Also known as an inter vivos trust which is designed to pass directly to trust beneficiaries upon the death of the person making the trust without involving the probate court. A successor trustee is a person appointed to handle the trust upon death functions to transfer the property ownership to the beneficiaries. … [Read more...] about LIVING TRUST
L
LOAN
A bailment without reward; consisting of the delivery of an article by the owner to another person, to be used by the latter gratuitously, and returned either in specie or in kind. A sum of money confided to another. Ramsey v. Whitbeck, 81 111. App. 210; Nichols v. Fearson, 7 Pet 109, 8 L. Ed. 623; Rodman v. Munson, 13 Barb. (N. Y.) 75; Booth v. Terrell, 16 Ga. 25; Payne v. … [Read more...] about LOAN
LOCAL GOVERNMENT
City, town, county, municipality or state level government. It is the administrative governmental body of a region, usually smaller or limited in size. … [Read more...] about LOCAL GOVERNMENT
LIVING UNIT
A home, apartment, condominium; a unit of housing. … [Read more...] about LIVING UNIT
LOAN AGREEMENT
A formal agreement which sets forth the terms and conditions of a loan in writing and signed by the parties. … [Read more...] about LOAN AGREEMENT