Terms Used In Louisiana Revised Statutes 40:2605

  • Interest holder: means a secured party within the meaning of La. See Louisiana Revised Statutes 40:2601
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Owner: means a person, other than an interest holder, who has an interest in property and, if required by law, is in compliance with any statute requiring recordation or reflection in public records in order to perfect the interest against a bona fide purchaser for value. See Louisiana Revised Statutes 40:2601
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
  • Proceeds: means property derived directly or indirectly from, maintained by, or realized through, an act or omission and includes any benefit, interest or property of any kind without reduction for expenses incurred for acquisition, maintenance, or any other purpose. See Louisiana Revised Statutes 40:2601
  • Property: means anything of value, including movables and immovables, including the whole of any lot or tract of land and corporeal and incorporeal movable property, including currency, instruments, or securities, or any other kind of privilege, claim, or right and includes any interest therein. See Louisiana Revised Statutes 40:2601
  • Seizure for forfeiture: means seizure of property by a law enforcement officer designated by the district attorney accompanied by a written assertion by the seizing agency or by a district attorney that the property is seized for forfeiture. See Louisiana Revised Statutes 40:2601

A property interest is exempt from forfeiture under this Chapter if its owner or holder establishes all of the following:

(1)  That he is not legally accountable for the conduct giving rise to its forfeiture, did not consent to it, and did not know and could not reasonably have known of the conduct or that it was likely to occur.

(2)  That he had not acquired and did not stand to acquire substantial proceeds from the conduct giving rise to its forfeiture other than as an interest holder in bona fide commercial transaction.

(3)  That with respect to conveyances for transportation only, he did not hold the property jointly, in common, or in community with a person whose conduct gave rise to its forfeiture.

(4)  That he does not hold the property for the benefit of or as an agent for any person whose conduct gave rise to its forfeiture, and, if the owner or interest holder acquired his interest through any such person, the owner or interest holder acquired it as a bona fide purchaser for value not knowingly taking part in an illegal transaction.

(5)  That no person whose conduct gave rise to its forfeiture had the authority to convey the interest to a bona fide purchaser for value at the time of the conduct.

(6)  That the owner or interest holder acquired the interest after the completion of the conduct giving rise to its forfeiture and that the owner or interest holder acquired the interest under all of the following conditions:

(a)  As a bona fide purchaser for value who was not knowingly taking part in an illegal transaction.

(b)  Before the filing of a forfeiture lien on it and before the effective date of a Notice of Pending Forfeiture relating to it, and without notice of its seizure for forfeiture under this Chapter.

(c)  At the time the interest was acquired, there was no reasonable cause to believe that the property was subject to forfeiture or likely to become subject to forfeiture under this Chapter.

Acts 1989, No. 375, §1, eff. Jan. 1, 1990.