Louisiana Revised Statutes 27:286 – Restoration of contract
Terms Used In Louisiana Revised Statutes 27:286
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: means the Louisiana Economic Development and Gaming Corporation, which except as specifically provided in this Chapter shall be a special corporation operated for a public purpose, the ownership interest of which is vested in the state. See Louisiana Revised Statutes 27:205
- 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.
- Person: means any individual, partnership, association, joint stock association or trust, corporation, or other business entity whether incorporated or not. See Louisiana Revised Statutes 27:205
If the receivership is terminated under the provisions of La. Rev. Stat. 27:285(A)(2) or (3), the suspension of the authority of the debtor/contractor and the substitution of the receiver in any contract between the corporation and the debtor/contractor may be simultaneously terminated by the corporation and such person may be restored to the same position as if the receivership had never occurred. If the receivership terminated under the provisions of La. Rev. Stat. 27:285(A)(1) or (4), or by the withdrawal of financial support of the receivership, the authority of the debtor/contractor may be revoked by the corporation and any contract between the corporation and the debtor/contractor may be terminated and rebid.
Acts 1992, No. 384, §1, eff. June 18, 1992. Redesignated from La. Rev. Stat. 4:686 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996.