Sections
Chapter 1 Deposit in General 9:3601

Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE XIII - Of Deposit and Sequestration

  • Affiliate: as used in this Chapter , means a specific person who is directly or indirectly, through one or more intermediaries, controlled by, or controls, or is under common control with the person specified. See Louisiana Revised Statutes 9:3516
  • Agency: means any state office, department, board, commission, institution, division, officer or other person, or functional group, heretofore existing or hereafter created, that is authorized to exercise, or that does exercise, any functions of the government of the state in the executive branch, but not any governing body or officer of any local government or subdivision of the state, or any parochial officer who exercises functions coterminous with the municipality in which he performs those functions. See Louisiana Revised Statutes 39:2
  • Agricultural products: includes products such as horticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shell fish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof. See Louisiana Revised Statutes 9:3516
  • Amortization: Paying off a loan by regular installments.
  • Amount deferred: means the cash price, subtracting any down payment, under a consumer credit sale, revolving charge or seller credit card account, plus any other charges, fees and closing costs authorized by law, that are financed by the creditor under the transaction or included in or added to the balance of the consumer's indebtedness subject to credit service charges. See Louisiana Revised Statutes 9:3516
  • Amount financed: means the amount borrowed under a consumer loan, revolving loan or lender credit card account, plus any other charges, fees, and closing costs authorized by law, that are financed by the creditor under the transaction, or included in or added to the balance of the consumer's indebtedness subject to loan finance charges. See Louisiana Revised Statutes 9:3516
  • 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.
  • 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.
  • Bequest: Property gifted by will.
  • Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
  • Check: means any check, draft, item, orders or requests for payment of money, negotiable orders, withdrawal or any other instrument used to pay a debt or transfer money from one to another. See Louisiana Revised Statutes 9:3516
  • Commission: means the Livestock Brand Commission. See Louisiana Revised Statutes 3:731
  • Commissioner: means the commissioner of financial institutions. See Louisiana Revised Statutes 9:3516
  • 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
  • Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
  • Consumer credit transaction: means a consumer loan or a consumer credit sale but does not include a motor vehicle credit transaction made pursuant to R. See Louisiana Revised Statutes 9:3516
  • Consumer loan: means a loan of money or its equivalent made by a supervised financial organization, a licensed lender, or lender in which the debtor is a consumer, and the loan is entered into primarily for personal, family, or household purposes and includes debts created by the use of a lender credit card, revolving loan account, or similar arrangement, as well as insurance premium  financing. See Louisiana Revised Statutes 9:3516
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit card: means any card, plate, coupon book, or other single credit device that may be used from time to time to obtain credit. See Louisiana Revised Statutes 9:3516
  • Credit service charge: means the sum of the following:

    (i)  All charges payable directly or indirectly by the consumer and imposed directly or indirectly by the seller as an incident to the extension of credit, including any of the following types of charges that are applicable: time price differential; service; carrying or other charge, however denominated; premium or other charge for any guarantee or insurance protecting the seller against the consumer's default or other credit loss; and

    (ii)  Charges paid by the consumer for investigating the collateral or credit worthiness of the consumer or for commissions or brokerage for obtaining the credit, irrespective of the person to whom the charges are paid or payable, unless the seller had no notice of the charges when the credit was granted. See Louisiana Revised Statutes 9:3516

  • creditor: as used in this Chapter includes a seller in a consumer credit sale, revolving charge account, or transaction made with the use of a seller credit card or otherwise, or a lender in a consumer loan, a revolving loan account, or a lender credit card transaction. See Louisiana Revised Statutes 9:3516
  • Decedent: A deceased person.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Down payment: means an amount, including the value of any property used as a trade-in, paid to a seller to reduce the cash price of goods or services purchased under a consumer credit sale. See Louisiana Revised Statutes 9:3516
  • 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.
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • 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
  • Goal: means a general purpose toward which the efforts of an agency are directed. See Louisiana Revised Statutes 39:2
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • Home protection plan: means a contract between the homeowner and a warranty or service company wherein the company is obligated to pay or reimburse the cost to repair or replace the covered built-in appliances or major mechanical systems of the consumer's home in the event of a breakdown. See Louisiana Revised Statutes 9:3516
  • Jurisprudence: The study of law and the structure of the legal system.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • lender credit card: includes a travel and entertainment credit card account that is not subject to loan finance charges or credit service charges. See Louisiana Revised Statutes 9:3516
  • Licensed lender: means a person licensed by the commissioner to make consumer loans pursuant to this Chapter. See Louisiana Revised Statutes 9:3516
  • Loan finance charge: means the sum of the following:

    (i)  All charges payable directly or indirectly by the consumer and imposed directly or indirectly by the lender as a requirement of the extension of credit, including any of the following types of charges that are applicable: interest or any amount payable under a point, discount, or other system of charges, however denominated; and

    (ii)  Charges paid by the consumer for investigating the collateral or credit worthiness of the consumer. See Louisiana Revised Statutes 9:3516

  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: means an amount which a government may be required legally to meet out of its resources. See Louisiana Revised Statutes 39:2
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Organization: means corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. See Louisiana Revised Statutes 9:3516
  • Person: means an individual, firm, partnership, corporation, or other association. See Louisiana Revised Statutes 3:731
  • Person: as used in this Chapter means an individual or corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein. See Louisiana Revised Statutes 9:3516
  • Probate: Proving a will
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this Chapter. See Louisiana Revised Statutes 11:1002
  • Revolving charge account: means an arrangement between a seller or issuer of a seller credit card honored by the seller and a consumer pursuant to which:

    (a)  The creditor permits the consumer to purchase goods or services on a preauthorized basis;

    (b)  The creditor reasonably contemplates repeated transactions;

    (c)  The creditor may impose a credit service charge from time to time on the outstanding unpaid balance of the consumer's account;

    (d)  The amount of credit that may be extended to the consumer, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid; and

    (e)  No credit service charges may be imposed upon the consumer for a billing period if the account is paid in full within a period of twenty-five days from the billing date. See Louisiana Revised Statutes 9:3516

  • Revolving loan account: means an arrangement between a lender and a consumer pursuant to which:

    (i)  The creditor may permit the consumer to obtain consumer loan advances on a preauthorized basis;

    (ii)  The creditor reasonably contemplates repeated transactions;

    (iii)  The creditor may impose a loan finance charge from time to time on the outstanding unpaid balance of the consumer's account; and

    (iv)  The amount of credit that may be extended to the consumer under the account, up to any limit set by the creditor, is generally made available to the extent that any unpaid balance is repaid. See Louisiana Revised Statutes 9:3516

  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Seller credit card: means a revolving charge account that may be accessed by use of a credit card. See Louisiana Revised Statutes 9:3516
  • Simple interest transaction: means a consumer credit transaction under which loan finance charges or credit service charges are assessed by application of a contractual simple interest rate or rates to the unpaid balance of the debtor's promissory note, account or other evidence of indebtedness. See Louisiana Revised Statutes 9:3516
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Supervised financial organization: means either of the following:

    (a)  A banking or similar organization organized, certified, and supervised by an agency of either the United States of America or the state of Louisiana or any other state pursuant to the banking, currency, and related laws of the United States of America or of the state of Louisiana or any other state. See Louisiana Revised Statutes 9:3516

  • Testator: A male person who leaves a will at death.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Venue: The geographical location in which a case is tried.