§183.2. Disposition of accrued interest on undistributed monies at a race meeting
A. Monies designated for purses under R.S. 4:183(A) shall be deposited by the licensee in a separate interest-bearing account when earned and shall remain in that account until the first day of the next race meeting of the appropriate breed. Monies earned as interest on that account shall be added to those designated for purses under R.S. 4:183(A) and shall be considered part of the gross purses as defined therein.
B.(1) Monies required to be deposited into the interest-bearing account provided for in Subsection A of this Section shall be deemed earned when the race on which the wagers are placed is run. Such monies shall be deposited into such interest-bearing account within fifteen days of being earned; however, the amounts earned pursuant to R.S. 4:217 shall be deposited into the account provided for in Subsection A of this Section within fifteen days of the date on which the monies are received by the licensee.
(2) Until all monies have been distributed in accordance with R.S. 4:183(A)(4), the Horsemen's Benevolent and Protective Association shall be deemed to hold a perfected security interest in and to all funds that are deemed to have been earned pursuant to this Section and that have not yet been distributed in accordance with R.S. 4:183(A)(4). All earned purse money not yet distributed as purses shall be deemed to be held in trust for the benefit of the Horsemen's Benevolent and Protective Association by the licensee until such time as such monies are distributed in accordance with law. A licensee shall have a fiduciary duty to the Horsemen's Benevolent and Protective Association to preserve and account for such monies.
Acts 1989, No. 626, §1, eff. July 7, 1989; Acts 2014, No. 437, §1.
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