Louisiana § RS 12:1868 - Dissolution
Full text of Louisiana Louisiana Civil Code § RS 12:1868 — Dissolution, with citation guidance and answers to common questions.
§ RS 12:1868. Dissolution
A. If the fund elects to dissolve, it shall apply to the department for authority to dissolve. An application for dissolution shall be made on a form prescribed by the department and shall be approved or disapproved by the department within sixty days of receipt.
B. The dissolution of the fund without authorization is prohibited and shall not absolve or release the fund, a member, or any person or entity which has executed an indemnity agreement from the fund's or person's obligations incurred or entered into prior to the dissolution of the fund.
C. Applications to dissolve shall be granted if either of the following conditions are met:
(1) The fund has no outstanding liabilities including incurred but not reported liabilities.
(2) The fund is covered by an irrevocable commitment from a licensed insurer which provides for payment of all outstanding liabilities and related services, including payment of claims, preparation of reports, and administration of transactions associated with the period during which the plan provided coverage.
D. Upon the dissolution of the fund and after payment of all outstanding liabilities and indebtedness, the assets of the fund shall be distributed to all members participating in the fund pursuant to a distribution plan submitted by the fund to the department and approved by the department.
Acts 2023, No. 259, §§1, 3A, eff. June 12, 2023.
Frequently Asked Questions About Louisiana § RS 12:1868
What does Louisiana Civil Code § RS 12:1868 cover?
Section RS 12:1868 ("Dissolution") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 12:1868?
A common citation format is "Louisiana Civil Code § RS 12:1868" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 12:1868 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.