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 Laches:
A legal doctrine whereby those who take too long to assert a legal right,
lose their entitlement to compensation.
Landlord:
A land or building owner who has leased the land, the building or a part
of the land or building, to another person.
Larceny:
An old English criminal and common law offence covering the unlawful or
fraudulent removal of another's property without the owner's consent.
Lawyer:
A person that has been trained in the law and that has been certified
to give legal advice or to represent others in litigation. Also known
as a "barrister & solictor" or an attorney.
Leading Question:
A question which suggests an answer; usually answerable by "yes"
or "no".
Lease:
A contract between a property owner and a person where the property is
rented.
Leasehold:
Real property held under a lease.
Leasehold
Improvements:
Those assets which are attached to a building and cannot be removed from
any property being leased.
Legal Custody:
A child custody decision which entails the right to make, or participate
in, the significant decisions affecting a child's health and welfare (compare
with physical custody and joint custody).
Legislation:
Written and approved laws. Also known as "statutes" or "acts."
Levy:
Under the Bankruptcy and Insolvency Act the government has imposed
a levy (in 2009 equal to 5%) over all dividends paid to creditors. Therefore, if a creditor is entitled to a $100 dividend, he will only
get $95 with $5 being paid to the government.
Liability:
Any legal obligation for which a person is responsible.
Libel:
Defamation by writing such as in a newspaper or a letter.
Liberal Construction:
A form of construction which allows a judge to consider other factors
when deciding the meaning of a phrase or document.
Lien:
Security for the holder against a debtor's assets, usually arising by
operation of law rather than express contract between the parties.
Life Estate:
A right to use and to enjoy land and/or structures on land only for the
life of the life tenant.
Life Tenant:
The beneficiary of a life estate.
Limitations
Acts:
Provinces have Limitation Acts which provide a limit on the time by which
an action must be started. For example, if an unsecured debt is not collected
or payments are not made on the unsecured debt then after a certain time
no legal action can be taken to collect the debt. In Ontario, the changes
to the Limitations Act which came into force on January 1, 2004 sets
two years as the term (Section 4).
Limited Partner:
A member of a partnership who has agreed to be liable only to the extent
of his (or her) investment.
Limitrophe:
Adjacent, bordering or contiguous.
Lineal descendant:
A person who is a direct descendant such as a child to his or her natural
parent.
Liquidated
Damages:
Compensation for non-performance or loss which is cash or easily converted
into cash.
Lis
Pendens:
A dispute which is the subject of ongoing or pending litigation. Oftentimes, a lis pendens can be filed at the Land Registry Office against
real property to denote to third parties that another party may have an
interest in the property.
Literal Construction:
A form of construction which does not allow evidence extrapolated beyond
the actual words of a phrase or document but, rather, takes a phrase or
document at face value, giving effect only to the actual words used. Also
known as "strict" or "strict and literal" construction.
Litigation:
A dispute that results in formal Court action or a law suit.
Livery:
Delivery. An archaic legal word from the feudal system referring to the
actual legal transmission of possession of an object to another.
Living Will:
A document that sets out guidelines for dealing with life-sustaining medical
procedures in the eventuality of the signatory's sudden debilitation.
Living wills would, for example, inform medical staff not to provide extraordinary
life-preserving procedures on their bodies if they are incapable of expressing
themselves and suffering from an incurable and terminal condition.
LL.B., L.M.
or LL.D.:
The Latin abbreviations for the three classes of law degrees: the regular
bachelor degree in law (LL.B.), the masters degree in law (LL.M.) and
the doctorate in law (LL.D.).
Locality
of Debtor:
Means the principal place during the year immediately preceding the bankruptcy
where the debtor has carried on business or where the debtor has resided,
or where the greater portion of the property of the debtor is situated.
Locus:
Latin for "the place." For example, lawyers talk of the "locus
delicti" as the pace where a criminal offense was commited or "loco
parentis" to refer to a person who stands in the place of a parent
such as a step-parent in a common law relationship.
Long Arm Statutes:
Each court is bound to a territorial jurisdiction and does not normally
have jurisdiction over persons that reside outside of that jurisdiction.
Long-arm statutes are a tool which gives a court jurisdiction over a person
even though the person no longer resides in the territory limits of the
court.
"Look-See":
Slang expression meaning "Business Review".
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