Terms Used In Louisiana Revised Statutes 39:1770

  • Applicable purchasing agency: shall mean the Division of Administration of the state except as provided in La. See Louisiana Revised Statutes 39:1763
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lessee: shall mean the state of Louisiana through the Division of Administration on behalf of all applicable purchasing agencies which have equipment included in any equipment-lease-purchase contract. See Louisiana Revised Statutes 39:1763
  • lessor: means a public corporation or public trust organized pursuant to state law having for its beneficiary the state, organized as a not-for-profit entity no portion of the net earnings or other assets of which inure to the benefit of any private shareholder or individual, and which shall be authorized under state law to issue obligations for equipment acquisition the interest on which is exempt from calculation of gross income for federal income tax purposes. See Louisiana Revised Statutes 39:1763
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Selected equipment: means the equipment, as determined by the applicable purchasing agency, which shall be the subject of a lease-purchase contract under the provisions of this Chapter, as approved by the legislature and the State Bond Commission. See Louisiana Revised Statutes 39:1763
  • Selected vendor: means a supplier, manufacturer, retailer, wholesaler, dealer, or other source for selected equipment which has been selected by the applicable purchasing agency pursuant to general state law. See Louisiana Revised Statutes 39:1763
  • State: means the state of Louisiana, and for purposes of execution of equipment-lease-purchase contracts, the Division of Administration of the state, which shall be considered the lessee for all applicable purchasing agencies for the purposes of this Chapter. See Louisiana Revised Statutes 39:1763

All equipment-lease-purchase contracts shall provide that whatever interests, claims, and rights including warranties of the selected equipment which the nonprofit lessor may have against the selected vendor of the selected equipment which is the subject of an equipment-lease-purchase contract shall be assigned to the lessee, and the lessee or the applicable purchasing agency shall have full right to pursue any and all remedies available to the nonprofit lessor for breach of any warranty against the selected vendor.  In addition, all equipment-lease-purchase contracts shall provide that the nonprofit lessor shall be obligated to join the lessee or applicable purchasing agency as a party plaintiff in any cause if required under state law for a successful pursuit of such action.  Upon termination of the lease-purchase contract, unless the option to purchase is exercised, all such interests, claims, and rights assigned to the lessee under this Section shall revert to the lessor.  In addition, any lease-purchase contract shall provide that the lessee has no right to alienate or encumber the selected equipment during the term of the lease.

Acts 1985, No. 758, §2, eff. July 17, 1985.

{{NOTE:  SEE ACTS 1985, NO. 758, §§3, 5 AND 6.}}

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