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Texas Bankruptcy - Terms & Definitions

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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.
Leverage
1. In negotiations, bargaining power or the ability to exert pressure on the other party to obtain a desired resolution. 2. In financing, making an investment consisting largely of borrowed funds.
Leveraged Buyout
the purchase of stock in a corporation with borrowed funds, financed by the corporation itself or secured by its assets.
Levy
used broadly, any charge against or interest in property to secure a creditor's right to payment, so that if the debt is not paid, the creditor may have recourse to the property to satisfy the debt. (See §101(32).) "Lien" is sometimes used more narrowly to denote only such interests that arise by operation of law or court order, as distinct form interests created by contract, called "security interests".
Lien
A charge upon real or personal property for the satisfaction of a debt or discharge of an obligation. Examples would include: judgments, taxes, mortgages, deeds of trust, etc.
Lienholder/Lienor
the holder of a lien.
Lien Stripping
a strategy whereby the debtor attempts to peg an undersecured debt at the value of the collateral as determined by the bankruptcy court, so that if the collateral appreciates after the bankruptcy case, the lien (which survives the bankruptcy) cannot extend to the increase in equity but is frozen at the bankruptcy valuation.
Liquidated
A debt that’s value is known as to a certain dollar amount. An unliquidated debt is one where the debtor has liability, but the exact monetary measure is unknown. Tort claims are usually unliquidated until a trial fixes the amount of the liability of the tort feasor.
Liquidated Claim
See unliquidated claim
Liquidating Plan
a chapter 11 plan that provides for the liquidation of the debtor, rather than its rehabilitation.
Liquidation
the sale of an estate's assets to repay creditors. A Chapter 7 bankruptcy is a liquidation proceeding.
Liquidation Analysis
portion of a Disclosure Statement comparing a reorganization plan to the results likely to be obtained if the case were a Chapter 7.
Lis pendens
(Latin: "Pending suit".) The doctrine, deriving from common law, that a person who acquires an interest in realty while litigation is pending concerning title, possession, or other rights to it, is bound by the court's ultimate resolution of the controversy. A party wishing to be protected by the doctrine must file a notice of pendency in the real estate records to give constructive notice of the litigation to any potential transferee.
Litigation
A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

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