Terms Used In Louisiana Revised Statutes > Title 3 > Chapter 28 > Part IV-A - Louisiana Agriculture Transportation Group Self-Insurance Fund

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Average salary: shall mean the average annual earnable rate of salary of a member for the thirty-six highest consecutive months during the total service of the member. See Louisiana Revised Statutes 11:3033
• 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: shall mean the Retirement Board of the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
• Bona fide trade or professional association: means an active trade or professional association that is chartered and domiciled in Louisiana, or a successor organization thereof, that meets all of the following requirements:

              (a) Promotes Louisiana timber or agriculture production. See Louisiana Revised Statutes 3:4351.1

• Central registry: means the master index maintained by the secretary as provided by this Chapter, reflecting information contained in all effective financing statements, and statements evidencing assignments, amendments, extensions, and cancellations thereof. See Louisiana Revised Statutes 3:3652
• City: shall mean the city of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• Commission merchant: means any person engaged in the business of receiving any farm product for sale, on commission, or for or on behalf of another person. See Louisiana Revised Statutes 3:3652
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• Council: shall mean the City Commission Council of Bogalusa, Louisiana. See Louisiana Revised Statutes 11:3033
• Creditor: means any person who holds a security interest in a farm product. See Louisiana Revised Statutes 3:3652
• Debtor: means any person who owns or has an ownership interest in farm products which are subject to a security interest of creditors. See Louisiana Revised Statutes 3:3652
• Department: means the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:1
• Department: means the Department of Insurance. See Louisiana Revised Statutes 3:4351.1
• Effective date: shall mean July 1, 1953. See Louisiana Revised Statutes 11:3033
• Effective financing statement: means a written instrument which is an abstract of a security device and which complies with the provisions of Louisiana Revised Statutes 3:3652
• Employee: shall mean any appointive officer or employee of the city now or hereafter employed by the city, whose services are compensated by the city in whole or in part, who is not covered by any existing pension fund maintained by the city. See Louisiana Revised Statutes 11:3033
• Encumbrance: means any lien, privilege, judgment, mortgage, pledge, pawn, claim, charge, or any other encumbrance of like nature. See Louisiana Revised Statutes 3:1
• Encumbrance certificate: means a written document which lists all effective financing statements affecting a person which have been filed with the filing officer and containing the information required by this Chapter to be transmitted to the secretary for inclusion in the central registry on the date and at the time the certificate is issued and which complies with the provisions of Louisiana Revised Statutes 3:3652
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Farm product: means any type of crop whether growing or to be grown, and whether harvested or unharvested, or any species of livestock, or any type of agricultural commodity or product raised or cultivated of every type and description, including but not limited to cattle, hogs, sheep, horses, bees, rabbits, or poultry, and oysters, crabs, prawns, shrimp, alligators, turtles, and fish raised, produced, cultivated, harvested, or gathered on any beds of bodies of water, whether owned, leased, or licensed by the debtor, grains, beans, vegetables, grasses, legumes, melons, tobacco, cotton, flowers, shrubberies, plants and fruits, nuts and berries, and other similar products whether of trees or other sources, or if they are a product of such crop or livestock in its unmanufactured state, such as seed, ginned cotton, wool-clip, honey, syrup, meat, milk, eggs, and cut, harvested, or standing timber, or supplies used or produced in farming operations, and if they are in the possession, including civil possession as defined in Civil Code Articles 3421 and 3431, of a debtor engaged in planting, producing, raising, cultivating, harvesting, gathering, fattening, grazing, or other farming operations. See Louisiana Revised Statutes 3:3652
• Filing officer: means the clerk of court of any parish. See Louisiana Revised Statutes 3:3652
• Fund: means the self-insurance fund established pursuant to this Part to provide automobile coverage for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles and shall be known as the Louisiana Agriculture Transportation Group Self-Insured Fund. See Louisiana Revised Statutes 3:4351.1
• Hazardous financial condition: means a condition in which, based upon its present or reasonably anticipated financial condition, the fund, although not yet financially impaired or insolvent, is unlikely to be able to:

              (a) Meet obligations with respect to known claims and reasonably anticipated claims. See Louisiana Revised Statutes 3:4351.1

• Insolvency: means the condition existing when the fund's liabilities are greater than the fund's assets as determined in accordance with generally accepted accounting principles as delineated in the fund's financial statement audited by an independent certified public accountant and calculated before a member distribution is payable or before a dividend is declared. See Louisiana Revised Statutes 3:4351.1
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• knowledge: means actual knowledge. See Louisiana Revised Statutes 3:3652
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: shall mean any employee included in the membership of the system. See Louisiana Revised Statutes 11:3033
• Office: means the office of the secretary of state of the state of Louisiana. See Louisiana Revised Statutes 3:3652
• Operator: means a person, partnership, corporation, or limited liability company who owns or operates a timber or agriculture transportation vehicle. See Louisiana Revised Statutes 3:4351.1
• Person: means any individual, partnership, corporation, trust, or other business entity. See Louisiana Revised Statutes 3:3652
• Person: means an individual or any legal or commercial entity, including a corporation, business trust, partnership, limited liability company, association, or joint venture. See Louisiana Revised Statutes 3:1
• Principal: means a person or persons who own a majority interest or the majority of the stock in a corporation, partnership, or limited liability company that is established for the purpose of operating a timber or agriculture business and is a member of the fund. See Louisiana Revised Statutes 3:4351.1
• Quorum: The number of legislators that must be present to do business.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Regular interest: shall mean such rate of interest as is fixed by the board provided that for the first five years of operation of the system the rate shall be three percent per annum compounded annually. See Louisiana Revised Statutes 11:3033
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Salary: shall mean the amount of compensation earned by a member as an employee of the city. See Louisiana Revised Statutes 11:3033
• Secretary: means the secretary of state of the state of Louisiana, or his duly authorized agent. See Louisiana Revised Statutes 3:3652
• Secured party: means a creditor with a security interest in farm products. See Louisiana Revised Statutes 3:3652
• Security device: means a written security agreement that establishes a creditor's security interest in farm products or any agricultural lien as defined in La. See Louisiana Revised Statutes 3:3652
• Security interest: means an interest in or encumbrance upon farm products that secures payment or performance of an obligation. See Louisiana Revised Statutes 3:3652
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Subpoena: A command to a witness to appear and give testimony.
• System: shall mean the City of Bogalusa Retirement System. See Louisiana Revised Statutes 11:3033
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Timber or agriculture transportation vehicle: means a vehicle or automobile used to collect and transport timber or agriculture products, or used in the course and scope of a timber or agriculture business, or used by an operator or principal. See Louisiana Revised Statutes 3:4351.1
• Timber or agriculture transportation vehicle coverage: means automobile coverage for a timber or agriculture transportation vehicle that includes any of the following:

              (a) Liability payment for bodily injury caused by the operator of a timber or agriculture transportation vehicle. See Louisiana Revised Statutes 3:4351.1

• Total service: shall mean service rendered before the operative date of the system, and subsequent thereto. See Louisiana Revised Statutes 11:3033