LI PENDENS Meaning and
Definition
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Li pendens is a Latin term that translates to "pending litigation" or "pending lawsuit" in English. It is a legal doctrine referring to a legal notice filed on the public record, usually with a county recorder's office or land registry office, indicating that there is a pending legal action concerning a specific property.
The purpose of a li pendens is to alert potential buyers or anyone with an interest in that property about the ongoing litigation or claim. It serves as a warning that the outcome of the pending lawsuit may affect the property's ownership or other rights associated with it.
When a li pendens is recorded, it essentially creates a cloud on the title of the property, meaning that there is a potential dispute over the property's ownership or other significant legal issues. This helps to ensure that interested parties, such as potential buyers or creditors, are made aware of the potential risks involved.
Additionally, the filing of a li pendens can also act as a form of asset preservation for the party initiating the legal action. It prevents the other party from transferring or encumbering the property until the litigation is resolved, thereby preserving the asset's value and securing potential recovery in case of a favorable judgment.
Overall, li pendens is a legal concept that serves to provide notice of pending litigation, protect the rights of interested parties, and preserve the value of the property in question.
Etymology of LI PENDENS
The term "li pendens" is derived from Latin. In Latin, "li" is short for "lis", which means dispute, while "pendens" is the present participle form of "pendere", which means to hang or to be undecided. Therefore, "li pendens" translates to "a pending dispute" or "a hanging dispute" in English. It is commonly used in legal contexts to refer to a pending lawsuit or a claim registered against a property.
