Gale Encyclopedia of American Law Volume 6 P37 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 348 LIFE ESTATE and file or record it in the appropriate government office so that her title and credit reports no longer show the encumbrance. CROSS REFERENCE Title Search. LIFE ESTATE An estate whose duration is limited to the life of the party holding it or some other person. LIFE IN BEING A phrase used in the common-law and statutory rules against perpetuities meaning the remaining duration of the life of a person who is in existence at the time when the deed orwill takes effect. The courts developed the rule during the seventeenth century in order to limit a person s power to control the ownership and possession of property after death and to ensure the transferability of property. CROSS REFERENCE Rule Against Perpetuities. LIFE OR LIMB The phrase within the Fifth Amendment to the . Constitution commonly known as the Double Jeopardy Clause that provides nor shall any person be subject for the same offence to be twice putin jeopardy of life or limb pursuant to which there can be no second prosecution after a first trial for the same offense. The words life or limb are not interpreted strictly they apply to any criminal penalty. CROSS REFERENCE Double Jeopardy. LIFO An abbreviation for last in first out a method used in inventory accounting to value the merchandise of a particular business. LIFO assumes that the last goods purchased are the first sold and as a result those items that remain unsold in the inventory at the end of the year are assumed to be those which were purchased first. CROSS REFERENCE FIFO. LIFT To raise to take up. To lift a promissory note a written commitment to pay a sum of money on a certain date is to terminate the obligation by paying its amount. To lift the bar of the statute of limitations is to remove by some sufficient act or acknowledgment the obstruction that it interposes. For example some states will not permit an action to be instituted on a debt owed after ten years from the date of the debt. This is a ten-year statute of .
