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La. Rev. Stat. § 9:1614 Special counsel; patents for interests
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§1614. Special counsel; patents for interests In any case where the state has, under existing laws, employed special counsel to recover the rights and interest of the state in immovable property of vacant successions belonging to it, and the agreement is that attorneys are to rec…
La. Rev. Stat. § 9:1615 Application of sections
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§1615. Application of sections R.S. 9:1611 through 9:1614 shall not be deemed to repeal the general provisions of the Civil Code nor the laws relating to the public administrator of the Parish of Orleans and shall be effective only where the claim of the state to property of vaca…
La. Rev. Stat. § 9:162 Custody by state; recovery by holder; defense of holder
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§162. Custody by state; recovery by holder; defense of holder A. In this Section, payment or delivery is made in "good faith" if all of the following apply: (1) Payment or delivery was made in a reasonable attempt to comply with this Chapter. (2) The holder was not then in breach…
La. Rev. Stat. § 9:163 Crediting of dividends, interest, and increments to owner's account
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§163. Crediting of dividends, interest, and increments to owner's account If property other than money is paid, delivered, or transferred to the administrator under this Chapter, the owner is entitled to receive from the administrator any gain realized or accruing on the property…
La. Rev. Stat. § 9:164 Public sale of abandoned property
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§164. Public sale of abandoned property A. Except as otherwise provided in this Section, the administrator, within three years after the receipt of abandoned property, may sell it to the highest bidder at public sale at a location in the state which in the judgment of the adminis…
La. Rev. Stat. § 9:165 Deposit of funds
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§165. Deposit of funds A. Except as otherwise provided by this Section, the administrator shall promptly deposit in the Bond Security and Redemption Fund of this state all funds received under this Chapter, including the proceeds from the sale of abandoned property under R.S. 9:1…
La. Rev. Stat. § 9:165.1 Bonds; unclaimed property bonds; completion of I-49
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§165.1. Bonds; unclaimed property bonds; completion of I-49 A.(1) Without reference to any provision of the Constitution of Louisiana and the laws of Louisiana, and as a grant of power in addition to any other general or special law, the State Bond Commission, hereinafter "commis…
La. Rev. Stat. § 9:165.2 Designates first I-49 unclaimed property bond project; "Alvin B
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§165.2. Designates first I-49 unclaimed property bond project; "Alvin B. Kessler Memorial Highway" The first project on I-49 North constructed utilizing financing with unclaimed property bonds shall be named and designated as the "Alvin B. Kessler Memorial Highway". The Departmen…
La. Rev. Stat. § 9:166 Claim of another state to recover property
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§166. Claim of another state to recover property A. After property has been paid or delivered to the administrator under this Chapter, another state may recover the property if any of the following applies: (1) The property was delivered to the custody of this state because the r…
La. Rev. Stat. § 9:167 Filing claim with administrator; handling of claims by administrator
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§167. Filing claim with administrator; handling of claims by administrator A. A person, excluding another state, claiming an interest in property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. B. Wit…
La. Rev. Stat. § 9:168 Action to establish claim
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§168. Action to establish claim A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety days after its filing may maintain an action de novo to establish the claim in a court of competent jurisdiction in this state, naming the ad…
La. Rev. Stat. § 9:169 Election to take payment or delivery
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§169. Election to take payment or delivery A. The administrator may decline to receive property reported under this Chapter that the administrator considers to have a value less than the expenses of notice and sale. B. A holder, with the written consent of the administrator and u…
La. Rev. Stat. § 9:170 Destruction or disposition of property having no substantial commercial value; immunity from liability
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§170. Destruction or disposition of property having no substantial commercial value; immunity from liability If the administrator determines after investigation that property delivered under this Chapter has no substantial commercial value, the administrator may destroy or otherw…
La. Rev. Stat. § 9:1701 Partition of land in which United States has servitude or real right
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§1701. Partition of land in which United States has servitude or real right Whenever the United States, or any branch or agency thereof, has acquired a servitude, easement, or real right of any kind, nature, or description affecting a piece of land, or a portion thereof, which is…
La. Rev. Stat. § 9:1702 Agreement not to partition by persons holding property in common
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§1702. Agreement not to partition by persons holding property in common Persons holding property in common may agree that there shall not be a partition of the property held in common for a specific period of time, not to exceed fifteen years; however, persons holding in common a…
La. Rev. Stat. § 9:171 Periods of limitation
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§171. Periods of limitation A. The expiration, before or after the effective date of this Chapter, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order, does not preclude the property from being pres…
La. Rev. Stat. § 9:1711 Definitions
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§1711. Definitions In this Chapter, the following definitions shall apply unless the context otherwise requires: (1) "Beneficiary form" means a registration of a security that indicates the present owner or co-owners of the security and the designation of the person in whose name…
La. Rev. Stat. § 9:1711.1 Registration in beneficiary form
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§1711.1. Registration in beneficiary form Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as co-owners in indivision or tenants in common, may obtain registration…
La. Rev. Stat. § 9:1711.2 Registration in beneficiary form; applicable law
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§1711.2. Registration in beneficiary form; applicable law A. A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principa…
La. Rev. Stat. § 9:1711.3 Form of registration in beneficiary form
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§1711.3. Form of registration in beneficiary form Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner and before the name of a be…
La. Rev. Stat. § 9:1711.4 Effect of registration in beneficiary form
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§1711.4. Effect of registration in beneficiary form A registration of a security in beneficiary form does not constitute a donation inter vivos or mortis causa. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or by any of …
La. Rev. Stat. § 9:1711.5 Registration on death of owner
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§1711.5. Registration on death of owner A. On proof of death of a sole owner or the last to die of all multiple owners, and after compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be registered in the name of the …
La. Rev. Stat. § 9:1711.6 Registering entity
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§1711.6. Registering entity A. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assen…
La. Rev. Stat. § 9:1711.7 Terms, conditions, and forms for registration
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§1711.7. Terms, conditions, and forms for registration A. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registrations in beneficiary form, and for implementation of registr…
La. Rev. Stat. § 9:1711.8 Short title; rules of construction
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§1711.8. Short title; rules of construction A. This Chapter shall be known as and may be cited as the "Louisiana Uniform Transfer on Death Security Registration Act" or the "Louisiana Uniform TOD Security Registration Act". B. The provisions of this Chapter shall be liberally con…
La. Rev. Stat. § 9:1711.9 Application of Chapter
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§1711.9. Application of Chapter A. This Chapter shall become effective on January 1, 2022, and shall apply only to registrations of securities in beneficiary form made on and after January 1, 2022. B. This Chapter shall not preclude or govern the application of payable on death a…
La. Rev. Stat. § 9:172 Requests for reports and examination of records
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§172. Requests for reports and examination of records A. The administrator may require a person who has not filed a report, or a person who the administrator believes has filed an inaccurate, incomplete, or false report, to file a verified report in a form specified by the admini…
La. Rev. Stat. § 9:1721 Title
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§1721. Title This Chapter shall be known and may be cited as the Louisiana Trust Code.
La. Rev. Stat. § 9:1722 Express private trusts authorized; application of Code
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§1722. Express private trusts authorized; application of Code Express private trusts are hereby authorized subject to the rules prescribed in this Code.
La. Rev. Stat. § 9:1723 Dispositions containing substitutions
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§1723. Dispositions containing substitutions A disposition authorized by this Code may be made in trust although it would contain a prohibited substitution if it were made free of trust.
La. Rev. Stat. § 9:1724 Construction of Code
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§1724. Construction of Code The provisions of this Code shall be accorded a liberal construction in favor of freedom of disposition. Whenever this Code is silent, resort shall be had to the Civil Code or other laws, but neither the Civil Code nor any other law shall be invoked to…
La. Rev. Stat. § 9:1725 Definitions
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§1725. Definitions Except when the context clearly indicates otherwise, as used in this Code: (1) "Affiliate" means a person directly or indirectly controlling or controlled by another person, or a person under direct or indirect common control with another person. It includes a …
La. Rev. Stat. § 9:173 Retention of records
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§173. Retention of records A. A holder required to file a report under R.S. 9:159 shall maintain its records containing the information required to be included in the report until the holder files the report and for ten years after the date of filing, unless a shorter time is pro…
La. Rev. Stat. § 9:1731 Trust defined
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§1731. Trust defined A trust, as the term is used in this Code, is the relationship resulting from the transfer of title to property to a person to be administered by him as a fiduciary for the benefit of another.
La. Rev. Stat. § 9:1732 Inter vivos and testamentary trusts
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§1732. Inter vivos and testamentary trusts A trust is either testamentary or inter vivos.
La. Rev. Stat. § 9:1733 Testamentary trust defined
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§1733. Testamentary trust defined A trust is testamentary when it is created by donation mortis causa.
La. Rev. Stat. § 9:1734 Inter vivos trust defined
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§1734. Inter vivos trust defined All trusts not testamentary are considered inter vivos, regardless of the time of creation.
La. Rev. Stat. § 9:1735 Gratuitous and onerous trusts
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§1735. Gratuitous and onerous trusts A trust may be gratuitous or onerous. It may be gratuitous as to one beneficiary and onerous as to another.
La. Rev. Stat. § 9:1736 Conditions
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§1736. Conditions A trust or a disposition in trust may be made subject to any condition not forbidden in this Code and not against public order or good morals.
La. Rev. Stat. § 9:1737 Dispositions permitted
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§1737. Dispositions permitted A settlor may dispose of property in trust to the same extent that he may dispose of that property free of trust and to any other extent authorized by this Code. A trust containing a substitution authorized by this Code is valid.
La. Rev. Stat. § 9:174 Enforcement
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§174. Enforcement The administrator may maintain an action in this or another state to enforce this Chapter. The court may award reasonable attorney fees to the administrator. Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997; Acts 2006, No. 5…
La. Rev. Stat. § 9:175 Interstate agreements and cooperation; joint and reciprocal actions with other states; confidentiality
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§175. Interstate agreements and cooperation; joint and reciprocal actions with other states; confidentiality A. The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may per…
La. Rev. Stat. § 9:1751 Form of testamentary trust
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§1751. Form of testamentary trust A testamentary trust may be created only in one of the forms prescribed by the laws regulating donations mortis causa.
La. Rev. Stat. § 9:1752 Form of inter vivos trust
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§1752. Form of inter vivos trust An inter vivos trust may be created only by authentic act or by act under private signature executed in the presence of two witnesses and duly acknowledged by the settlor or by the affidavit of one of the attesting witnesses.
La. Rev. Stat. § 9:1753 Technical language not required; interpretation of instrument
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§1753. Technical language not required; interpretation of instrument No particular language is required to create a trust, but it must clearly appear that the creation of a trust is intended. A trust instrument shall be given an interpretation that will sustain the effectiveness …
La. Rev. Stat. § 9:1754 Incorporation by reference
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§1754. Incorporation by reference A trust, whether inter vivos or testamentary, may incorporate by reference any or all of the terms of an existing trust. Unless the instrument otherwise provides, all amendments of the existing trust in force on the date of the execution of the i…
La. Rev. Stat. § 9:1755 Acceptance by trustee
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§1755. Acceptance by trustee The trustee may accept the trust in the trust instrument or in a separate instrument.
La. Rev. Stat. § 9:176 Interest and penalties
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§176. Interest and penalties A. A holder who fails to report, pay, or deliver property within the time prescribed by this Chapter shall pay to the administrator interest at the annual rate established pursuant to R.S. 13:4202 on the property or value thereof from the date the pro…
La. Rev. Stat. § 9:1761 Settlor defined
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§1761. Settlor defined A settlor is a person who creates a trust. A person who subsequently transfers property to the trustee of an existing trust is not a settlor.
La. Rev. Stat. § 9:1762 Number of settlors
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§1762. Number of settlors There may be one or more settlors of an inter vivos trust.
