Terms Used In Louisiana Revised Statutes > Title 51 > Chapter 39-B - Louisiana Business and Industrial Development Company Act

• Advisor: means a person who regularly provides legal, accounting, or management services or advice to a licensee. See Louisiana Revised Statutes 51:2397
• Affiliate: when used with respect to a specified person, means any person, other than a natural person, controlling, controlled by or under common control with, such specified person, directly or indirectly through one or more intermediaries. See Louisiana Revised Statutes 51:2388
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate: means , if used with respect to a licensee:

  (i)  A controlling person, director, manager, officer, agent, or advisor of that licensee. See Louisiana Revised Statutes 51:2397

• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• BIDCO: means a business and industrial development company licensed under this Chapter. See Louisiana Revised Statutes 51:2388
• Business firm: means a person who transacts business on a regular and continual basis, or a person that proposes to transact business on a regular and continual basis. See Louisiana Revised Statutes 51:2388
• Cash assistance: means funds that the department provides through the Family Independence Temporary Assistance Program and the Kinship Care Subsidy Program to eligible beneficiaries for the purpose of assisting those persons in meeting ongoing basic needs. See Louisiana Revised Statutes 46:231
• Certificate of origin: means a document establishing the initial chain of ownership, such as a manufacturer's certificate of origin (MCO) or statement of origin (MSO), or an importer's certificate of origin (ICO) or statement of origin (ISO), or a builder's certification (Form CG-1261, under Louisiana Revised Statutes 34:852.2
• Close relative: means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle, or aunt. See Louisiana Revised Statutes 51:2397
• Closing services: includes but is not limited to appraising property and preparing credit reports. See Louisiana Revised Statutes 51:2397
• Commissioner: means the commissioner of the Office of Financial Institutions within the office of the governor. See Louisiana Revised Statutes 51:2388
• Control: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a licensee or a small concern whether through the ownership of voting securities, by contract, or otherwise. See Louisiana Revised Statutes 51:2388
• Controlling person: when used with respect to a specified person means a person who controls that specified person directly or indirectly through one or more intermediaries. See Louisiana Revised Statutes 51:2388
• Corporate name: means the name of a corporation or limited liability company as set forth in the articles of incorporation of a corporation or the articles of organization of a limited liability company. See Louisiana Revised Statutes 51:2388
• Dealer: means any person who engages wholly or in part in the business of buying, selling, or exchanging for value new or used vessels or outboard motors, or both, either outright or on conditional sale, bailment, lease, chattel mortgage, or otherwise. See Louisiana Revised Statutes 34:852.2
• Decedent: A deceased person.
• Department: means the Department of Children and Family Services. See Louisiana Revised Statutes 46:231
• Department: means the Department of Children and Family Services or the Louisiana Department of Health. See Louisiana Revised Statutes 46:1
• Department: means the Department of Wildlife and Fisheries and its duly authorized representatives. See Louisiana Revised Statutes 34:852.2
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Financing assistance: means to lend money or otherwise extend credit to a person or to purchase securities issued by a person, either directly or indirectly through an underwriter. See Louisiana Revised Statutes 51:2388
• Fraud: Intentional deception resulting in injury to another.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Hull identification number: means the number assigned to a vessel under Subpart C of Louisiana Revised Statutes 34:852.2
• Incorporating statute: means the Louisiana Business Corporation Law, La. See Louisiana Revised Statutes 51:2388
• Insolvent: means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose aggregate liabilities exceed its aggregate assets. See Louisiana Revised Statutes 51:2388
• Interests of the licensee: includes the interests of shareholders or members of the licensee. See Louisiana Revised Statutes 51:2388
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under this Chapter authorizing a Louisiana corporation or a Louisiana limited liability company to transact business as a BIDCO. See Louisiana Revised Statutes 51:2388
• Licensee: means a Louisiana corporation or Louisiana limited liability company which is licensed under this Chapter. See Louisiana Revised Statutes 51:2388
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lienholder: means a person holding a security interest. See Louisiana Revised Statutes 34:852.2
• Louisiana corporation: means a corporation incorporated under the Louisiana Business Corporation Law, La. See Louisiana Revised Statutes 51:2388
• Louisiana limited liability company: means a limited liability company organized under the Louisiana Limited Liability Company Law, Louisiana Revised Statutes 51:2388
• Louisiana nonprofit corporation: means a corporation incorporated under the Nonprofit Corporation Law, Louisiana Revised Statutes 51:2388
• Management assistance: means management or technical advice or services provided to a person. See Louisiana Revised Statutes 51:2388
• Manufacturer: means any person engaged in the business of manufacturing or importing new vessels or outboard motors for the purpose of sale or trade. See Louisiana Revised Statutes 34:852.2
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• Officer: means :

  (a)  If used with respect to a corporation, a person appointed or designated as an officer of that corporation by or pursuant to applicable law or the articles of incorporation, or bylaws of that corporation. See Louisiana Revised Statutes 51:2388

• operation: means all operations of a vessel or outboard motor when it is at the pier, idle in the water, at anchor, or being propelled through the water. See Louisiana Revised Statutes 34:852.2
• Order: includes a condition of a license and an agreement made by a person with the commissioner under this Chapter. See Louisiana Revised Statutes 51:2388
• Outboard motor: means a mechanical combustion engine manufactured to produce a twenty-five or more horsepower engine and designed to attach outboard of the transom of a vessel. See Louisiana Revised Statutes 34:852.2
• Owner: means a person, other than a secured party, having property rights in, or title to, a vessel or outboard motor. See Louisiana Revised Statutes 34:852.2
• person: includes a combination of two or more persons acting in concert. See Louisiana Revised Statutes 51:2388
• Person: means any natural person or individual, firm, partnership, corporation, association, limited liability company, or other entity. See Louisiana Revised Statutes 34:852.2
• Personal property: All property that is not real property.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal shareholder or member: means a person that owns, directly or indirectly, of record or beneficially, securities representing ten percent or more of the outstanding voting securities of a corporation or limited liability company. See Louisiana Revised Statutes 51:2388
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Residential consumer: means an individual or family eligible for utility relief under the provisions of Title III of P. See Louisiana Revised Statutes 46:192
• Secretary: means the secretary of the Department of Children and Family Services or the Louisiana Department of Health. See Louisiana Revised Statutes 46:1
• Security interest: means an interest that is reserved or created by an agreement that secures payment or performance of an obligation. See Louisiana Revised Statutes 34:852.2
• Short-term financing assistance: means financing assistance with a term of not more than five years. See Louisiana Revised Statutes 51:2397
• Subject person: means a controlling person, subsidiary, or affiliate of a licensee; a director, manager, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee. See Louisiana Revised Statutes 51:2388
• Subsidiary: means , if used with respect to a licensee, a company or business firm of which the licensee holds control. See Louisiana Revised Statutes 51:2388
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Undocumented vessel: means a vessel for which a certificate of documentation has not been issued by the United States Coast Guard under 46 U. See Louisiana Revised Statutes 34:852.2
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Utility: means any publicly owned, investor-owned, cooperative or municipally controlled company, corporation, partnership, business, system, or person which supplies gas or electricity or both to residential consumers in Louisiana. See Louisiana Revised Statutes 46:192
• Vessel: means every description of watercraft and air boats, including homemade boats, other than a seaplane on the water, used or capable of being used as a means of transportation on water, valued in excess of two thousand five hundred dollars, to be principally operated on the waters of this state, required to be numbered, not held as inventory for sale or lease, and transferred for the first time on or after July 1, 2008. See Louisiana Revised Statutes 34:852.2
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.