The Law Dictionary

LIMITED GUARANTY

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A guaranty that is narrow and limited in nature only to the explicit terms set forth in the guarantee. … [Read more...]

LIGULA

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

In old English law. A copy, exemplification, or transcript of a court roll or deed. CowelL … [Read more...]

LIMITED JURISDICTION

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

The area within which a court is limited in having power to adjudicate, for example, bankruptcy court does not have jurisdiction over tort claims or divorce proceedings. … [Read more...]

LIKE KIND EXCHANGE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

The exchange of assets that are virtually of the same type. Tax law may not recognize any gain or loss on the exchange and may delay any recognition until the disposition of the asset. … [Read more...]

LIKE KIND PROPERTY

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Used with regard to an Internal Revenue Code Section 1031 exchange of property. Property exchanged that is of like kind or similar property may not result in the recording of a taxable gain. … [Read more...]

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