louisiana Revised Statutes 27:205
The corporation shall, by rule and regulation to be promulgated, establish a procedure providing for notice to be given by the corporation to persons holding a security interest in immovable property or gaming devices where the owner or lessee of the encumbered property is in default of any provision of the casino operating contract with the corporation or is under investigation for any act which may lead to suspension or revocation of any license affecting the use of encumbered property. Such rules shall also contain provisions allowing the creditor to cure such defaults or participate in proceedings which might lead to suspension or revocation of the debtor’s contract or license.
Acts 1992, No. 384, §1, eff. June 18, 1992. Redesignated from La. Rev. Stat. 4:678 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996.