Master Glossary – All Legal Glossary Terms
Santillán Law P.C. has provided this Master Glossary for those people who may be interested in learning and understanding common legal terms used in various kinds of cases such as Bankruptcy, Estate & Wills, Criminal Law, DUI, Uncontested Divorce, Real Estate and Cannabis/CBD Regulations and Law. This glossary is not and should not be construed as legal advice it is provided for informational purposes only and does not constitute “Legal Advice” For proper legal advice please consult a qualified attorney.
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- Larceny The crime of taking the goods of another person without permission (usually secretly), with the intent of keeping them. It is one form of theft. Some states differentiate between grand larceny and petty larceny based on the value of the stolen goods. Grand larceny is a felony with a prison(...) Read More
- LeaseA contract granting use or occupation of property during a specified time for a specified payment. Read More
- Leasehold estateAn interest in real estate granted by a lease, typically limited to a specified term of years, and which estate terminates at the end of the lease. Read More
- Leasehold mortgageA mortgage and security interest in a leasehold estate. Read More
- Legal CustodyThe right to make important decisions about the raising of your child, on issues such as health care, religious upbringing, education, etc. Read More
- Legal Defense A legally recognized excuse for a defendant’s actions, such as implied consent, privilege and self-defense, which may remove liability for certain offenses. Read More
- Lending regulationsRegulations and rules issued periodically by federal (US) or state governmental agencies (such as the Federal Reserve Bank, the Federal Deposit Insurance Corporation or the Office of Thrift Supervision) which govern the lending and other business practices of banking and thrift/savings institutions. Read More
- LienAn interest in real or personal property which secures a debt; the lien may be voluntary, such as a mortgage in real property, or involuntary, such as a judgment lien or tax lien. Read More
- Life beneficiaryAn individual who receives income or principal from a trust or similar arrangement for the duration of his or her lifetime. Read More
- Life estateThe interest in property owned by a life beneficiary (also called life tenant) with the legal right under state law to use the property for his or her lifetime, after which title fully vests in the remainderman (the person named in the deed, trust agreement, or other legal document as being(...) Read More
- Liquidating reorganizationAn informal term for a Chapter 11 proceeding when the company is essentially liquidated through one or more asset sales. Read More
- LiquidationThe dissolution of a company (or individual); usually operations cease and assets are sold by auction; Chapter 7 is usually employed for liquidations, business or personal. Read More
- Liquidation valueThe aggregate value of a business if its assets are sold piecemeal. Read More
- Living trustA trust created by an individual during his or her lifetime, typically as a revocable trust. Also referred to as an “inter vivos” trust, “revocable living trust” or “loving trust.” Read More
- Living Will (Advanced Directive for Health Care)Pennsylvania living will laws are codified under the state's Advanced Directive for Health Care Act, which allows living wills to be revoked at any time without regard to declarant's mental or physical condition. Read More
- Loan origination feeA fee charged by a lender for processing a loan application, typically calculated as a percentage of the mortgage amount. Read More
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