Terms Used In Louisiana Revised Statutes > Title 17 > Chapter 8 > Part II-B - New Orleans Center for Creative Arts

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Bequest: Property gifted by will.
• Board: means the Board of Directors of the New Orleans Center for Creative Arts. See Louisiana Revised Statutes 17:1970.22
• Center: means the New Orleans Center for Creative Arts. See Louisiana Revised Statutes 17:1970.22
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{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.
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• State board: means the State Board of Elementary and Secondary Education. See Louisiana Revised Statutes 17:1970.22