Louisiana Revised Statutes 33:9028 – Enforcement of judgments; exemption from seizure
Terms Used In Louisiana Revised Statutes 33:9028
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
Any judgment against any economic development corporation shall be paid from funds of the corporation. Provided, however, that the property and funds of the corporation shall not be subject to lien or seizure. If any corporation refuses to pay a final judgment rendered against it by a court of competent jurisdiction, said court shall have the authority to issue a writ of mandamus to direct the treasurer of said corporation to pay said judgment within a reasonable period of time, under penalty of law. This Section shall not apply to or limit the right of obligees of bonds issued by the corporation to pursue any remedies for the enforcement of any pledge, mortgage, or other instrument given to secure such bonds.
Added by Acts 1978, No. 617, §1. Amended by Acts 1979, No. 668, §1.