Louisiana Revised Statutes Tit. 39, § 337. Settlement of claims on bonds due state

When the commissioner of administration is satisfied, either from his own knowledge of the facts or by returns made on execution of writs of fieri facias, that the state cannot meet the amount due on the old bonds or obligations due the state, by compulsory process, then he may enter into such arrangements and make such compromises with the principals or their securities as he deems most advantageous for the state, and to cancel such bonds or obligations upon payment of a portion thereof, and he shall make a detailed report to the legislature of each such action taken and of his reasons therefor.