Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE VIII > Chapter 1 > Part II > Subpart B - Private Sale; Procedure

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means the eligible recipient of a pension, annuity, retirement allowance, or other benefit provided in this Chapter. See Louisiana Revised Statutes 11:701
• Bequest: Property gifted by will.
• Conduit individual retirement account: means an account which is covered by the provisions of Section 408(a) of the United States Internal Revenue Code, provided the account only contains assets rolled over to the account as an eligible rollover distribution from a qualified plan, plus earnings on those assets, but does not contain any other assets. See Louisiana Revised Statutes 11:701
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Creditable service: means "Prior Service" plus "Membership Service" for which credit is allowable as provided in Part III of this Chapter. See Louisiana Revised Statutes 11:701
• Devise: To gift property by will.
• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• Earnable compensation: means the compensation earned by a member during the full normal working time as a teacher. See Louisiana Revised Statutes 11:701
• Employer: means the state of Louisiana, any city, parish, or other local school board, the State Board of Elementary and Secondary Education, any board created by La. See Louisiana Revised Statutes 11:701
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Fiscal year: means the period beginning July first of any year and ending June thirtieth of the next succeeding year. See Louisiana Revised Statutes 11:701
• 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.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Inter vivos: Transfer of property from one living person to another living person.
• Internal Revenue Code: means the United States Internal Revenue Code of 1986, as amended. See Louisiana Revised Statutes 11:701
• 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.
• Member: means any teacher included in the membership of the system as provided in Part II of this Chapter. See Louisiana Revised Statutes 11:701
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:701
• Retirement allowance: means the sum of the annuity and the pensions or any optional benefit payable in lieu thereof. See Louisiana Revised Statutes 11:701
• Retirement system: means the Teachers' Retirement System of Louisiana as defined in La. See Louisiana Revised Statutes 11:701
• Service: means service as a teacher within the meaning of Paragraph (33) of this Section. See Louisiana Revised Statutes 11:701
• Testator: A male person who leaves a will at death.
• Trustee: A person or institution holding and administering property in trust.