See "prescription" - the effect of how the passage of time may create or destroy rights. The law of prescription is commonly understood as a statute of limitations. A popular example of prescription in the United States is adverse possession" where there is a presumption of abandonment of land after an extended period of time passes without being inhabited or openly claimed. … [Read more...]
LYING BY
A person who, by his presence and silence at a transaction which affects his interests, may be fairly supposed to acquiesce in it, if he afterwards propose to disturb the arrangement, is said to be prevented from doing so by reason that he has been lying by. … [Read more...]
LYING IN FRANCHISE
A term descriptive of waifs, wrecks, estrays, and the like, which may be seized without suit or action. … [Read more...]
LYING IN GRANT
A phrase applied to incorporeal rights, incapable of manual tradition, and which must pass by mere delivery of a deed. … [Read more...]
LUMPING SALE
As applied to judicial sales, this term means a sale in mass, as where several distinct parcels of real estate, or several articles of personal property, are sold together for a "lump" or single gross sum. Anniston Pipeworks v. Williams, 100 Ala. 324,18 South. Ill, 54 Am. St Rep. 51. … [Read more...]