Louisiana Revised Statutes 39:99.13 – Ownership of tobacco assets and tobacco settlement payments
Terms Used In Louisiana Revised Statutes 39:99.13
- Agreement: means the agreement or agreements, as authorized under this Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser, of the tobacco assets. See Louisiana Revised Statutes 39:99.3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Closing date: means the date of delivery of the first issue of tobacco bonds. See Louisiana Revised Statutes 39:99.3
- 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.
- Corporation: means the Tobacco Settlement Financing Corporation created pursuant to this Subpart. See Louisiana Revised Statutes 39:99.3
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Indenture trustee: means the trust company or bank at the time serving as trustee under the trust indenture referred to in La. See Louisiana Revised Statutes 39:99.3
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Tobacco assets: means all right, title and interest in and to the portion of the state allocation that may be sold to the corporation from time to time. See Louisiana Revised Statutes 39:99.3
- Tobacco settlement payments: means the monies paid or payable to the corporation pursuant to the master settlement agreement and the agreement as in effect from time to time. See Louisiana Revised Statutes 39:99.3
- Trustee: A person or institution holding and administering property in trust.
On and after the effective date of each sale of tobacco assets, the state of Louisiana shall have no right, title or interest in or to the tobacco assets sold and conveyed; and the tobacco settlement payments shall be property of the corporation and not of the state, and shall be owned, received, held and disbursed by the corporation or the indenture trustee and not the state or the state treasury. On or before the closing date and the effective date of any subsequent sale, the state through the attorney general shall notify the escrow agent and the independent auditor under the master settlement agreement that the tobacco assets have been sold and conveyed to the corporation, irrevocably instruct such escrow agent and independent auditor that, subsequent to the closing date or other effective date, the tobacco settlement payments are to be paid directly to the corporation or to the indenture trustee or other designee for the account of the corporation, and take such other actions necessary and appropriate to effectuate such notice and instruction.
Acts 2001, No. 1145, §1.