Terms Used In Louisiana Revised Statutes 39:1769

• Contract: A legal written agreement that becomes binding when signed.
• 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}
• Lessee: shall mean the state of Louisiana through the Division of Administration on behalf of all applicable purchasing agencies which have equipment included in any equipment-lease-purchase contract. See Louisiana Revised Statutes 39:1763
• lessor: means a public corporation or public trust organized pursuant to state law having for its beneficiary the state, organized as a not-for-profit entity no portion of the net earnings or other assets of which inure to the benefit of any private shareholder or individual, and which shall be authorized under state law to issue obligations for equipment acquisition the interest on which is exempt from calculation of gross income for federal income tax purposes. See Louisiana Revised Statutes 39:1763
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Selected equipment: means the equipment, as determined by the applicable purchasing agency, which shall be the subject of a lease-purchase contract under the provisions of this Chapter, as approved by the legislature and the State Bond Commission. See Louisiana Revised Statutes 39:1763