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.


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.


The selling of all the assets of a debtor and the use of the cash to pay off creditors.


the ability and ease for assets to be turned in to cash