Louisiana Revised Statutes 45:1097.3 – Freight loss or damages; computing value; settlement
Terms Used In Louisiana Revised Statutes 45:1097.3
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. Damages for violation of La. Rev. Stat. 45:1097.1 shall be assessed at a rate of ten dollars per day or one-fiftieth of the value declared in writing by the shipper of the property or agreed upon in writing as the released value of the property, where such value declared or agreed upon is more than five hundred dollars, for each day that the claim or notice remains unsettled after the sixtieth day. If there is no value declared in writing by the shipper of the property, damages shall be assessed at a rate of ten dollars per day.
B. No assessment of damages under this section may be made after settlement of a claim in good faith either by payment or by denial of liability.
C. The provisions of Subsection B of this section do not apply to a settlement of a claim either by payment or by denial of liability where the payment or denial of liability is made in bad faith and for the sole purpose of avoiding damages under La. Rev. Stat. 45:1097.1-45:1097.5.
Acts 1972, No. 70, §3.