Terms Used In Louisiana Revised Statutes > Title 12 > Chapter 10 - Industrial or Economic Development Corporations

• Asset forfeiture: A procedure by which a person's property is seized to pay judgments levied by the court.
• Board of directors: means the board of directors of the corporation created under this Chapter. See Louisiana Revised Statutes 12:951
• Corporation: means a Louisiana industrial development corporation created under this Chapter. See Louisiana Revised Statutes 12:951
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
• Financial institution: means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds. See Louisiana Revised Statutes 12:951
• Fraud: Intentional deception resulting in injury to another.
• Loan limit: means , for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation, as determined under the provisions of this Chapter. See Louisiana Revised Statutes 12:951
• Member: means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this Chapter, upon its call, and in accordance with the provisions of this Chapter. See Louisiana Revised Statutes 12:951
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Personal property: All property that is not real property.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.