Louisiana Revised Statutes 9:2118 – Lease of trust property
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Terms Used In Louisiana Revised Statutes 9:2118
- 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
- Trustee: A person or institution holding and administering property in trust.
Unless the trust instrument provides otherwise, a trustee may enter into leases of trust property, including oil, gas, and mineral leases, either as lessor or lessee, for such periods and with such provisions as are reasonable, whether or not the term of the lease exceeds the term of the trust.
Amended by Acts 1968, No. 134, §1.