On and after the effective date of each sale of tobacco assets, the state of Louisiana shall have no right, title or interest in or to the tobacco assets sold and conveyed; and the tobacco settlement payments shall be property of the corporation and not of the state, and shall be owned, received, held and disbursed by the corporation or the indenture trustee and not the state or the state treasury. On or before the closing date and the effective date of any subsequent sale, the state through the attorney general shall notify the escrow agent and the independent auditor under the master settlement agreement that the tobacco assets have been sold and conveyed to the corporation, irrevocably instruct such escrow agent and independent auditor that, subsequent to the closing date or other effective date, the tobacco settlement payments are to be paid directly to the corporation or to the indenture trustee or other designee for the account of the corporation, and take such other actions necessary and appropriate to effectuate such notice and instruction.
‹ Prev All Louisiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.