A property right which remains attached to an object that has been sold, but not totally paid for, until complete payment has been made. Ultimately, a lien can be enforced by a court sale of the property to which it attached and then the debt is paid off from the proceeds of the sale. The rights of the life tenant are restricted to conduct which does not permanently change the land or structures upon it. The beneficiary of a life estate. Limited partners, though, have no right to manage the partnership.
Limited partners are usually just investors or promoters who seek the tax benefits of a partnership.
Adjacent, bordering or contiguous. The selling of all the assets of a debtor and the use of the cash proceeds of the sale to pay off creditors. A form of construction which does not allow evidence extrapolated beyond the actual words of a phrase or document but, rather, takes a phrase or document at face value, giving effect only to the actual words used. An archaic legal word from the feudal system referring to the actual legal transmission of possession of an object to another. For example, a knight would obtain an estate in land as tenure in exchange for serving in the king's army for 40 days a year.