§ 33:7621 — Property exempt from taxes and from levy and sale by virtue of an execution

A. All property of a corporation, including funds owned or held by it for the purposes of this chapter, shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall judgment against the corporation be a charge or lien upon such property; but the provisions of this section shall not apply to or limit the right of obligees or guarantors to pursue any remedies for the enforcement of any pledge or lien given pursuant to this chapter by a corporation on its real or personal property, rents, fees, grants or revenues for a new community development project.
B. The property of a corporation acquired or held for the purposes of this chapter is declared to be public property used for essential public and governmental purposes and such property, or any interest therein, in the hands of the corporation or any subsidiary thereof, shall be exempt from all taxes of the parish or municipality, the state, or any political subdivision thereof or any other taxing body.

Legislative History

Acts 1972, No. 553, §16.