Louisiana Revised Statutes 9:3137.7 – Buyer ownership rights; evidence of ownership
Terms Used In Louisiana Revised Statutes 9:3137.7
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. The buyer shall be deemed for all purposes, and not be limited to a bankruptcy context, to be the owner of a receivable purchased over an exchange located in this state, with the buyer having the right to all of the following actions:
(1) To collect the receivable from the account debtor or other obligated person.
(2) To resell the receivable to a subsequent buyer.
(3) To pledge or otherwise grant a security interest in the receivable in favor of the buyer’s creditor.
(4) To reflect the receivable as an asset on the buyer’s books and records.
B. To the extent that the owner or operator of an exchange located in this state maintains records of sales of receivables over the exchange, such records shall serve as the single authoritative record evidencing buyer ownership of traded receivables for all purposes.
Acts 2010, No. 958, §1, eff. July 6, 2010.