Louisiana Revised Statutes 27:285 – Termination of receivership
Terms Used In Louisiana Revised Statutes 27:285
- 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
- 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.
- 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. A receivership shall terminate upon:
(1) A sale of the property subject to the receivership to a duly approved or authorized person.
(2) The payment in full of all obligations due to the holder of the security interest in the property subject to the receivership.
(3) An agreement for termination of the receivership signed by the holder of the security interest and the debtor, and approved by the corporation and the court.
(4) The lapse of five years from the date the initial appointment of the receiver.
B. A receivership may also be terminated by a notice from the holder of a security interest who provoked the receivership to the court and the corporation of its intention to withdraw its financial support of the receivership at a specified time not less than ninety days from the date of the notice. In the event of such notice, the holder of the security interest giving the notice shall not be responsible for any costs or expenses of the receivership after the date specified in the notice, except for reasonable costs and fees of the receiver in concluding the receivership, and the costs of a final accounting.
Acts 1992, No. 384, §1, eff. June 18, 1992. Redesignated from La. Rev. Stat. 4:685 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996.