11. Living Will
A document that sets out guidelines for
12. Livery
Delivery. An archaic legal word from the feudal system referring to the actual legal transmission of possession of an object to another.
13. Litigation
A dispute is in 'litigation' when it has become the subject of a formal court action or law suit.
14. Litigant
any party to a lawsuit.
15. Literal Construction
A form of construction which does not allow evidence extrapolated beyond the actual words of a phrase or document but, rather, takes the phrase or document at face value, giving effect only to the actual words used.
16. Lis Pendens
Latin, a dispute or matter which is the subject of ongoing or pending litigation.
17. Liquidity
the ability and ease for assets to be turned in to cash
18. Liquidation
The selling of all the assets of a debtor and the use of the cash to pay off creditors.
20. Lineal Descendant
A person who is a direct descendant such as a child to his or her natural parent.