Terms Used In Louisiana Revised Statutes 45:1277

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Energy transition bonds: means bonds, notes, certificates of participation, or other evidences of indebtedness that are issued pursuant to an indenture or other contract of an electric utility or an issuer pursuant to a financing order, the proceeds of which are used directly or indirectly to provide, recover, finance, or refinance commission-approved energy transition costs and financing costs, and costs to fund energy transition reserves to such levels as the commission may authorize in a financing order, and that are secured by or payable from energy transition property. See Louisiana Revised Statutes 45:1272
  • Energy transition property: means the contract right constituting incorporeal movable property newly created pursuant to this Part which consists of all of the following:

                (a) The rights and interests of an electric utility or successors or assignees of the electric utility specified as being energy transition property in a financing order, including the right to impose, bill, charge, collect, and receive energy transition charges authorized in the financing order, the right to enforce the obligations of the utility to collect and service the energy transition charges, and the right to obtain periodic adjustments to such charges as may be provided in the financing order and this Part. See Louisiana Revised Statutes 45:1272

  • Secured party: means a financing party in favor of which an electric utility or an issuer creates a security interest in any or all portions of its interest in or right to energy transition property. See Louisiana Revised Statutes 45:1272
  • Security interest: means an encumbrance of and a right of preference over any portion of energy transition property created by contract to secure the payment or performance of an obligation. See Louisiana Revised Statutes 45:1272
  • Uniform Commercial Code-Secured Transactions: means Chapter 9 of Title 10 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 45:1272
  • Venue: The geographical location in which a case is tried.

            A. The law governing the validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, 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 energy transition 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 La. Rev. Stat. 45:1276(F). The validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, 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 energy transition 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. The contents and sufficiency of financing statements referenced in this Part shall be governed by this Part and, to the extent not addressed by this Part, by the Uniform Commercial Code-Secured Transactions. 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 energy transition bonds, notwithstanding that proceeds of energy transition charges are deposited therein, and to the enforcement of security interests in energy transition 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 validity, enforceability, attachment, creation, perfection, the effect of perfection or nonperfection, or priority of, a sale, assignment, or transfer of, or security interest in, energy transition property, or the exercise of remedies or venue 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. 45:1276(B).

            Acts 2022, No. 255, §2, eff. June 3, 2022.

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