Terms Used In Louisiana Revised Statutes 45:1232

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Secured party: means a financing party in favor of which an electric utility or its successors or assignees creates a security interest in all or any portion of its interest in or right to storm recovery property. See Louisiana Revised Statutes 45:1227
  • Security interest: means a pledge, hypothecation, or other encumbrance of or other right over any portion of storm recovery property created by contract to secure the payment or performance of an obligation. See Louisiana Revised Statutes 45:1227
  • Storm: means a named tropical storm or hurricane, ice or snow storm, flood, or other significant weather or natural disaster that occurred during calendar year 2005 or that occurs thereafter. See Louisiana Revised Statutes 45:1227
  • Storm recovery bonds: means bonds, debentures, notes, certificates of participation, certificates of ownership, or other evidences of indebtedness or ownership that are issued pursuant to an indenture, contract, or other agreement of an electric utility or an assignee pursuant to a financing order, the proceeds of which are used directly or indirectly to provide, recover, finance, or refinance commission-approved storm recovery costs, financing costs, and costs to replenish or fund a storm recovery reserve to such level as the commission may authorize in a financing order, and which are secured by or payable from storm recovery property. See Louisiana Revised Statutes 45:1227
  • Storm recovery property: means the contract right constituting incorporeal movable property newly created pursuant to this Part which may consist of any of the following:

    (a)  All rights and interests of an electric utility or successor or assignee of the electric utility under a financing order, including the right to impose, bill, charge, collect, and receive storm recovery charges authorized in the financing order and to obtain periodic adjustments to such charges as may be provided in the financing order. See Louisiana Revised Statutes 45:1227

  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Uniform Commercial Code - Secured Transactions: means Chapter 9 of Title 10 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 45:1227
  • Venue: The geographical location in which a case is tried.

A.  The law governing the validity, enforceability, attachment, perfection, priority, exercise of remedies, and venue with respect to the sale, assignment, or transfer of an interest or right or the creation of a security interest in any storm recovery property shall be exclusively the laws of this state, without applying this state’s law on conflict of laws and notwithstanding any contrary contractual provision, except as provided in the last sentence of La. Rev. Stat. 45:1231(F).  The validity, enforceability, attachment, perfection, priority, and exercise of remedies with respect to the sale, assignment, or transfer of an interest or right or the creation of a security interest in any storm recovery property shall be governed by this Part, and solely to the extent not addressed by this Part, by the Uniform Commercial Code – Secured Transactions and other laws of this state.  Without limiting the preceding sentence, this Part provides that the Uniform Commercial Code – Secured Transactions applies to the filings of financing statements referenced in this Part, to perfection, the effect of perfection or nonperfection, and the priority of security interests held by a secured party having control of deposit accounts or securities accounts as original collateral securing storm recovery bonds, notwithstanding that proceeds of storm recovery charges are deposited therein, and to the enforcement of security interests in storm recovery property, in each case subject to Subsection B of this Section.

B.  In the event of conflict between this Part and any other law regarding the attachment, creation, perfection, the effect of perfection, or priority of, and sale, assignment, or transfer of, or security interest in, storm recovery property, or the exercise of remedies with respect thereto, this Part shall govern to the extent of the conflict.

C.  This Section shall not be interpreted to conflict with or modify La. Rev. Stat. 45:1231(B).

Acts 2006, No. 64, §2, eff. May 22, 2006.

  Previous section
Next section  
 Part V-B Contents