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

Category: L

LOMBARDS

A name given to tbe merchants of Italy, numbers of whom, during the twelfth and thirteenth centuries, were established as merchants and bankers in the principal cities of Europe.

LOW WATER

The furthest receding point of ebb-tide. Howard v. Ingersoll, 13 How. 417, 14 L. Ed. 1S9. -Low-water mark. See WATER-MARK.

LUMPING SALE

As applied to judicial sales, this term means a sale in mass, as where several distinct parcels of real estate, or several articles of personal property, are sold together for a “lump”

LYON KING OF ARMS

In Scotch law. The ancient duty of this officer was to carry public messages to foreign states, and it Is still the practice of the heralds to make all royal proclamations at

LIQUIDATED AND UNLIQUIDATED DAMAGES

The former term is applicable when the amount of the damages has been ascertained by the judgment in the action, or when a specific sum of money has been expressly stipulated by

LAW DAY

The day prescribed in a bond, mortgage, or defeasible deed for payment of the debt secured thereby, or, in default of payment, the forfeiture of the property mortgaged. But this does not

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