Louisiana Revised Statutes 9:1131.26 – Louisiana Real Estate Recovery Fund; exemption
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Terms Used In Louisiana Revised Statutes 9:1131.26
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
The Louisiana Real Estate Recovery Fund, La. Rev. Stat. 37:1461 et seq., is hereby exempt from1 and no claim shall be made against the fund for any damages arising from the sale of a timeshare interest to the extent such claim is a claim for which an escrow account is established under La. Rev. Stat. 9:1131.17.
Added by Acts 1983, No. 552, §1.
1As appears in enrolled act