A promise by a lending institution to loan money to a real estate investor for a specified sum and rate provided the transaction occurs within a stated period of time. … [Read more...]
LJ
Common abbreviation for "Law Judge" and "Law Journal." … [Read more...]
LOAN CONSOLIDATION
The process of combining several loans into one loan, usually for the purpose of reducing interest payments by paying off the high interest rate loans with a loan at a lower rate. … [Read more...]
LL.
The reduplicated form of the abbreviation "L." for "law," used as a plural. It is generally used in citing old collections of statute law; as "LL. Hen. I." … [Read more...]
LOAN FOR CONSUMPTION OR MUTUTUM
(q. v.) A contract by which the owner of a personal chattel, called the lender, delivers it to another, known as the borrower, by which it is agreed that the borrower shall consume the chattel loaned, and return at the time agreed upon, another chattel, of the same quality, kind, and number, to the lender, either gratuitously or for a consideration; as, if Peter lends to Paul … [Read more...]