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FindLaw Legal Dictionary

The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.


L. Rev.
Law Review [Harv. L. Rev.]
limited liability partnership
[Latin locus sigilli] place of the seal used on sealed documents
letter of credit
Labor Certification
The initial stage of the process by which certain foreign workers get permission to work in the United States. The employer is responsible for getting the labor certification from the Department of ...
Labor Condition Application (Lca)
A request to the Department of Labor for a foreign worker to work in the United States.
Labor Contract
see contract
Labor Organization
: an organization, agency, committee, group, or plan in which employees take part that deals with employers about such matters as wages and grievances ;esp : labor union NOTE: Designation by the ...
Labor Union
: a labor organization usually consisting of workers of the same trade that is formed for the purpose of advancing its members' interests (as through collective bargaining) in respect to wages, ...
pl: laches [Anglo-French lachesce laschesce negligence, from Old French lasche lax, ultimately from Latin laxare to loosen, from laxus slack] 1 : undue delay in asserting a right or privilege compare ...
past and past part of lay
past part of lie
Acronym for local area network. LAN is a group of associated computers which share a common communications line and server within the same geographic area. Typically, LAN users share applications and ...
1 : an area of the earth usually inclusive of improvements, bodies of water, and natural or man-made objects and extending indefinitely upward and downward compare air right 2 : an estate, interest, ...
Land Bank
see bank
Land Contract
: land installment contract at contract
Land Court
: a court having jurisdiction over registration of title to land and matters incidental thereto see also torrens system NOTE: In the United States only Massachusetts and Hawaii have land courts.
Land Trust
see trust
Land Use
Generic term used to describe activities such as zoning and/or the control of real estate developments. Land-use planning laws are implemented by local zoning and ordinances.
: the owner of property (as houses, apartments, or land) that is leased or rented to another
Landlord's Lien
see lien
often attrib 1 : an object (as a stone or tree) that marks a boundary of land 2 : an event or development that marks a turning point or stage [a decision] 3 : a structure (as a building) of unusual ...
Landmark Case
see case
[gerund of lap to overlap] : the practice of misappropriating entrusted funds and then covering up the act by using other entrusted funds or funds subsequently received in a continuous process of ...
: a termination or failure due to events, neglect, or time: as a : the failure of a bequest (as because the intended recipient dies before the testator) compare anti-lapse statute b : the ...
1 : of, relating to, or having the nature of larceny [ intent] [a scheme] 2 : committing larceny
pl: -nies [modification of Anglo-French larcine theft, from Old French larrecin, from Latin latrocinium robbery, from latron- latro mercenary soldier, brigand] : the unlawful taking and carrying away ...
Larceny By Trick
see larceny
: reflecting or producing sexual desire or behavior esp. that is considered indecent or obscene [lewd and behavior]
Last Antecedent Rule
: a doctrine in the interpretation of statutes: qualifying words or phrases refer only to the last antecedent word or phrase unless the context or entire act clearly requires otherwise called also ...
Last Clear Chance
: a doctrine in the law of negligence: the contributory negligence of a plaintiff in putting himself or herself in peril will not bar recovery from a defendant who could have avoided injuring or ...
Last In, First Out
: being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last ...
Last Injurious Exposure Rule
: a rule placing liability for workers' compensation on the last employer of a worker disabled as a result of injuries or conditions suffered under two or more successive employers
Late Payment Charges
the penalty the homeowner must pay when a mortgage payment is made after the due date grace period.
: existing in hidden or dormant form but usually capable of being brought to light compare patent
Latent Ambiguity
: an uncertainty which does not appear on the face of a legal instrument (as a contract or will) but which arises from a consideration of extrinsic facts or evidence compare patent ambiguity
Latent Defect
: a defect (as in a product or property) that is not discoverable by reasonable or customary inspection [a latent defect excluded from the homeowner's insurance]
: to transfer (money or instruments deriving from illegal activity) so as to conceal the true nature and source [ money through an offshore account]
[Old English lagu, of Scandinavian origin] 1 : a rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority: as a : a command or provision enacted ...
Law Clerk
: one (as a law school graduate) who provides a judge, magistrate, or lawyer with assistance in such matters as research and analysis
Law Merchant
: the commercial rules developed under English common law that influenced modern commercial law and that are referred to as supplementing rules set down in the Uniform Commercial Code and in state ...
Law Of Nations
:jus gentium
Law Of The Case
:a doctrine in legal procedure: an issue esp. of law that has been decided (as by an appeals court) will not be reconsidered in the same case unless compelling circumstances warrant such ...
Law Of The Land
1 : the established law of a nation or region 2 : due process
Law Of The Sea
often cap L&S : a body of international law promulgated by United Nations convention and covering a range of ocean matters including territorial zones, access to and transit on the sea, ...
Law Review
often cap L&R : a periodical (as one published by a law school or bar association) containing notes and articles analyzing and evaluating subject areas and developments in the law
: abiding by or obedient to the law law-abid·ing·ness n
1 a : being in harmony with the law [a judgment] [a purpose] b : constituted, authorized, or established by law [a duty] 2 : law-abiding [ citizens] law·ful·ly adv ...
Lawful Age
: legal age
Lawful Force
see force
Lawful Permanent Resident (Lpr)
A person who has immigrated legally but is not an American citizen. This person has been admitted to the U.S. as an immigrant and has a Permanent Resident Card, Form I-551 also known as green card. It ...
Lawful Permanent Resident Alien (Lpra)
Lawful permanent resident.
1 : not restrained or controlled by law 2 : illegal [a act] law·less·ly adv law·less·ness n
: one that makes laws ;esp : legislator law·mak·ing n
: an action brought in a court for the purpose of seeking relief from or remedy for an alleged wrong : suit
: one whose profession is to advise clients as to legal rights and obligations and to represent clients in legal proceedings
: the profession or work of a lawyer
laid lay·ing 1 : to impose as a duty, burden, or punishment [ a tax] 2 a : to put forward : assert [ a claim] b : to submit for examination and determination [laid a case before the ...
Lay Witness
see witness
Lay Worker
A person who works in a religious organization but is not a member of the formal clergy.
leveraged buyout
See Local Educational Agency.
led lead·ing : to suggest the desired answer to (a witness) by asking leading questions
Leading Case
see case
Leading Object Rule
: main purpose rule
Leading Question
see question
: a usually folded printed sheet intended for free distribution
Learned Intermediary
: a person and esp. a physician who is properly warned of the dangers of a product by the manufacturer in accordance with the learned intermediary doctrine
Learned Intermediary Doctrine
: a doctrine of products liability law: the manufacturer of a prescription drug fulfills its duty to warn of potentially harmful effects of the drug by informing the prescribing physician and is not ...
[Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive ...
Lease Purchase (Lease Option)
assists low to moderate income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional ...
: the act or practice of finding or acquiring tenants
: the sale of property with the understanding that the seller can lease it back from the new owner often used in the phrase sale and leaseback
: a tenure of real property held by a lessee under a lease : a lessee's estate in the property ;also : the property so held compare fee, freehold
Leasehold Insurance
: insurance against loss to a lessee (as of profits derived from a sublease) because of cancellation of a lease as a result of fire or other specified peril
Leasehold Mortgage
see mortgage
: one having a leasehold
Leash Law
: a law and esp. an ordinance requiring that a dog be restrained when not confined to its owner's property
left leav·ing : bequeath devise
past and past part of lead
1 legal 2 legislative, legislature
pl: -cies [Medieval Latin legatio, from Latin legare to bequeath] : a gift of property by will ;specif : a gift of personal property by will : bequest see also ademption compare devise conjoint ...
Legacy Under Particular Title
:particular legacy at legacy
[Latin legalis, from leg- lex law] 1 : of or relating to law or the processes of law [a question] [take action] 2 a : deriving authority from or founded on law [a tariff rate] [a government] b : ...
Legal Age
: an age at which a person becomes entitled under the law to engage in a particular activity or becomes responsible for particular acts [the legal age for drinking in this state] ;broadly : age of ...
Legal Aid
: aid provided by an organization established to serve the legal needs of the poor
Legal Aid Society
: an organization providing government-funded legal aid to the poor
Legal Capital
see capital
Legal Cause
see cause
Legal Certainty Test
: a rule in federal civil procedure: a defendant's challenge to diversity jurisdiction made on the basis that the amount of money involved in the controversy falls short of the jurisdictional amount ...
Legal Custody
The right to make important decisions about the raising of your child, on issues such as health care, religious upbringing, education, etc.
Legal Detriment
: detriment
Legal Entity
: an entity (as a corporation or labor union) having under the law rights and responsibilities and esp. the capacity to sue and be sued
Legal Estate
see estate
Legal Fiction
: something asssumed in law to be fact irrespective of the truth or accuracy of that assumption [the legal fiction that a day has no fractions "Fields v. Fairbanks North Star Borough, 818 P.2d 658 ...
Legal Fraud
see fraud
Legal Heir
see heir
Legal Impossibility
see impossibility
Legal Interest
see interest
Legal List
: a statutory list of types of investments that fiduciaries are permitted to make on behalf of others compare prudent man rule
Legal Malice
: implied malice at malice
Legal Mortgage
see mortgage
Legal Name
1 : a person's name that is usually the name given at birth and recorded on the birth certificate but that may be a different name that is used by a person consistently and independently or that has ...
Legal Opinion
: opinion
Legal Owner
see owner
Legal Person
: a body of persons or an entity (as a corporation) considered as having many of the rights and responsibilities of a natural person and esp. the capacity to sue and be sued
Legal Personality
: the quality or state of being a legal person
Legal Representative
: one who represents or stands in the place of another under authority recognized by law esp. with respect to the other's property or interests: as a : personal representative b : an agent having ...
Legal Reserve
see reserve
Legal Residence
: domicile
Legal Separation
: a separation of spouses which does not involve a dissolution of the marriage but in which certain arrangements (as for maintenance and custody) are ordered by the court called also divorce a mensa ...
Legal Servitude
see servitude
Legal Tender
: money that is legally valid for the payment of debts and that must be accepted for that purpose when offered
Legal Title
see title
: the specialized language of the legal profession
pl: -ties 1 : attachment to or observance of law 2 : the quality or state of being legal : lawfulness 3 pl : obligations imposed by law
-ized -iz·ing : to make legal ;esp : to give legal validity or sanction to le·gal·i·za·tion n le·gal·iz·er n
: one to whom a legacy is bequeathed compare devisee, heir, next of kin, successor
-lat·ed -lat·ing vi : to perform the function of legislation ;specif : to make or enact laws vt : to cause, create, provide, or bring about by legislation
1 : the making or giving of laws ;specif : the exercise of the power and function of making rules that have the force of authority by virtue of their promulgation by an official organ of the state ...
1 a : having the power or performing the function of legislating b : belonging to the branch of government that is charged with such powers as making laws, levying and collecting taxes, and making ...
Legislative Agent
see agent
Legislative Assembly
often cap L&A 1 : a bicameral legislature 2 : the lower house of a bicameral legislature
Legislative Council
often cap L&C : a permanent committee chosen from both houses that meets between sessions of a state legislature to study problems and plan a legislative program
Legislative Counsel
: a lawyer or group of lawyers employed to assist legislators in the procedures (as holding hearings and drafting bills) for enacting legislation
Legislative Court
: a court (as the United States Tax Court and the territorial courts) created by Congress under Article I of the U.S. Constitution whose judges are subject to removal from office and salary reduction ...
Legislative Day
: a period of time during which a legislature is in session that commences with the opening of a daily session and ends with adjournment and that may last more than one calendar day
Legislative Fact
see fact
Legislative History
: a published record (as of drafts and commentary by the drafters) relating to the passing of particular legislation
Legislative Immunity
see immunity
Legislative Intent
: the ends sought to be achieved by a legislature in an enactment NOTE: Courts often look to legislative intent for guidance in interpreting and applying a law. The legislative history, the language ...
Legislative Power
see power
Legislative Rule
: a rule adopted by a government agency in accordance with the notice and comment requirements of the Administrative Procedure Act that has the force of law and imposes new duties on the regulated ...
Legislative Session
: a session of the U.S. Senate that is not an executive session
Legislative Veto
: a resolution passed by one or both houses of a legislature that is intended to nullify an administrative regulation or action
[Latin legis lator, literally, proposer of a law, from legis (genitive of lex law) + lator proposer, from ferre (past participle latus) to carry, propose] : a person who makes laws esp. for a ...
: a body of persons having the power to legislate ;specif : an organized body having the authority to make laws for a political unit (as a nation or state) compare executive, judiciary
: the quality or state of being legitimate
[Medieval Latin legitimatus, past participle of legitimare to give legal status to, from Latin legitimus legally sanctioned, from leg-, lex law] 1 : conceived or born of parents lawfully married to ...
Legitimate Filiation
in the civil law of Louisiana : filiation created by a child being born during a marriage or adopted
Legitimate Portion
: legitime
Most countries have legal procedures for natural fathers of children born out of wedlock to acknowledge their children. A legitimated child from any country has two legal parents and cannot qualify as ...
The legal process which a natural father can use to acknowledge legally his children who were born out of wedlock (outside of marriage). A legitimated child can be a "child" under immigration law ...
[French, from Latin legitima (pars) the lawful (share)] in the civil law of Louisiana : the portion (as one-fourth) of a testate succession that is reserved for a forced heir called also forced ...
-mized -miz·ing : legalize legitimate
Lemon Law
: a statute that grants the purchaser of a car specific remedies (as a refund) if the car has a defect that impairs or significantly affects its use, value, or safety and that cannot be repaired ...
lent lend·ing vt 1 : to give for temporary use on condition that the same or its equivalent be returned 2 : to let out (money) for temporary use on condition of repayment with interest vi : to ...
A term referring to an person or company that makes loans for real estate purchases. Sometimes referred to as a loan officer or lender.
Lender Option Commitments
an agreement giving a lender the option to deliver loans or securities by a certain date at agreed upon terms.
[Anglo-French, damage, injury, from Latin laesio, from laedere to injure] in the civil law of Louisiana : loss from failure to receive a threshold amount or value (as one-half market value) for ...
: a person who has possession of real or personal property under a lease ;specif : a tenant of real property under a lease
: of less size, quality, degree, or significance ;specif : of lower criminal liability [duress has been held a good defense to such crimes as robbery, burglary and malicious mischief "W. R. LaFave ...
Lesser Evils Defense
see defense
Lesser Included Offense
: a crime (as unlawful entry) that is by definition included in the commission of another crime (as burglary) which has additional elements and greater criminal liability called also included offense ...
: a person who conveys the possession of real or personal property under a lease
let let·ting vt 1 : to offer or grant for rent, lease, or hire : lease [may not be alienated, , or encumbered] [corporeal things may be out] 2 : to assign esp. after bids [were attempting to ...
1 : a direct written statement addressed to an individual or organization ;broadly : an official communication see also counterletter determination letter : a letter from an administrative agency ...
Letter Of Attorney
see letter
Letter Of Credit
:a document issued to a beneficiary at the request of the issuer's customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the ...
Letter Of Intent
see letter
Letter Of Marque
see letter
Letter Rogatory
see letter
Letter Ruling
: a ruling (as of a court or administrative agency) that is made in a letter (as an opinion or determination letter) ;also : determination letter at letter
Letters Patent
see letter
Levari Facias
[New Latin, you should cause to be levied] : a common-law writ of execution for the satisfaction of a judgment debt from the goods and lands of the judgment debtor used chiefly in Delaware compare ...
: the use of credit to enhance one's speculative capacity
Leveraged Buyout
: the acquisition of a company usually by members of its own management using debt to finance the purchase of equity with debt to be paid by future profits or sale of company assets
1 : that may be levied [a tax] 2 : that may be levied upon [ assets]
pl: lev·ies 1 : an act of levying: as a : the imposition or collection of a tax b : the seizure according to a writ of execution of real or personal property in a judgment debtor's possession ...
: involving or being sexual conduct that is considered indecent or offensive : licentious [convicted of and lascivious assault upon a child "National Law Journal"] lewd·ly adv ...
Lex Fori
[New Latin, law of the court] : the law of the court in which a proceeding is brought
Lex Loci Contractus
[New Latin, law of the place of the contract] : the law of the place where a contract was made or to be performed
Lex Loci Delictii
[New Latin, law of the place of the wrong] : the law of the place where an offense or tort occurred
a person's financial obligations such as long-term / short-term debt, and other financial obligations to be paid.
pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent ...
Liability In Solido
see liability
Liability Insurance
: insurance against loss resulting from civil liability for injury or damage to the persons or property of others see also comprehensive general liability insurance
Liability Without Fault
see liability
[ultimately from Old French lier to bind, from Latin ligare] 1 : answerable according to law : bound or obligated according to law or equity [one is as an accomplice to the crime of another "W. R. ...
[Anglo-French, from Latin libellus, diminutive of liber book] 1 : complaint used esp. in admiralty and divorce cases 2 a : a defamatory statement or representation esp. in the form of written or ...
Libel Per Quod
: libel that is actionable only when the plaintiff introduces additional facts to show defamation or claims special damages
Libel Per Se
: libel that is actionable without the plaintiff introducing additional facts to show defamation or claiming special damages
var of libellant
var of libellee
: a person who makes or publishes a libel
also li·bel·ant [lī-bə-lənt] n 1 : a party who institutes a suit (as in admiralty) by a libel ;esp : the petitioner or plaintiff in a divorce proceeding [the agreed to pay ...
also li·bel·ee [lī-bə-lē] n 1 : a party against whom a suit has been instituted by a libel ;esp : the respondent or defendant in a divorce proceeding 2 : a person who has ...
also li·bel·lous [lī-bə-ləs] adj : constituting or including libel [a magazine article]
[Latin, book] : a book of records (as of deeds or wills) [recorded in said Bureau in Liber 2564, at page 256]
: serving to free or release (as from ownership or obligation) [the effects of tender and deposit]
Liberative Prescription
see prescription
pl: -ties 1 a : freedom from external (as governmental) restraint, compulsion, or interference in engaging in the pursuits or conduct of one's choice to the extent that they are lawful and not ...
Liberty Clause
often cap L&C : the due process clause found in the Fourteenth Amendment to the U.S. Constitution
Liberty Interest
see interest
Liberty Of Contract
:freedom of contract
[Anglo-French, literally, permission, from Old French, from Latin licentia, from licent- licens, present participle of licēre to be permitted, be for sale] 1 a : a right or permission granted by ...
License Bond
see bond
: one to whom a license is given [a patent ] ;specif : one (as a firefighter in the course of his or her duty) who is on the property of another by authority of law or by the consent or invitation ...
Licensee By Invitation
:a social guest who is expressly or impliedly invited onto another's premises
The sale of a license permitting the use of patents, trademarks, or other technology to another.
: one that issues a license
: the granting of licenses esp. to practice a profession ;also : the state of being licensed
: disregarding legal restraints esp. with regard to sexual relations [arrested as a prostitute for sexual intercourse] li·cen·tious·ly adv li·cen·tious·ness n
: conforming to the requirements of the law : not forbidden by law lic·it·ly adv
[Latin licitatio, from licitari to bid a price, from licere to be for sale] : the act of offering for sale or bidding at an auction ;specif in the civil law of Louisiana : a mode of partitioning ...
lay [lā] lain [lān] ly·ing : to be sustainable or capable of being maintained : have grounds under the law [holding that an action of battery would "Scott v. Bradford, 606 P.2d 554 ...
Lie Detector
: an instrument for detecting physiological evidence of the tension that accompanies lying compare polygraph
[Anglo-French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind] : a charge or encumbrance upon property for the satisfaction of a debt or other duty ...
Lien Creditor
see creditor
Lien Waiver
A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full. Lien waivers typically are used by homeowners who hire a contractor to ...
: capable of being subjected to or made the subject of a lien
: one whose property is subject to a lien
: lienor
: one holding a lien against the property of another
Life Act
Legal Immigration Family Equity (LIFE) Act and amendments. This act of Congress allows foreign spouses of American citizens, the children of those foreign spouses, and spouses and children of certain ...
Life Annuity
see annuity
Life Cap
a limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM).
Life Estate
see estate
Life Expectancy
: the average life span of an individual
Life In Being
:the life of a particular person (as a lineal descendant) in existence at the time of the creation of a deed or will or at the time of the testator's death [the interest must vest by the end of lives ...
Life Income Option
see option
Life Insurance
: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry ...
Life Interest
see interest
Life Sentence
see sentence
Life Tenancy
see tenancy
Life Tenant
: a tenant having possession of property for the duration of his or her life : one having a life estate in property
last in, first out
: to put an end to : make no longer effective [ the stay]
Like-Kind Exchange
: an exchange of business or investment property of the same kind, class, or character and excluding securities that is made pursuant to section 1031 of the Internal Revenue Code and is thus exempt ...
Likelihood Of Confusion
A statutory basis for refusing registration of a trademark or service mark because it is likely to conflict with a mark or marks already registered or pending before the U.S. Patent and Trademark ...
1 a : restriction [a on the rights of ownership] b : a statement or stipulation in a deed or will placing limits on the disposition of an estate or interest esp. in regard to duration or heirs see ...
Limited Divorce
see divorce
Limited Forum
: limited public forum
Limited Interdict
in the civil law of Louisiana : a person subject to limited interdiction
Limited Interdiction
in the civil law of Louisiana : partial removal of one's rights [under limited interdiction he could care for his person but not his estate] compare interdiction
Limited Jurisdiction
see jurisdiction
Limited Open Forum
: limited public forum
Limited Partner
see partner
Limited Partnership
see partnership
Limited Partnership Rollup Transaction
: the combining or reorganizing of one or more limited partnerships into an entity (as a master limited partnership or real estate investment trust) that can be publicly traded ;specif : such a ...
Limited Power Of Appointment
see power of appointment
Limited Public Figure
: limited purpose public figure
Limited Public Forum
: a public forum created by the government voluntarily for expressive activity that may be restricted as to subject matter or class of speaker called also limited forum limited open forum compare ...
Limited Publication
: the communication of a work (as a text) to a selected group with the express or implied exclusion of the public and with common-law copyright thus preserved compare general publication
Limited Purpose Public Figure
: a person who voluntarily and prominently participates in a public controversy for the purpose of influencing its outcome and who is thus required as a public figure to prove actual malice in a ...
Line Of Credit
:an agreement specifying the maximum amount of credit allowed a borrower
Line-Item Veto
: an executive veto of a specific item in an appropriations bill
: consisting of or being in a direct male or female line of ancestry [a descendant] compare collateral
: a line of persons assembled by police esp. for possible identification of a suspect by a witness to a crime compare showup
1 a : consisting of cash or capable of ready conversion into cash [ assets] b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer] 2 : of or relating ...
Liquid Asset
a cash asset or an asset that is easily converted into cash.
-dat·ed -dat·ing vt 1 : to determine by agreement or litigation the precise amount of ;also : to settle (a debt) by payment or other adjustment 2 a : to determine the liabilities and ...
1 : settled or determined by liquidating see also liquidated damages at damage 2 : capable of being readily fixed, calculated, or ascertained as a sum esp. without dispute or reliance on opinion or ...
Liquidated Claim
A creditor's claim for a fixed amount of money.
Liquidated Damages
see damage
: produced or occurring as a result of liquidation [a dividend]
Collecting assets, converting assets to money, paying debts, and distributing the surplus while in the process of closing a business
: one that liquidates ;esp : an individual appointed by law to liquidate assets compare receiver
: the quality or state of being liquid
Lis Pendens
[Latin] 1 : a pending suit 2 : a written notice of a pending suit involving property usually filed in the appropriate office (as a registry of deeds) called also notice of pendency 3 a : the ...
: calendar
1 : an arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period called also listing agreement exclusive agency ...
Listing Agreement
: listing
: an active party to litigation litigant adj
-gat·ed -gat·ing [Latin litigatus, past participle of litigare, from lit-, lis lawsuit + agere to drive] vi : to seek resolution of a legal contest by judicial process [chose to rather than ...
See litigate
: one that litigates ;esp : a lawyer skilled at litigation
1 : prone to engage in lawsuits or legal maneuvers esp. to an excessive degree [a stubbornly defendant] 2 : subject to litigation [acquired only a possible claim "Wells v. Joseph, 95 So. 2d 843 ...
Litigious Right
in the civil law of Louisiana : a right that can only be exercised after being litigated
: of, relating to, or being property abutting an ocean, sea, lake, or pond compare riparian
Littoral Right
: the right of one owning littoral land to have access to and use of the shore and water
Livery Of Seisin
: an ancient ceremony for conveyance of land by the symbolic transfer of a relevant item (as a key, twig, or turf) or by symbolic entry of the grantee called also investiture see also feoffment
Living Trust
see trust
Living Will
: a document in which the signer indicates preferences or directions for the administration and esp. the withdrawal or withholding of life-sustaining medical treatment in the event of terminal ...
bachelor of laws
[New Latin legum magister] master of laws
: an amount added (as to the price of a security or the net premium in insurance) to represent selling expense and profit to the distributor compare no-load
1 a : money lent at interest b : something lent usually for the borrower's temporary use 2 : a transfer or delivery of money from one party to another with the express or implied agreement that the ...
Loan Acceleration
an acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.
Loan For Use
see loan
Loan Fraud
purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.
Loan Officer
a representative of a lending or mortgage company who is responsible for soliciting homebuyers, qualifying and processing of loans. They may also be called lender, loan representative, account ...
Loan Or Credit Agreement
If your company's loan is fairly large, the lender may require a loan or credit agreement. A loan agreement contains terms and conditions for your loan in addition to those contained in the promissory ...
Loan Origination Fee
a charge by the lender to cover the administrative costs of making the mortgage. This charge is paid at the closing and varies with the lender and type of loan. A loan origination fee of 1 to 2 ...
Loan Servicer
the company that collects monthly mortgage payments and disperses property taxes and insurance payments. Loan servicers also monitor nonperforming loans, contact delinquent borrowers, and notify ...
Loan To Value (Ltv) Ratio
a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.
Loaned Servant
1 : an employee of one employer who is temporarily under the control of another called also loaned employee 2 : a doctrine under which a loaned servant is considered an employee of the borrowing ...
pl: lobbies : a group of persons engaged in lobbying esp. as representatives of a particular interest group
: local union
Local Act
: local law
Local Action
: an action (as for trespassing) that must be brought in the venue that has jurisdiction over the situs or is otherwise designated by law compare transitory action
Local Educational Agency
School or school district. Also called LEA. This term is used for deciding tuition charges for secondary school students in F-1 visa status.
Local Law
1 a : a law limited in application to a particular district within a territory called also local act compare general law, public law b : special law 2 : the laws and legal principles and rules of ...
Local Union
: a local branch of a union (as a national or international union) made up of many branches called also local
since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.
Lock-In Period
the length of time that the lender has guaranteed a specific interest rate to a borrower.
: the confinement of prisoners to their cells for a temporary period as a security measure
: the withholding of employment by an employer in order to gain concessions from or resist demands of employees
1 : a cell or group of cells (as in a courthouse) or jail where persons are held prior to a court hearing compare house of correction, house of detention, jail, penitentiary, prison 2 : the tactic ...
: the place connected with a particular event having legal significance
Locus Poenitentiae
[Late Latin, literally, place of repentance] : an opportunity to withdraw from a contract or obligation before it is completed or to decide not to commit an intended crime
[perhaps from the notion of the lodestar as a guiding light or principle] : the amount obtained by multiplying the reasonable amount of hours spent by an attorney working on a case by the reasonable ...
: a person who occupies a rented room in another's house ;specif : a person who by agreement with the owner of a house acquires no property, interest, or possession therein but only the right to ...
: register
[from the former American custom of neighbors assisting one another in rolling logs into a pile for burning] : the practice of including in a legislative bill unrelated provisions to attract a wider ...
: to remain in or hang around an area for no obvious purpose ;specif : to linger aimlessly for the purpose of committing a crime [a statute forbidding any person from ing on school grounds]
: owning or accumulating securities, goods, or commodities esp. in anticipation of a rise in prices [a buyer on wheat] compare short
: of, relating to, or arising from a long-arm statute [ jurisdiction] [a provision]
Long-Arm Statute
: a state statute allowing for the assertion of personal jurisdiction over a nonresident defendant who has some connection (as ownership or use of property, transaction of business, or commission of ...
Long-Term Care
Long-term care insurance (LTC insurance) provides health insurance for extended periods of time, covering expenses that many private insurance policies, Medicaid and Medicare do not cover.
Longshore And Harbor Workers' Compensation Act
The federal act designed to provide workers' compensation benefits to employees, other than seamen, who work in maritime employment upon the navigable waters of the United States. (33 U.S.C.A. Sec. ...
1 : to rob esp. during or following a catastrophe (as war, riot, or natural disaster) 2 : to rob esp. on a large scale and usually by violence or corruption vi : to engage in robbing esp. after a ...
Lord Campbell's Act
[after Baron John Campbell (1779-1861), Scottish-born British jurist who played an instrumental role in the passage of the 1846 Fatal Accidents Act, which formed the basis for such laws] : a statute ...
Lord Chancellor
: an official in the British judicial system whose duties include heading the Chancery Division and presiding over the Supreme Court of Judicature and the House of Lords in its judicial capacity
: house of lords
Lose Status
To stay in the United States longer than the period of time which Department of Homeland Security (DHS) gave to a person when he/she entered the United States, or to fail to meet the requirements or ...
1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) ...
Loss Leader
: something (as merchandise) sold at a loss in order to draw customers loss-leader adj
Loss Mitigation
a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan
Loss Of Bargain
:benefit of the bargain
Loss Ratio
: the ratio between insurance losses incurred and premiums earned during a given period
Loss Reserve
see reserve
1 : not made use of, won, or claimed [ opportunity costs] 2 : unintentionally gone out of or missing from one's possession or control 3 : ruined or destroyed physically ;also : in an unknown ...
Lost Property
see property
Lost Volume Seller
: a seller who sells to a buyer after a previous buyer has breached a contract for sale but who would have been able to make a sale to the second buyer even if the first buyer had not breached called ...
1 : a portion of land ;specif : a measured parcel of contiguous land having fixed boundaries and recorded (as on a plat) with the appropriate authority or office (as a registry of deeds) 2 : a ...
See Diversity Visa Program.
Lower Court
: a court whose decisions are subject to review or to appeal to a higher court
Lpr Or Lpra
See Lawful Permanent Resident.
Law School Admission Test
1 : producing wealth or profit 2 : acquired, received, or had without burdensome conditions or giving of consideration lu·cra·tive·ly adv lu·cra·tive·ness n
Lucrative Title
see title
Lucri Causa
[New Latin, literally, for the sake of gain] : intent to obtain a gain [because lucri causa is required for larceny "W. R. LaFave and A. W. Scott, Jr."]
Lump Sum Alimony
see alimony
: insanity
: an insane person used esp. formerly lunatic adj
Luxury Tax
: an excise levied on the purchase of items that are not essential for support or maintenance
pres part of lie
Lying In Wait
: holding oneself in a concealed position to watch and wait for a victim for the purpose of making an unexpected attack and murdering or inflicting bodily injury on the victim
: to put to death (as by hanging) by mob action without legal sanction lynch·er n
Lynch Law
[after William Lynch (1742-1820), American vigilante] : the punishment of presumed crimes usually by death without due process of law
1 : the crime of lynching a person 2 : lynch law
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