Louisiana Revised Statutes 45:1257 – Choice of law; conflicts
Terms Used In Louisiana Revised Statutes 45:1257
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Investment 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 investment recovery costs and financing costs, and which are secured by or payable from investment recovery property. See Louisiana Revised Statutes 45:1252
- Investment recovery property: means the contract right constituting incorporeal movable property newly created pursuant to this Part which consists of any of the following:
(a) The rights and interests of an electric utility or successor or assignee of the electric utility specified under a financing order, including the right to impose, bill, charge, collect, and receive investment 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 45:1252
- Secured party: means a financing party in favor of which an electric utility or its successors or assignees creates a security interest in any or all portions of its interest in or right to investment recovery property. See Louisiana Revised Statutes 45:1252
- Security interest: means a pledge, hypothecation, or other encumbrance of or other right over any portion of investment recovery property created by contract to secure the payment or performance of an obligation. See Louisiana Revised Statutes 45:1252
- Uniform Commercial Code--Secured Transactions: means Chapter 9 of Title 10 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 45:1252
- 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 investment recovery property shall be exclusively the laws of this state, without applying this state’s laws of conflicts of laws and notwithstanding any contrary contractual provision, except as provided in the last sentence of La. Rev. Stat. 45:1256(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 investment 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. Notwithstanding any other law to the contrary, 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 investment recovery bonds, notwithstanding that proceeds of investment recovery charges are deposited therein, and to the enforcement of security interests in investment 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, a sale, assignment, or transfer of, or security interest in, investment 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. 45:1256(B).
Acts 2010, No. 988, §2, eff. July 6, 2010.