Louisiana Code of Civil Procedure 740 – Corporation; limited liability company; partnership in receivership or liquidation
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Terms Used In Louisiana Code of Civil Procedure 740
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A. Except as otherwise provided by law, the receiver or liquidator of a domestic or foreign corporation, a domestic or foreign limited liability company, or a domestic or foreign partnership, appointed by a court of this state is the proper defendant in an action to enforce an obligation of the corporation, limited liability company, or partnership, or of its receiver or liquidator.
B. The receiver or liquidator may be sued without the necessity of obtaining permission therefor from the court which appointed him.
Acts 1999, No. 145, §2.