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Lawsuit

A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty which resulted in harm to the plaintiff.

Lien

A charge on specific property that is designed to secure payment of a debt or performance of an obligation. A debtor may still be responsible for a lien after a discharge.

Lis Pendens

A pending suit. Jurisdiction, power or control which courts acquire over property in suit pending action and until final judgment. A notice of lis pendens is filed on public records for the purpose of warning all persons that title to certain property is in litigation, and that they may be bound by an adverse judgment.

Litigation

A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Liquidation

The sale of a debtor’s property with the proceeds to be used for the benefit of creditors.

Liquidated Claim

A creditor’s claim for a fixed amount of money.