Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 8 - Credit Unions

• Acquiring person: means either of the following:

  (a)  A person acquiring tax sale title to a tax sale property. See Louisiana Revised Statutes 47:2122

• Association: means a savings association, thrift institution, homestead, building and loan association, savings and loan association, or society, including both capital stock and mutual associations. See Louisiana Revised Statutes 6:703
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authenticate: means either of the following:

  (a)  To sign. See Louisiana Revised Statutes 47:2122

• Capital stock association: means an association, not in the mutual form, having capital stock ownership. See Louisiana Revised Statutes 6:703
• Carrier: means an operator of a pipeline or marine vessel engaged in the business of transporting motor fuel above the terminal rack. See Louisiana Revised Statutes 47:818.2
• Chambers: A judge's office.
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commissioner: means the commissioner of financial institutions, of the state of Louisiana, in his capacity as supervisor of associations. See Louisiana Revised Statutes 6:703
• Compressed natural gas: means natural gas that has been compressed and is advertised, offered for sale, suitable for use, sold, or used as an engine motor fuel. See Louisiana Revised Statutes 47:818.2
• Credit: includes every claim and demand for money, labor, merchandise and other valuable things. See Louisiana Revised Statutes 47:1702
• Creditable service: shall mean service rendered as an elected official of any municipality covered by this Part, whether it be service prior or subsequent to this Part, and whether it be continuous or not;

  (4)  "Municipality" shall mean any municipality incorporated under the laws of the state of Louisiana having a population of twenty-five thousand or over according to the last official census published by the United States Bureau of the Census. See Louisiana Revised Statutes 11:3861

• dealer: means a person who sells motor fuel at retail or dispenses motor fuel at a retail location to the ultimate consumer. See Louisiana Revised Statutes 47:818.2
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Demand account: means an account payable on demand which is not a savings account. See Louisiana Revised Statutes 6:703
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial institution: means a thrift institution, association, commercial bank, or trust company. See Louisiana Revised Statutes 6:703
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fuel supply tank: means any receptacle on a motor vehicle from which motor fuel is supplied for the propulsion of the motor vehicle. See Louisiana Revised Statutes 47:818.2
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gasoline: means any liquid or combination of liquids blended together, offered for sale, sold, or used as the fuel for a gasoline-powered engine. See Louisiana Revised Statutes 47:818.2
• Governmental lien: means all liens imposed by law upon immovable property in favor of any political subdivision and filed in the mortgage records, including without limitation, those imposed under Louisiana Revised Statutes 47:2122
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• immovable property: means and includes not only land, city, town and village lots, but all things thereunto pertaining, and all structures and other appurtenances thereto, as pass to the vendee by the conveyance of the land or lot. See Louisiana Revised Statutes 47:1702
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Liquefied natural gas: means natural gas that has been cooled to a liquid state and is advertised, offered for sale, sold, suitable for use, or used as an engine motor fuel. See Louisiana Revised Statutes 47:818.2
• Liquefied petroleum gas: means the gas derived from petroleum or natural gas which is in a gaseous state at normal atmospheric temperature and pressure and maintained in the liquid state at normal atmospheric temperature by means of suitable pressure and is advertised, offered for sale, sold, suitable for use, or used as an engine motor fuel. See Louisiana Revised Statutes 47:818.2
• Liquid assets: means cash on hand; cash on deposit in federal home loan banks, federal reserve banks, in banks performing similar reserve functions, in commercial banks, or associations, which is withdrawable upon not more than thirty days notice, and which is not pledged as security for indebtedness, except that any deposits in a bank or association under the control or in the possession of any supervisory authority shall not be considered as liquid assets; and obligation of, or obligations which are fully guaranteed as to principal and interest by, the United States, this state, or municipalities or political subdivisions of this state, or any other obligation approved by the commissioner. See Louisiana Revised Statutes 6:703
• Member: means a person or entity holding a savings or demand account of or shares of a mutual association, and may include a person borrowing from or assuming or obligated upon a loan or interest therein held by such association if such is authorized by the charter or the bylaws of the association. See Louisiana Revised Statutes 6:703
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• movable property: means and includes all things other than real estate which have any pecuniary value, all monies, credits, investments in bonds, stocks, franchises, shares in joint stock companies, or otherwise. See Louisiana Revised Statutes 47:1702
• Mutual association: means an association, not having capital stock ownership and operating in the mutual form. See Louisiana Revised Statutes 6:703
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Official: shall mean any person serving in elective office of any city in the State of Louisiana covered by this Part;

  (6)  "Retirement" shall mean withdrawal from active service in municipal office;

  (7)  "Retirement Allowance" shall mean payments for life computed as provided in this Part and payable in monthly installments;

  (8)  "Retirement allowance fund" shall mean a fund maintained by the city as defined in this Part, in which all funds provided by the city for retirement allowances authorized by this Part shall be maintained and from which all retirement allowances are to be paid. See Louisiana Revised Statutes 11:3861

• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Owner: means a person who holds an ownership interest that has not been terminated pursuant to Louisiana Revised Statutes 47:2122
• Person: means and includes, in addition to the definition contained in Louisiana Revised Statutes 47:818.2
• Political subdivision: means any of the following to the extent it has the power to levy ad valorem taxes and conduct tax sales for failure to pay ad valorem taxes:

  (a)  The state. See Louisiana Revised Statutes 47:2122

• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Property: includes every form, character and kind of property, real, personal, and mixed, tangible and intangible, corporeal and incorporeal, and every share, right, title or interest therein or thereto, and every right, privilege, franchise, patent, copyright, trade-mark, certificate, or other evidence of ownership or interest; bonds, notes, judgments, credits, accounts, or other evidence of indebtedness, and every other thing of value, in possession, on hand, or under the control, at any time during the calendar year for which taxes are levied, within the State of Louisiana, of any person, firm, partnership, association of persons, or corporation, foreign or domestic whether the same be held, possessed, or controlled, as owner, agent, pledgee, mortgagee, or legal representative, or as president, cashier, treasurer, liquidator, assignee, master, superintendent, manager, sequestrator, receiver, trustee, stakeholder, depository, warehouseman, keeper, curator, executor, administrator, legatee, heir, beneficiary, parent, attorney, usufructuary, mandatary, fiduciary, or other capacity, whether the owner be known or unknown; except in the cases of fire, life, or other insurance companies, the notes, judgments, accounts, and credits of nonresident persons, firms, corporations, partnerships, associations, or companies doing business in the State of Louisiana, originating from the business done in this state, are hereby declared to be property with its situs within this state. See Louisiana Revised Statutes 47:1702
• Quorum: The number of legislators that must be present to do business.
• Real estate loan: means any loan or other obligation secured, as provided for in this Chapter, by immovable property held in full ownership or under a lease extending or renewable automatically for a period of at least five years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a mortgage or vendor's privilege is created against such immovable property including but not limited to the purchase of such real estate by an association and the concurrent or immediate sale thereof on installment contract. See Louisiana Revised Statutes 6:703
• Redemptive period: means the period in which a person may redeem property as provided in thethe Louisiana Constitution. See Louisiana Revised Statutes 47:2122
• 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.
• Retirement plan: shall mean the elective officials of municipalities of Louisiana Retirement Plan as defined in Louisiana Revised Statutes 11:3861
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• Sale: means a transfer of title, exchange, or barter of motor fuel. See Louisiana Revised Statutes 47:818.2
• Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
• Secretary: means the secretary of the Department of Revenue or an authorized designee. See Louisiana Revised Statutes 47:818.2
• Send: means either of the following:

  (a)  To deposit in the mail or deliver for transmission by any other commercially reasonable means of communication with postage or cost of transmission provided for, and properly addressed to any address reasonable under the circumstances. See Louisiana Revised Statutes 47:2122

• Share: means any share, certificate, security, account, or other evidence of funds invested in a mutual association by a member thereof, other than a savings or demand account. See Louisiana Revised Statutes 6:703
• Shipping document: means a delivery document issued by a terminal or bulk plant operator in conjunction with the sale, transfer, or removal of motor fuel from the terminal or bulk plant that discloses the destination state. See Louisiana Revised Statutes 47:818.2
• Signed: includes using any symbol executed or adopted with present intention to adopt or accept a writing in tangible form. See Louisiana Revised Statutes 47:2122
• Stock: means capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
• Stockholder: means the owner of one or more shares of any class of capital stock of a capital stock association. See Louisiana Revised Statutes 6:703
• Tax debtor: means , as of the date of determination, the person listed on the tax roll in accordance with Louisiana Revised Statutes 47:2122
• Tax notice party: means , as of the date of determination, the tax debtor and any person requesting notice pursuant to Louisiana Revised Statutes 47:2122
• Tax sale: means the sale or adjudication of tax sale title to property pursuant to Louisiana Revised Statutes 47:2122
• Tax sale certificate: means the written notice evidencing a tax sale to be filed in accordance with Louisiana Revised Statutes 47:2122
• Tax sale party: means the tax notice party, the owner of property, including the owner of record at the time of a tax sale, as shown in the conveyance records of the appropriate parish, and any other person holding an interest, such as a mortgage, privilege, or other encumbrance on the property, including a tax sale purchaser, as shown in the mortgage and conveyance records of the appropriate parish. See Louisiana Revised Statutes 47:2122
• Tax sale property: means property for which tax sale title is sold pursuant to Louisiana Revised Statutes 47:2122
• Tax sale purchaser: means the purchaser of tax sale property, his successors, and assigns. See Louisiana Revised Statutes 47:2122
• Tax sale title: means the set of rights acquired by a tax sale purchaser or, in the case of adjudicated property, on the applicable political subdivision, pursuant to this Chapter. See Louisiana Revised Statutes 47:2122
• Thrift institution: means an association, a homestead association,society or company, a savings and loan association, a building and loan association, a savings association, a foreign savings association, a federal savings association, a federal savings and loan association, a federal savings bank, or a supervised thrift and residential financing institution of a substantially similar nature. See Louisiana Revised Statutes 6:703
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust business: means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to perform any service of a fiduciary in this state or another state. See Louisiana Revised Statutes 6:572
• Trust company: means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:572
• Trust office: means an office, other than the principal office, at which a trust company is licensed by the commissioner to act as a fiduciary. See Louisiana Revised Statutes 6:572
• Trust representative office: means an office of an out-of-state trust company at which the company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary. See Louisiana Revised Statutes 6:572
• Trustee: A person or institution holding and administering property in trust.
• Venue: The geographical location in which a case is tried.
• writing: means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. See Louisiana Revised Statutes 47:2122