L

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

See avails. … [Read more...] about LIFE INSURANCE AVAILS

Goods cast into the sea tied to a buoy, so that they may be found again by the owners, are so denominated. When goods are cast into the sea in storms or shipwrecks, and remain there without coming to land, they are distinguished by the barbarous names of jetsam, flotsam, and ligan. … [Read more...] about LIGAN OR LAGAN