Louisiana Revised Statutes 22:381 – Definitions
Terms Used In Louisiana Revised Statutes 22:381
- Commissioner: means the commissioner of insurance of the state of Louisiana. See Louisiana Revised Statutes 22:381
- 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.
- Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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: means any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation which provides property residual value insurance in this state. See Louisiana Revised Statutes 22:381
- Property: means all classes of movable or immovable property recognized under the laws of this state. See Louisiana Revised Statutes 22:381
- Residual value: shall mean the value of property at a specific future time, which value is determined by agreement at the time the contract of lease or sale is entered into. See Louisiana Revised Statutes 22:381
As used in this Subpart:
(1) “Commissioner” means the commissioner of insurance of the state of Louisiana.
(2) “Property” means all classes of movable or immovable property recognized under the laws of this state.
(3) “Person” means any individual, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, limited liability company, or corporation which provides property residual value insurance in this state.
(4) “Property residual value insurer” means any person or organization, whether domestic, foreign, or alien, issuing or attempting to issue property residual value policies as defined herein.
(5) “Property residual value insurance policy” means any contract, agreement, or instrument whereby a person, other than the owner, seller, lessee, or lessor of property, either directly or indirectly, assumes the risk of and/or the expense or portion thereof for the residual value of property, including but not limited to auto-gap* insurance.
(6) “Residual value” shall mean the value of property at a specific future time, which value is determined by agreement at the time the contract of lease or sale is entered into.
Added by Acts 1981, No. 472, §1, eff. July 19, 1981. Acts 1986, No. 849, §1; Acts 1996, 1st Ex. Sess., No. 71, §1, eff. May 10, 1996; Redesignated from La. Rev. Stat. 22:1900 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
*As appears in enrolled bill.