Louisiana Revised Statutes 34:340.11 – Title to property
Terms Used In Louisiana Revised Statutes 34:340.11
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- 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
A. Notwithstanding any other law to the contrary, title to property and improvements thereon acquired by a port, harbor, or terminal district shall vest in the district.
B.(1) Notwithstanding any other provision of law to the contrary, any port, harbor, or terminal district may lease any land or buildings owned or acquired by it, or sublease any land or buildings leased as lessee by it, for processing, manufacturing, or commercial business purposes.
(2) The lease or sublease may run for any term not to exceed forty years at a fixed rate. Upon expiration of a primary term of forty years, the lease or sublease may be extended for a term not to exceed ninety-nine years, provided the lease contains a clause for readjustment of the rentals upon expiration of the primary term.
(3) Any port, harbor, or terminal district may ratify, confirm, or approve any lease or sublease entered into pursuant to this Subsection, whether as lessor or lessee, provided the governing authority of the port, harbor, or terminal district authorizes the lease or sublease.
C. The provisions of Subsection B of this Section shall not apply to the Caddo Bossier Parishes Port Commission.
Acts 1985, No. 604, §1, eff. July 13, 1985; Acts 2018, No. 587, §1.