Louisiana Revised Statutes 13:3438 – Powers
Terms Used In Louisiana Revised Statutes 13:3438
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
The curator may exercise all functions with respect to the absent person‘s property consistent with prudent administration and disposition thereof. Within the limitations of the foregoing standard, the curator may, with the approval of the court as provided in La. Rev. Stat. 13:3440:
(1) Exercise all functions and activities with respect to the administration and disposition of the absent person’s property, including, but not limited to, lease, sale, purchase, exchange, borrow, loan, mortgage, deposit and investment.
(2) Compromise an action or right of action by or against the absent person, or extend, renew, or in any manner modify the terms of an obligation owed by or to the absent person.
(3) Continue any business in which the absent person has an interest.
(4) Place all or a portion of the absent person’s property in trust for administration, management and investment in accordance with the Louisiana Trust Code. The trust instrument shall name the absent person as sole beneficiary of the trust, shall name a trustee, and be subject to termination at the option of the beneficiary upon his return or at the option of his heirs or legatees after a declaration of death of the absent person. The court may, upon application, make such changes in the trust instrument as may be advisable. Upon creation of the trust, the curator shall be entitled to no further commissions with respect to the trust property.
(5) Perform the contract of the absent person who became an absent person before performing an executory contract evidenced by writing.
Acts 1990, No. 989, §4, eff. Jan. 1, 1991.