Terms Used In Louisiana Revised Statutes > Title 8 > Chapter 5 - Acquisition of Cemetery Property

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Board: means the Louisiana Cemetery Board. See Louisiana Revised Statutes 8:1
• Burial: means the placement of human remains in a grave. See Louisiana Revised Statutes 8:1
• Cemetery: means a place used or intended to be used for the interment of the human dead and, to the extent allowed in accordance with this Title, pet remains. See Louisiana Revised Statutes 8:1
• Cemetery authority: means any person, firm, corporation, limited liability company, trustee, partnership, association, or municipality owning, operating, controlling, or managing a cemetery or holding lands within this state for interment purposes. See Louisiana Revised Statutes 8:1
• Cemetery sales organization: means any legal entity contracting as an independent contractor with a cemetery authority to conduct sales of one or more cemetery spaces, whether by deed, servitude, grant of right to use, or otherwise, or cemetery products. See Louisiana Revised Statutes 8:1
• 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.
• Columbarium: means a building, structure, room, or other space in a building or structure containing niches for permanent inurnment of cremated remains in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1083
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer: means a natural person who enters into or seeks to enter into a residential loan transaction for a personal, family, or household purpose. See Louisiana Revised Statutes 6:1083
• Conventional reverse mortgage loan: means a reverse mortgage loan other than a program reverse mortgage loan. See Louisiana Revised Statutes 6:1083
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: means any corporation or limited liability company which is authorized by its articles or an operating agreement to conduct any one or more of the businesses of a cemetery. See Louisiana Revised Statutes 8:1
• Crematory: means a building or structure containing one or more retorts for the reduction of bodies of deceased persons to cremated remains. See Louisiana Revised Statutes 8:1
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Directors: means the board of directors, board of trustees, or other governing body of a cemetery authority, cemetery sales organization, or cemetery management organization. See Louisiana Revised Statutes 8:1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Docket: A log containing brief entries of court proceedings.
• En banc: In the bench or "full bench." Refers to court sessions with the entire membership of a court participating rather than the usual quorum. U.S. courts of appeals usually sit in panels of three judges, but may expand to a larger number in certain cases. They are then said to be sitting en banc.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• 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}
• Federally related mortgage loan: means an extension of credit to a consumer secured by a first mortgage on residential immovable property located in this state, including:  a mobile home which will be immobilized pursuant to Louisiana Revised Statutes 6:1083
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
• Human remains: means the body of a deceased person and includes the body in any stage of decomposition, as well as cremated remains. See Louisiana Revised Statutes 8:1
• 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}
• Interment: means the disposition of human remains by inurnment, scattering, entombment, or burial in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or with the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Louisiana Revised Statutes 6:1083
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• 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}
• Owner: means a person to whom the cemetery authority has transferred full title to or the right of use of or interment in any cemetery space and who appears as the title holder in the official records of the cemetery authority. See Louisiana Revised Statutes 8:1
• Person: means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized. See Louisiana Revised Statutes 6:1083
• Person: means an individual, corporation, limited liability company, partnership, joint venture, association, trust, or any other legal entity. See Louisiana Revised Statutes 8:1
• Personal property: All property that is not real property.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• plot: means land in a cemetery used or intended to be used for the interment of human remains within a grave, mausoleum, lawn crypt, or columbarium. See Louisiana Revised Statutes 8:1
• Registered mortgage loan originator: means any individual who meets the definition of mortgage loan originator and is an employee of a depository institution or a subsidiary that is either owned and controlled by a depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration and is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry. See Louisiana Revised Statutes 6:1083
• 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.
• Residential immovable property: means any immovable property located in this state upon which is constructed or intended to be constructed a dwelling. See Louisiana Revised Statutes 6:1083
• Residential loan transaction: means any agreement by a consumer with a mortgage broker, mortgage loan originator, mortgage loan servicer, or mortgage lender in connection with a residential mortgage loan. See Louisiana Revised Statutes 6:1083
• residential mortgage broker: means any person who, directly or indirectly, for compensation or the expectation of compensation, negotiates, places, or finds, or offers to negotiate, place, or find a residential mortgage loan for another person. See Louisiana Revised Statutes 6:1083
• residential mortgage lender: means any person who, directly or indirectly, originates or makes, or offers to originate or make, a residential mortgage loan for another person. See Louisiana Revised Statutes 6:1083
• Residential mortgage lending activity: means an activity, including electronic activity, engaged in for compensation or with the expectation of compensation in connection with a residential loan transaction, including the origination or funding of a residential mortgage loan and the negotiation and placement, or offering to negotiate, place, or fund a residential mortgage loan for another person, or servicing a mortgage loan. See Louisiana Revised Statutes 6:1083
• Residential mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in Louisiana Revised Statutes 6:1083
• Reverse mortgage loan: means a nonrecourse loan secured by immovable property that meets all of the following criteria:

  (a)  The loan provides purchase money proceeds for the acquisition by a borrower of a domicile to be inhabited by the borrower as his principal domicile or cash advances to a borrower based on the equity or the value in a borrower's inhabited principal domicile. See Louisiana Revised Statutes 6:1083

• Sale: means the sale of the full title to any cemetery space or the sale of the right of use of or interment in any cemetery space. See Louisiana Revised Statutes 8:1
• 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 any state of the United States, the District of Columbia, or any territory of the United States including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Louisiana Revised Statutes 6:1083
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• 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}
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See Louisiana Revised Statutes 6:1083
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.