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

Category: L

LIMITED PARTNERSHIP UNIT

A share certificate representing one unit of ownership in a partnership which has both general and limited partners, known as limited partnership. Limited partners invest in the venture and receive a prestated

LINE LOSS

Distribution or transmission system having inherent inefficiencies or defects leads to this waste of electrical energy.

LINEARITY

1. Un-natural, mostly theoretical property of ordered systems and straight lines, characterized by ‘good behavior,’ predictability, and simple proportions. It is not a common feature of the natural (real) world and exists

LIQUIDITYTRAP

When a company holds their assets and does not sell them. It stops any two way traffic of funds causing new buyers to enter the market.

LIVE SPACE

Area inside a wall that reflects sound, thus sustaining it.

LOAD SPREAD OPTION

An investor making periodic contributions to a mutual fund account. It spreads out the load payments as smaller ones. Also known as Spread Load Contractual Plan. An alternative is to pay fees

LOCKOUT

Employment action. An entity stops or withholds work. The work force is not allowed on entity property during this condition. It is a reverse strike by entity management, intended to compel an

LOGISTICS SUPPORT

Equipment, facilities, spares, technical information, and trained personnel procurement and distribution for a campaign, plan, or project as essential actions for their proper operation.

LONG DISTANCE CALL

Two or more central offices are typically involved in this type of telephone call.

LONG TERM LIABILITY

A year or more in the future, either from the balance sheet date or today, this obligation is due in goods or services. Disclosing its long-term liabilities with their interest rates, other

LOSING THE POINTS

A decrease on the profit return results in this condition as the current value of the investment is less that the bid.

LOSS FINANCING

Risk management techniques used to prevent loss and increase profit.

LOSS PAYABLE CLAUSE

Payment authorization clause. Covers insured payout to insured entities who are not the insured. Protects a mortgage lender, as an example.

LOT SIZE

An accepted incremental quantity or measure of what an entity is offering for sell or willing to purchase. Another name for lot quantity.

LIMITED DIVORCE

A divorce from bed and board : or a judicialseparation of husband and wife not dissolving tlie marriage tie.Divortium dicitur a divertendo, quia vir divertitur ab more. Co. Litt. 235. Divorce iscalled

L9 SUDDEN HEAT OF PASSION

death of his ancestor acquires his estate by right of representation as his heir at law. See In re Donahue’s Estate, 30 Cal. 332; Barclay. v. Cameron, 25 Tex. 241.

LAY TENURES

I. Frank tenement, or freehold. (1) The military tenures (abolished, except grand serjeanty, and reduced to free socage tenures) were: Knight service proper, or tenure in chivalry; grand serjeanty: cornage. (2) Free

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