Louisiana Revised Statutes 40:2614 – Substituted assets
Terms Used In Louisiana Revised Statutes 40:2614
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- 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
A. The court shall order the forfeiture of any other property of a claimant or owner up to the value of property found by the court to be subject to forfeiture under the provisions of Section 2604 of this Chapter if any of the property:
(1) Cannot be located.
(2) Has been transferred or conveyed to, sold to, or deposited with a third party.
(3) Is beyond the jurisdiction of the court.
(4) Has been substantially diminished in value while not in the actual physical custody of the seizing agency, district attorney, or his designee.
(5) Has been commingled with other property making it incapable of partition in-kind without great detriment to the other property.
(6) Is subject to any interest exempted from forfeiture under the provisions of this Chapter.
B. In addition to any other remedy provided for by law, if a forfeiture lien or Notice of Pending Forfeiture has been filed and notice given pursuant to Section 2608 of this Chapter, or if a petition alleging conduct giving rise to forfeiture has been filed and notice given pursuant to such Section, the district attorney may institute an action in district court against any person with notice or actual knowledge who destroys, conveys, alienates, encumbers, further encumbers, disposes of, purchases, receives, removes from the jurisdiction of the court, conceals, or otherwise renders unavailable for forfeiture property alleged to be subject to forfeiture in the forfeiture lien, Notice of Pending Forfeiture, or petition. In such case, the court shall enter final judgment in an amount equal to the value of the lien not to exceed the fair market value of the property, or, if the property is subject to forfeiture, in an amount equal to the fair market value of the property, together with reasonable investigative expenses and attorney’s fees. If a civil proceeding is pending in court, the action shall be heard by that court.
Acts 1989, No. 375, §1, eff. Jan. 1, 1990.