Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 8 - Professional Law Corporations

• 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.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Inter vivos: Transfer of property from one living person to another living person.
• Intestate: Dying without leaving a will.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Personal property: All property that is not real property.
• Professional law corporation: means a corporation organized pursuant to this Chapter or the laws of any qualified state for the practice of law. See Louisiana Revised Statutes 12:801
• Property disclosure document: means a document in a form prescribed by the Louisiana Real Estate Commission, or a form that contains at least the minimum language prescribed by the commission, which is presented by the seller to the purchaser in the manner set forth in La. See Louisiana Revised Statutes 9:3196
• Purchaser: means a transferee or prospective transferee in any of the types of transactions described in La. See Louisiana Revised Statutes 9:3196
• Qualified person: means :

  (a)  A natural person of full age who is authorized pursuant to the law in this state or any qualified state to render professional legal services. See Louisiana Revised Statutes 12:801

• Qualified state: means any state other than Louisiana, or territory of the United States or the District of Columbia, which allows qualified persons authorized to render professional legal services in Louisiana and not in such other state, to own shares in a professional law corporation under its laws. See Louisiana Revised Statutes 12:801
• Quorum: The number of legislators that must be present to do business.
• Real estate contract: means any written agreement, entered into prior to the perfection of the contract of sale or contract to lease or otherwise with an option to purchase, which relates to the sale, offer for sale, purchase, offer to purchase, lease with option to purchase, offer to lease with option to purchase, any other option to purchase, or any other offer which includes an option to purchase any residential real property or improvements thereon. See Louisiana Revised Statutes 9:3196
• Residential real property: means real property consisting of one or not more than four residential dwelling units, which are buildings or structures each of which are occupied or intended for occupancy as single family residences. See Louisiana Revised Statutes 9:3196
• Seller: means an owner of residential real property, whether an individual, partnership, corporation, or trust, who sells or attempts to sell residential real property in a manner described in La. See Louisiana Revised Statutes 9:3196
• Testate: To die leaving a will.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.