Louisiana Revised Statutes 9:3801 – Definitions
Terms Used In Louisiana Revised Statutes 9:3801
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
For the purposes of this Chapter, unless the context or subject matter otherwise requires:
(1) “Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking.
(2) “Fiduciary” includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other persons acting in a fiduciary capacity for any person, trust or estate.
(3) “Person” includes a corporation, partnership, or other association, or two or more persons having a joint or common interest.
(4) “Principal” includes any person to whom a fiduciary as such owes an obligation.
(5) A thing is done “in good faith” within the meaning of this Chapter when it is in fact done honestly, whether it be done negligently or not.