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Last Activity Date: The most recent date on which a transaction (e.g., a payment) occurred on your line of credit.

Last Payment Amount: The dollar amount of the last payment made on your installment loan.

Last Statement Date: The last statement date is the date your last statement was processed.

Late Charge: A penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. The amount of late charge usually is either set by stature or must be reasonable.

Lease: (1) A contract through which an owner of equipment conveys the right to use and possess its equipment to another party in exchange for rental payments. (2) An agreement under which a party receives the possession and use of property for a certain period of time and the grantor receives the payment of rent and/or the performance of other conditions.

Leasehold Interest: The interest of one holding as grantee or lessee under an oil and gas lease or lease of oil, gas and other minerals. Such interest includes the right on the part of the lessee to drill and produce, and is subject to the payment to the lessor of a royalty of a stated fraction or percentage of the production, free of operating expense, either in kind or at the prevailing price at the time of production.

Legacy: Transfer of personal property through a will.

Lessee: (1) The party to a lease agreement who is obligated to pay the rentals and perform other duties, and is entitled to possess the equipment during the lease term. (2) The person entitled under an oil and gas lease to drill and operate wells, paying the lessor a royalty and retaining the remainder known as the "working interest." The lessee pays all production costs out of his fraction, the lessor's fraction being free and clear of all such costs.

Lessor: (1) The party to a lease agreement who has legal or tax title to the equipment, grants the lessee the right to use the equipment for the lease term, and is entitled to the rentals and the residual value of the equipment at lease end. (2) The owner of mineral rights who has executed a lease. He is normally entitled to the payment of a royalty on production, free and clear of the cost of developing or operating the property, except taxes on his share of the production.

Level Term: Insurance protection that affords level protection and level premiums for a specified period of time.

Lien Holder: A lender who has legal security interest in an asset taken as collateral.

Lien Position: Lien position is a term that depicts the order in which Lending Institutions will be paid in the event of a foreclosure on a property.

Lien: A right given by law or agreement to a creditor to have a debt or charge satisfied out of the real or personal property belonging to the debtor, usually requiring foreclosure and sale for enforcement.

Life beneficiary: Trust beneficiary who receives income for the lifetime. Also known as income beneficiary.

Life Estate: An estate or interest in property that is held for the duration of the life of some certain person.

Life Insurance Trust: A trust that uses the proceeds of decedent's life insurance policy as its principal.

Line of Credit: A loan commitment for a sum of money to be drawn against in increments during a specific period of time, usually under a loan agreement containing all of the terms and conditions controlling the line of credit.

Lion: A temporary right for a designated period of time that one person has to sell, purchase or lease property at a certain price, for which right a consideration is paid.

Living Trust: A trust that is created and goes into effect during the lifetime of a grantor.

Living Trust Account: A Regular Savings/Share Account that is a legal document prepared while the member/account holder is still living to assist in the management of assets for when a person becomes incapacitated, to assist in estate planning, give authority to another person to make financial/legal decisions, and/or to make financial transactions on the member's behalf.

Living Will: Document that provides instructions to physicians, health care providers, family, and the courts as to what life-prolonging procedures are desired if an individual becomes terminally ill or incapacitated.

Loan-to-Value (LTV) Ratio: The requested loan amount divided by the current value of the collateral. Defines the amount of money the Bank will loan against an asset's estimated value, expressed as a percentage of the asset's value.

Lock or Lock-in Rate: A lender's guarantee of an interest rate for a set period of time. The time period is usually between loan application approval and loan closing. The lock-in rate protects the borrower against rate increases during that time period.