Liability: Any legal obligation or duty, now or in the future. A person who is liable for a debt or wrongful act is the person responsible for paying the debt or compensating for the wrongful act. If a court finds a person to be contributorily liable, he will bear part of the responsibility for the act or omission.

Licence: Permission to do something on or with someone else”s property which, if it were not for the licence, could be legally prevented or could give rise to an action in tort or trespass. A common example is allowing a person to cross the licensor”s lands, which would otherwise constitute trespass. Licences, unlike easements, may be revoked at will, unless supported by some form of payment or consideration. Licences which are not based on a contract and which are fully revocable are called simple or bare licences.

Lien: Right to hold property which has been sold, but not finally paid for. It may involve possession of the object until the debt is paid or the lien may be registered against the object (especially land). Ultimately, a lien can be enforced by a court sale of the property to which it is attached, and the debt is paid out of the proceeds of sale.

Life estate: Right of a tenant to use land during his lifetime. The estate reverts to the grantor (or some other person) on the death of the life tenant. A property right which lasts until the life tenant dies is called an estate pur sa vie (French: for his life). If it is for the duration of the life of a third party, it is called an estate pur autre vie (French: for another”s life). The life tenant is not allowed permanently to change the land or structures on it.

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.