Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE XXII > Chapter 4 - Ship Mortgage Law

• Allowed update rule: means a rule of a licensing body allowed by R. See Louisiana Revised Statutes 12:1602
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
• Arrest: Taking physical custody of a person by lawful authority.
• 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.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• 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.
• Builder: means the person undertaking or contracting to build a ship pursuant to a contract or otherwise. See Louisiana Revised Statutes 9:5522
• Business entity: means any of the following business organizations: business corporation, limited liability company, partnership, partnership in commendam, and registered limited liability partnership. See Louisiana Revised Statutes 12:1602
• Church: means a nonprofit religious organization made up of a group of religious believers. See Louisiana Revised Statutes 12:1854
• Components: means all parts and components of a ship which are fabricated by the builder for use in the construction of the ship, which will, when so used, form a part of the ship and the fabrication of which is commenced at the shipyard. See Louisiana Revised Statutes 9:5522
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: means a written agreement for the construction of a ship. See Louisiana Revised Statutes 9:5522
• Converting entity: means a domestic business corporation or domestic unincorporated entity as it exists before the effective date of an entity conversion under the Business Corporation Act. See Louisiana Revised Statutes 12:1602
• Conviction: A judgement of guilt against a criminal defendant.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Insurance. See Louisiana Revised Statutes 12:1854
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Domestic business entity: means a business entity that is incorporated, organized, or formed under the laws of this state. See Louisiana Revised Statutes 12:1602
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the self-insurance fund established pursuant to this Chapter to provide property insurance for churches and nonprofit religious organizations and shall be known as the Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund. See Louisiana Revised Statutes 12:1854
• Hull Number: means the number assigned to a ship by the builder. See Louisiana Revised Statutes 9:5522
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member's distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 12:1854
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means any license, permit, or certificate issued by any board, commission, or agency of the state or any of its political subdivisions. See Louisiana Revised Statutes 12:1602
• Licensing body: means the board, commission, or agency of the state or any of its political subdivisions that issues a license. See Louisiana Revised Statutes 12:1602
• Lien: A claim against real or personal property in satisfaction of a debt.
• Materials: means all materials (other than piping, cables, fittings, and other materials taken out of builder's stock), all items of machinery, and all items of equipment (other than equipment taken out of builder's stock) which are purchased or acquired for use in the construction of the ship, which will, when so used, form a part of the ship and which have been delivered to the shipyard. See Louisiana Revised Statutes 9:5522
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Nonprofit religious organization: means an active corporation or other entity organized under the United States Internal Revenue Code as a nonprofit organization defined as any one of the following:

              (a) A church or religious house of worship. See Louisiana Revised Statutes 12:1854

• 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.
• Person: includes an individual, corporation, trust, partnership, joint venture, or other organization. See Louisiana Revised Statutes 9:5522
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property coverage: means coverage for the damage or loss of a structure or building and may include any or all of the following:

              (a) Premises liability coverage. See Louisiana Revised Statutes 12:1854

• Purchaser: means the person for whom a ship is to be constructed pursuant to a contract. See Louisiana Revised Statutes 9:5522
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process: The service of writs or summonses to the appropriate party.
• Ship: means a tug, pushboat, pullboat, barge, dredge, or other vessel or watercraft of more than fifty tons gross weight to be constructed within the state of Louisiana. See Louisiana Revised Statutes 9:5522
• Shipyard: means the shipyard or place of business where a ship is to be constructed. See Louisiana Revised Statutes 9:5522
• Surviving entity: means a domestic business corporation or domestic unincorporated entity as it exists immediately after the consummation of an entity conversion under the Business Corporation Act. See Louisiana Revised Statutes 12:1602
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Venue: The geographical location in which a case is tried.
• Work: means in the case of a ship having a keel, the keel, and in the case of a ship not having a keel, the bottom plates, and all materials, machinery, equipment, components, and fabrications forming a part of the ship when permanently installed in place. See Louisiana Revised Statutes 9:5522