money and financial problems

laborer's lien

A laborer’s lien, or labor lien, is a type of lien that gives laborers a security interest in property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.

[Last updated in June...

law and economics

The term “law and economics” refers to an area of scholarship dedicated to application of modern economic principles to the study of law. It is primarily concerned with economic efficiency, game theory, and the fair distribution of resources...

legatee

The literal meaning of a legatee is one who receives a legacy. Specifically, in the law of wills and property, a legatee is an individual who receives a portion of a testator’s estate, or rather the individual receives a legacy, which is...

lender

A lender refers to an individual or financial institution that provides loans to an individual, corporation, or public department in exchange for the principal and interest. A lender could be a bank, an insurance company, or a government...

letter of credit

A letter of credit is an instrument issued by a financial institution, usually a bank, which authorizes the bearer to demand payment from the institution. A letter of credit can be general, if it is not addressed to any specific person, or...

levy

A levy may be a fine or tax imposed by a government authority. In this case, levy can also be used as a verb, as in “to levy taxes” which means to impose a tax.

A levy is also a legally ordered seizure and sale of property...

lien

A lien is a security interest or legal right acquired in one's property by a creditor, or lienholder. A lien usually prevents sale of the property until the underlying obligation to the creditor is satisfied. If the underlying obligation is...

lien creditor

A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.

The Uniform Commercial Code §9-102(52) defines a lien creditor as:

A creditor that has acquired a lien...

life insurance

Life insurance is a contract between the insurance company and an insured, or policyholder, in which the company promises that at the death of the insured, the company will pay a certain amount of money to a person the insured designates in...

life insurance trust

Life insurance trusts (also referred to as irrevocable life insurance trusts (ILIT)) allow individuals to ensure the benefits from a life insurance policy can avoid estate taxes and implement the interests of insured. These trusts must be...

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