491. Limited Partner
A unique colleague in a partnership relationship who has agreed to be liable only to the extent of his investment.
492. Limitations Or Statute Of Limitations
Loss of a cause of action because of the passage of time.
493. Life Tenant
The beneficiary of a life estate.
494. Life Estate
A right to use and enjoy land only for the life of the life tenant.
495. Lien
A property right which remains attached to an object that has been sold, but not totally paid for, until complete payment has been made.
496. License
A special permission given to do something on, or with, somebody's property.
497. Liberal Construction
A form of construction which allows a judge to consider other factors when deciding the meaning of a document or phrase.
498. Libel
Written form of defamation
499. Liability
Any legal obligation,either due now or at some time in the future.
500. Lex Situs
Latin, a conflict of law rule that selects the applicable law based on the location of something