Published On:Thursday, 12 January 2012
Posted by Muhammad Atif Saeed
Law Dictionary Word Under L
Land includes:
_ the buildings built on the land;
_ the subsoil;
_ the airspace above the land necessary for ordinary use of the land; and
_ property fixed to the land.
Lawsuit a claim made in a court of law.
Leading question a question which:
_ suggests the answer to be given; or
_ assumes things to be true which in fact are disputed.
Lease a contract between the owner of a property and a tenant, giving the tenant sole use of the property for an agreed time.
Leasehold property held by a tenant with a lease.
Legacy a gift left to someone in a will, but not including land.
Legal aid scheme a scheme for paying legal costs out of public funds for people who cannot afford to pay for them.
Legatee the person who receives a legacy.
Lessee the person a property has been leased to.
Lessor the person who lets a property by lease.
Letter of credit a letter one bank sends to a second bank asking them to pay money to a named person.
Letters of administration an authority the courts give to a person to deal with a dead person's estate. It is given when someone dies intestate.
Liabilities the debts that a person or organisation owes.
Liability a debt or obligation.
Libel a false statement made in writing or in some other permanent record (such as a film).
Licence an authority to do something.
Licensed conveyancer a person authorised to do conveyancing (but not including solicitors).
Licensee the holder of a licence to do something.
Lien the right to keep possession of something owned by someone who owes a debt, until the debt has been settled.
Life assurance policy a contract between the policyholder and the insurance company. The insurance company pays out if the policyholder dies.
Life assured the person whose life is assured by a life assurance policy.
Life imprisonment a sentence given to a criminal to be imprisoned for the rest of their life (though the Home Secretary may release them early on parole).
Life interest an interest which will pass to someone else when the present owner dies.
Life tenant someone entitled to use property for the rest of their life.
Limited company a company which limits how much its members will have to pay if the company is wound up. The members of most limited companies will only have to pay any money unpaid on their shares. If a company limited by guarantee is wound up, the money its members have to pay is limited to the amount shown in the memorandum of association.
Liquidated damages damages agreed beforehand by the parties to a contract in case one of them should later break the terms of the contract.
Liquidation the process of winding up a company by disposing of its assets, paying its creditors in a strict order of priority and distributing any money left among the members.
Liquidator the person appointed to wind up a company.
Litigant a person involved in a lawsuit.
Litigation taking legal action through the courts.
Loan capital money borrowed by an organisation.
Loan creditor a person or organisation which has lent money to an organisation.
