Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 17 > Part VIII - Voluntary Corporate Changes

• Acquittal:
  1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
  2. A verdict of "not guilty."
   
• Acting in concert: means persons who knowingly act together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. See Louisiana Revised Statutes 6:1382
• Affiliate: means any person who controls, is controlled by, or is under common control with another person. See Louisiana Revised Statutes 6:1382
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means a person who applies for a license pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Blockchain: means any ledger of exchange, sale, or transfer of virtual currency which is accessible by computers or operators that are part of any virtual currency network. See Louisiana Revised Statutes 6:1382
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1382
• Control: when used in the context described, means the following:

              (a) When used in reference to a transaction or relationship involving virtual currency, power to execute unilaterally or prevent indefinitely a virtual currency transaction. See Louisiana Revised Statutes 6:1382

• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Covered agency: means any of the following:

              (a) Any federal, state, or local law enforcement agency. See Louisiana Revised Statutes 6:1372

• Covered financial institution: means any bank, credit union, savings bank, savings and loan association, or trust company operating in Louisiana. See Louisiana Revised Statutes 6:1372
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Eligible adult: means any of the following:

              (a) Any person sixty years of age or older. See Louisiana Revised Statutes 6:1372

• Ex officio: Literally, by virtue of one's office.
• Exchange: when used as a verb, means to assume control of virtual currency from, or on behalf of, a resident, at least momentarily, to sell, trade, or convert either of the following:

              (a) Virtual currency for legal tender, bank credit, or one or more forms of virtual currency. See Louisiana Revised Statutes 6:1382

• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Financial exploitation: means any of the following:

              (a) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, beneficial ownership interest, or property of an eligible adult. See Louisiana Revised Statutes 6:1372

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Insolvent: means any of the following:

              (a) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Louisiana Revised Statutes 6:1382

• Legal tender: means a medium of exchange or unit of value, including the coin or paper money of the United States, issued by the United States or by another government if the issuance by another government is not virtual currency. See Louisiana Revised Statutes 6:1382
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a person licensed pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mining: means the use of any machine or device to solve any series of complex mathematical equations, problems, or puzzles in binary or nonbinary sequences to add a block to any virtual currency network blockchain which is used to do any of the following:

              (a) Validate sales, exchanges, transfers, or ownership of virtual currency. See Louisiana Revised Statutes 6:1382

• Minting: means the use of any machine or device to authenticate data, add any block, or record any information or data on any blockchain by either of the following:

              (a) Through any protocol. See Louisiana Revised Statutes 6:1382

• NMLS: means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries or any other similar online multistate database. See Louisiana Revised Statutes 6:1382
• Office: means the office of financial institutions. See Louisiana Revised Statutes 6:1382
• Oversight: Committee review of the activities of a Federal agency or program.
• 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: means an individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other legal entity, or any individual or group of individuals, however organized. See Louisiana Revised Statutes 6:1382
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Regulated financial institution: means a federally insured depository institution and its wholly owned subsidiaries chartered pursuant to the laws of this state, another state, or the United States, a Louisiana state-chartered trust company, a trust company chartered by another state, or a federally chartered trust company. See Louisiana Revised Statutes 6:1382
• Resident: means any of the following:

              (i) A person who is domiciled in this state. See Louisiana Revised Statutes 6:1382

• Responsible individual: means any individual who is ultimately responsible for establishing or directing policies and procedures of the licensee, including but not limited to an executive officer, manager, director, or trustee. See Louisiana Revised Statutes 6:1382
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Louisiana Revised Statutes 6:1382
• store of value: means to maintain control of virtual currency on behalf of a resident by a person other than the resident. See Louisiana Revised Statutes 6:1382
• Tangible net worth: means all business assets minus liabilities and intangible assets, including goodwill and other intangible assets. See Louisiana Revised Statutes 6:1382
• Transfer: means to assume control of virtual currency from, or on behalf of, a resident and do any of the following:

              (a) Credit the virtual currency to the account of another person. See Louisiana Revised Statutes 6:1382

• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• United States dollar equivalent of virtual currency: means the equivalent value of a particular virtual currency in United States dollars shown on a virtual currency exchange based in the United States for a particular date or period specified in this Chapter. See Louisiana Revised Statutes 6:1382
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Verdict: The decision of a petit jury or a judge.
• Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
• Virtual currency administration: means issuing virtual currency with the authority to redeem the currency for legal tender, bank credit, or other virtual currency. See Louisiana Revised Statutes 6:1382
• Virtual currency business activity: means any of the following:

              (a) Exchanging, transferring, or storing virtual currency or engaging in virtual currency administration, whether directly or through an agreement with a virtual currency control services vendor. See Louisiana Revised Statutes 6:1382

• Virtual currency control services vendor: means a person that has control of virtual currency solely under an agreement with a person that, on behalf of another person, assumes control of virtual currency. See Louisiana Revised Statutes 6:1382
• Virtual currency network: means any computer or operator having access to a ledger of exchange, sale, or transfer of one or more virtual currencies. See Louisiana Revised Statutes 6:1382
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.