Common Legal Terminology

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.
Liens -
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.
Liquidated claim -
A creditor’s claim for a fixed amount of money.
Liquidation -
The sale of a debtor’s property with the proceeds to be used for the benefit of creditors.
Litigation -
A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

All terms and definitions on this page are from (April 13, 2020)