Life
estate
A right to use and to enjoy land and/or structures on land only
for the life of the life tenant. The estate reverts back to the grantor
(or to some other person), at the death of the person to whom it is given.
A property right to last only for the life of the life tenant is called
the estate "pur sa vie." If it is for the duration of the life
of a third party, it is called an estate "pur autre vie". The
rights of the life tenant are restricted to conduct which does not permanently
change the land or structures upon it.
Limited
partner
A unique colleague in a partnership relationship who has agreed
to be liable only to the extent of his (or her) investment. Limited partners,
though, have no right to manage the partnership. Limited partners are
usually just investors or promoters who seek the tax benefits of a partnership
Liquidation
The selling of all the assets of a debtor and the use of the cash proceeds
of the sale to pay off creditors.
Lis
pendens
Latin: a dispute or matter which is the subject of ongoing or pending
litigation. Politicians will sometimes refuse to discuss a matter or an
issue which is "lis pendens" because they do not want their
comments to be perceived as an attempt to influence a court of law.
