Louisiana Revised Statutes 40:600.43 – A local governmental subdivision, at the end of the receivership term, may petition the court to sell the property if the owner has not petitioned for reinstatement of ownership.
Terms Used In Louisiana Revised Statutes 40:600.43
- Court: means the district court, city court, parish court, or municipal court with jurisdiction for the local governmental subdivision in which the blighted housing property is located. See Louisiana Revised Statutes 40:600.33
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Local governmental subdivision: means any parish or municipality. See Louisiana Revised Statutes 40:600.33
- Owner: means the holder or holders of title to a blighted housing property. See Louisiana Revised Statutes 40:600.33
- Receivership: means the judicially established framework for real property interest which is created by the court with respect to a blighted housing property pursuant to which a receiver is designated to preserve, rehabilitate, restore, and operate the blighted housing property. See Louisiana Revised Statutes 40:600.33
A.(1) A local governmental subdivision, at the end of the receivership term, may petition the court to sell the property if the owner has not petitioned for reinstatement of ownership.
(2) The owner shall be served with a copy of the petition in accordance with the Code of Civil Procedure Article 1201 et seq. and be given an opportunity to respond.
B. Any sale of property pursuant to the provisions of this Section shall be for the fair market value of the rehabilitated property, but not less than the amount necessary to recoup the costs incurred in rehabilitating the property.
C. Any proceeds resulting from the sale in excess of the amount necessary to recoup the costs incurred in rehabilitating the property shall be returned to the property owner.
Acts 2006, No. 355, §1, eff. June 13, 2006.