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A formal contract with a broker to sell or lease property at a certain price and with certain terms and which authorizes the broker to list the item so as to make the public aware of the availability of the property. Usually the broker will receive compensation that includes commission for the successful sale or lease of the item and may include other compensation. With regard … [Read more...] about LISTING AGREEMENT

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership. The partner who upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts. … [Read more...] about LIQUIDATING PARTNER

Latin meaning Pending the suit. … [Read more...] about LITE PENDENTE

The act or process of settling or making clear, fixed, and determinate that which before was uncertain or unascertained. As applied to a company, (or sometimes to the affairs of an individual,) liquidation is used in a broad sense as equivalent to "winding up;" that is, the comprehensive process of settling accounts, ascertaining and adjusting debts, collecting assets, and … [Read more...] about LIQUIDATION

Lat. In the civil law. To cast the burden of a suit upon another; particularly used with reference to a purchaser of property who, being sued in respect to it by a third person, gives notice to his vendor and demands his aid in its defense. See Mackeld. Rom. Law, 8 403. … [Read more...] about LITEM DENUNCIARE