Life Tenant
The beneficiary of a life estate.
Limitations Or Statute Of Limitations
Loss of a cause of action because of the passage of time.
Limited Partner
A unique colleague in a partnership relationship who has agreed to be liable
only to the extent of his investment.
Limited Partnership
A partnership with at least one general partner and a limited partner.
Limited Power Of Attorney
A POA limited by a condition or term or in regards to a specific item or
property.
Limitrophe
Adjacent, bordering or contiguous.
Lineal Descendant
A person who is a direct descendant such as a child to his or her natural
parent.
Liquidated Damages
Pre-determined damages.
Liquidation
The selling of all the assets of a debtor and the use of the cash to pay off
creditors.
Liquidity
the ability and ease for assets to be turned in to cash