Life tenant:Beneficiary of a life estate.

Limitation of actions: The State of Limitations sets down times within which proceedings must be brought. If no action is taken within the prescribed time limits, any future action is said to be statute-barred. In negligence claims, where there is no personal injury* , the limit is six years. Where there is personal injury* , the limit is three years. In a fatal injury case, it”s three years from the date of death. In a claim involving breach of a simple contract (not under seal), the limit is six years. With personal injury* arising from breach of contract, it”s three years (or three years from the date of death). With a specialty contract (under seal), the period”s 12 years, as it is for actions involving land. The maximum period for recovery of arrears of tax or rent is six years.

Lineal descendant: Direct descendant (for example, the child of his natural parent).

Liquidation: Sale of all the assets of a company or partnership by a liquidator and use of the proceeds to pay off creditors. Any money left over is distributed among shareholders or partners according to their interests or rights.

Lis pendens: (Latin: pending action) Registration of a pending action against the owner of land. It does not bind any subsequent purchaser of the land until a memorandum is registered in court.

Locus standi: (Latin: place of standing) Person”s right to take an action or be heard by a court.