Louisiana Revised Statutes 27:280 – Appointment of receiver for official gaming establishment; license; successor receivers
Terms Used In Louisiana Revised Statutes 27:280
- 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
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Official gaming establishment: means the building or facility described in La. See Louisiana Revised Statutes 27:205
- Person: means any individual, partnership, association, joint stock association or trust, corporation, or other business entity whether incorporated or not. 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
A. The corporation shall maintain a list of at least three persons who meet the suitability standards for contractors to operate the official gaming establishment. If the holder of a security interest in immovable property comprising the official gaming establishment wishes to continue the operation of the official gaming establishment during and after the filing of a suit to enforce the security interest, the holder must name the corporation as a nominal defendant in such suit and request the appointment of a receiver from among the persons on the list maintained by the corporation. Upon proof of the debtor’s default under the security instrument and the holder’s right to enforce the security interest, the court shall appoint a person from the corporation’s list as a receiver of the official gaming establishment.
B. Upon appointment of a receiver pursuant to this Part, the receiver shall furnish a fidelity bond in favor of the security interest holder, the owner or lessee of the official gaming establishment and the corporation in an amount to be set by the court after consultation with the corporation and all parties. No right of action shall exist to test the sufficiency of the bond set by the court.
C. Upon the appointment and posting of bond by the receiver, the receiver so appointed shall be issued a one-time, nonrenewable provisional contract by the corporation to continue gaming operations until the receivership is terminated. In any proceeding thereafter by the court, or by any parties to the suit other than the corporation, to remove the receiver for cause or appoint a successor receiver in the event of the death, disability, or resignation of the receiver, the corporation shall be served with a notice of such action and shall have standing to contest or concur in the action to remove the receiver or to name a successor receiver. No person may be appointed as a successor receiver unless named in the then-current list of qualified persons maintained by the corporation.
Acts 1992, No. 384, §1, eff. June 18, 1992. Redesignated from La. Rev. Stat. 4:680 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996.