Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 9 > Part XVII - Miscellaneous Provisions Relative to Capital Stock Associations

• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Bequest: Property gifted by will.
• Board: means the Louisiana Cemetery Board. See Louisiana Revised Statutes 8:1
• Burial: means the placement of human remains in a grave. See Louisiana Revised Statutes 8:1
• Burial park: means a tract of land for the burial of human remains in the ground, used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• Capital stock association: means an association, not in the mutual form, having capital stock ownership. See Louisiana Revised Statutes 6:703
• care funds: includes both general and special care funds. See Louisiana Revised Statutes 8:1
• Cemetery: means a place used or intended to be used for the interment of the human dead and, to the extent allowed in accordance with this Title, pet remains. See Louisiana Revised Statutes 8:1
• Cemetery authority: means any person, firm, corporation, limited liability company, trustee, partnership, association, or municipality owning, operating, controlling, or managing a cemetery or holding lands within this state for interment purposes. See Louisiana Revised Statutes 8:1
• Cemetery management organization: means a legal entity contracting as an independent contractor with a cemetery authority to manage a cemetery, but does not mean individual managers employed by or contracting directly with cemetery authorities operating under this title. See Louisiana Revised Statutes 8:1
• Cemetery sales organization: means any legal entity contracting as an independent contractor with a cemetery authority to conduct sales of one or more cemetery spaces, whether by deed, servitude, grant of right to use, or otherwise, or cemetery products. See Louisiana Revised Statutes 8:1
• Cemetery space: means a grave, crypt, vault, niche, tomb, lawn crypt, or any other property used or intended to be used for the interment of human remains. See Louisiana Revised Statutes 8:1
• Chambers: A judge's office.
• Columbarium: means a building, structure, room, or other space in a building or structure containing niches for permanent inurnment of cremated remains in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• 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
• Corporation: means any corporation or limited liability company which is authorized by its articles or an operating agreement to conduct any one or more of the businesses of a cemetery. See Louisiana Revised Statutes 8:1
• Cremated remains: means human remains after cremation in a crematory. See Louisiana Revised Statutes 8:1
• Cremation: means the reduction of the body of a deceased person to cremated remains in a crematory. See Louisiana Revised Statutes 8:1
• Crematory: means a building or structure containing one or more retorts for the reduction of bodies of deceased persons to cremated remains. See Louisiana Revised Statutes 8:1
• Crematory and columbarium: means a building or structure containing both a crematory and columbarium. See Louisiana Revised Statutes 8:1
• Custody services: means the safekeeping or custody of virtual currency or other assets by a financial institution or trust company. See Louisiana Revised Statutes 6:1401
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Directors: means the board of directors, board of trustees, or other governing body of a cemetery authority, cemetery sales organization, or cemetery management organization. See Louisiana Revised Statutes 8:1
• Disposition: means the interment, burial, cremation, or anatomical donation of the body of a deceased person or parts of the body of a deceased person. See Louisiana Revised Statutes 8:1
• 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.
• Entombment: means the placement of human remains in a mausoleum. See Louisiana Revised Statutes 8:1
• 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}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Family burial ground: means a cemetery in which no lots are sold to the public and in which interments are restricted to a group of persons related to each other by blood or marriage. See Louisiana Revised Statutes 8:1
• Financial institution: means a thrift institution, association, commercial bank, or trust company. See Louisiana Revised Statutes 6:703
• Financial institution: means a federally insured depository institution chartered pursuant to the laws of this state, another state, or the United States. See Louisiana Revised Statutes 6:1401
• Grave: means a space of ground in a cemetery, used or intended to be used, for burial. See Louisiana Revised Statutes 8:1
• Human remains: means the body of a deceased person and includes the body in any stage of decomposition, as well as cremated remains. See Louisiana Revised Statutes 8:1
• Impaired condition: means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association. See Louisiana Revised Statutes 6:703
• Interment: means the disposition of human remains by inurnment, scattering, entombment, or burial in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• Inurnment: means placing cremated remains in an urn or other suitable container and placing it in a niche, crypt, or vault in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mutual association: means an association, not having capital stock ownership and operating in the mutual form. See Louisiana Revised Statutes 6:703
• Niche: means a space in a columbarium used or intended to be used for inurnment of cremated human remains. See Louisiana Revised Statutes 8:1
• Nonconforming payment: means a payment made by a student loan borrower that is more or less than the required payment for a student education loan account. See Louisiana Revised Statutes 6:1411
• 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}
• Person: means an individual, corporation, limited liability company, partnership, joint venture, association, trust, or any other legal entity. See Louisiana Revised Statutes 8:1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Religious cemetery: means a cemetery that is owned, operated, controlled, or managed by a recognized church, religious society, association, or denomination, or by a cemetery authority or a corporation administering or through which is administered the temporalities of any recognized church, religious society, association, or denomination. See Louisiana Revised Statutes 8:1
• Sale: means the sale of the full title to any cemetery space or the sale of the right of use of or interment in any cemetery space. See Louisiana Revised Statutes 8:1
• Savings account: means an account to which earnings, including interest, is paid or accrued. See Louisiana Revised Statutes 6:703
• Self-assessment: means either of the following:

              (a) A financial institution's or trust company's voluntary, self-initiated internal assessment, audit, or review of the financial institution or trust company and its practices, policies, and procedures. See Louisiana Revised Statutes 6:1401

• servicing: means :

              (a) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying payments to the student loan borrower's account pursuant to the terms of the student education loan or a governing contract. See Louisiana Revised Statutes 6:1411

• 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
• Student education loan: means any of the following:

              (i) A loan that is made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, as amended. See Louisiana Revised Statutes 6:1411

• Student loan borrower: means a resident of this state who meets either of the following criteria:

              (a) Has received or agreed to pay a student education loan. See Louisiana Revised Statutes 6:1411

• Student loan servicer: means a person or entity who is engaged in the business of servicing a student education loan owed by a student loan borrower. See Louisiana Revised Statutes 6:1411
• tomb: means a structure or building for the entombment of human remains in crypts or vaults in a place used or intended to be used, and dedicated, for cemetery purposes. See Louisiana Revised Statutes 8:1
• Trust company: means a corporation or a limited liability trust company organized in accordance with this Title, the laws of another state, or pursuant to the laws of the United States, including a trust company organized pursuant to 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 6:1401
• Trustee: means the separate legal entity designated as trustee of a cemetery care fund. See Louisiana Revised Statutes 8:1
• vault: means a space in a mausoleum of sufficient size, used or intended to be used, to entomb human remains. See Louisiana Revised Statutes 8:1