Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: L

LOSS EQUITY PUT

When new equity is issued after a trigger event. It is a contingency measure.

LOSS OF USE

Lost capacity of one’s body part or entity’s property due to another party’s negligence or wrongdoing causing the lost capacity. Compensation throughout the lost-capacity duration is typical. This is a legal term.

LOT AND BLOCK

Land parcel identification and location method. A unique combination number of lot-and-block is assigned to a land parcel, distinguishing it from surrounding parcels. Also refer to Recorded Plat Survey System.

LOWER QUARTILE

Portion of data, separated into four equal parts, representing the divided set’s lowest value.

LUXURY CLASS

A level above travel class. Most pricey accommodations.

LACONIC

To the point; using as few words as possible to form a point; straightforward.

LANDFILL GAS

Anaerobic decomposition of organic waste at landfill sites causes gases, like methane, to occur.

LATENT HEAT

Amount of heat needed to alter the a material’s state, from solid to liquid or liquid to gas, but without an increase in temperature.

LEACHING

Action of water soluble substances like calcium, fertilizers, or pesticides, dissolving in available water, typically rain, and washing out soil as a waste. Leached-out chemicals, known as leachites, are considered to be

LEADERSHIP GRID

Tracking two basic leadership attributes: concern for results and concern for people. A graphical tool for evaluating leader behavior along effective leadership styles..

LEASE TO OWN

An agreement allowing the renter to buy the leased item when the lease period expires. Typically, some or all of the lease payment is applied to the purchase. A lease-to-own arrangement usually

LEGAL LEASE

Specifically, a leasehold estate authorized with a set term by a deed .

LEHMAN BROTHERS

Founded in 1850 by Henry Lehman, Emmanuel Lehman and Mayer Lehman. Worldwide financial services firm. Investment and financial services experts. Forced to file bankruptcy during the financial crisis of 2008 as one

LETTER BY LETTER

Organizing by alphabetic method, ordering entries by letter-sequence. This method treats a multi-word entry as a single stream of letters with no spaces in it. Most reference books follow this method. One

LETTER OF LENIENCY

Offer by deed change to a debtor close to default. Intent is to allow the debtor time to liquidate assets, or arrange to settle the debts without being declared bankrupt. Some or

LEVEL OF CONCERN (LOC)

Indicates serious and immediate health effects possible to any person exposed to a hazard even for a short period. Concentration level of an extremely hazardous substance in air.

LEVERAGED BUYOUT (LBO)

Buying a company by using the company’s assets as collateral for the loan(s) to pay for the purchase. The company’s cash flow and assets are sold off to pay for the loan

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