L

Last In, First Out … [Read more...] about LIFO

A person who is alive at the time an instrument was created. Also see Rule Against Perpetuities. … [Read more...] about LIFE IN BEING

To raise; to take up. To "lift" a promissory note is to discharge its obligation by paying its amount or substituting another evidence of debt. To "lift the bar" of the statute of limitations, or of an estoppel, is to remove the obstruction which it interposes, by some sufficient act or acknowledgment. … [Read more...] about LIFT

A legal contract in which a company providing the insurance will pay an amount of money to the designated beneficiary upon the death of the policy holder in exchange for scheduled periodic fees (usually monthly) known as insurance premiums. The purpose of life insurance is to support the survivors of the policy holder, such as a spouse and children, especially in the event of … [Read more...] about LIFE INSURANCE

In old European law. A league or confederation. Spelman. … [Read more...] about LIGA