Terms Used In Louisiana Revised Statutes > Title 37 > Chapter 42 > Part I - Generally

• Applicant: means any person applying for a license under this Chapter. See Louisiana Revised Statutes 37:3103
• Apprentice: means any person who is employed, either directly or indirectly, by an auctioneer to deal or engage in auctions or who is studying to become an auctioneer. See Louisiana Revised Statutes 37:3103
• Auction: includes but is not limited to all of the following:

              (i) Live auctions. See Louisiana Revised Statutes 37:3103

• Auctioneer: means any person who, for another, with or without receiving or collecting a fee, commission, or other valuable consideration, sells or offers to sell property at an auction. See Louisiana Revised Statutes 37:3103
• 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.
• Board: means the Louisiana Auctioneers Licensing Board created in this Chapter. See Louisiana Revised Statutes 37:3103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Dealer: means and includes every person who sells special fuels at retail and delivers such special fuels into the fuel supply tanks of motor vehicles. See Louisiana Revised Statutes 47:801
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Internet-based platform: means a website which is used by licensed auction houses or auctioneers to conduct auctions as defined in this Chapter. See Louisiana Revised Statutes 37:3103
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Motor Vehicle: means and includes any automobile, truck, truck-tractor, tractor, bus, vehicle, or other conveyance which is propelled by an internal combustion engine or motor, and is licensed, or required to be licensed, for highway use. See Louisiana Revised Statutes 47:801
• Oath: A promise to tell the truth.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, company, corporation, association, or group however organized. See Louisiana Revised Statutes 37:3103
• Person: includes , in addition to the definition contained in Louisiana Revised Statutes 47:801
• Personal property: All property that is not real property.
• Property: means any property, tangible and intangible, real, personal, or mixed. See Louisiana Revised Statutes 37:3103
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Secured party: means a person holding a security interest. See Louisiana Revised Statutes 37:3103
• Special Fuels: means and includes all combustible gases and liquids used or suitable for use in an internal combustion engine or motor for the generation of power for motor vehicles, except such fuels as are subject to the tax imposed by Part I of Chapter 7 of Title 47 of the Louisiana Revised Statutes of 1950. See Louisiana Revised Statutes 47:801
• Supplier: means any person who sells or delivers special fuels to a user or dealer in this state for resale or use. See Louisiana Revised Statutes 47:801
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• Used: means ,

  (a)  Keeping special fuels in storage and selling, using or otherwise dispensing, for the operation of motor vehicles. See Louisiana Revised Statutes 47:801

• User: means and includes every person who delivers or causes to be delivered any special fuels into the fuel supply tanks of motor vehicles owned or operated by him. See Louisiana Revised Statutes 47:801
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.