Also known as: loans · loaned · loaning · lending
Written by attorneys · grounded in primary & secondary sources — see below
An act of lending. A grant of something for temporary use. A thing lent for the borrower's temporary use, especially a sum of money lent at interest.
Lars Lindstrom, a partner at a firm seeking a municipal bond counsel role, contributed $25,000 to the mayor's reelection campaign. The contribution was made shortly before the city issued a request for proposals for legal services. The ethics board examines whether the timing and amount indicate the contribution was intended to secure the engagement.
Liberty Trust denied Lucia Lopez's application for a mortgage on a single-family home in a predominantly minority neighborhood while approving similar loans to white applicants with comparable credit profiles. Lopez alleges the denial was based on the racial composition of the neighborhood rather than her financial qualifications.
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Logan Lane, a pawnbroker, accepted a valuable watch as security for a $500 loan after the customer admitted the watch was probably stolen. Lane later sold the watch. Prosecutors charge Lane with theft by receiving because he lent on the security of property he believed had probably been stolen.
Leo Lynch, a partner in a general partnership, advanced $40,000 from personal funds to cover an unexpected payroll shortfall. The partnership agreement did not treat the advance as a capital contribution. The advance is treated as a loan that begins accruing interest on the date it was made.
Linden Bank recorded a mortgage securing an initial $200,000 construction loan to Legacy Motors. The mortgage contained a dragnet clause covering future advances up to $300,000. When the bank later advanced an additional $75,000 for equipment purchases, the clause secured the new funds with the same priority as the original loan.
Leah Lamb discharged $85,000 in student loans through bankruptcy five years before applying for bar admission. The character and fitness committee reviews the discharge as evidence of financial irresponsibility when assessing her moral character for licensure.
A partner's advance that creates a partnership obligation is treated as a loan accruing interest from the date of the advance. It is documented with promissory notes and carried as a liability on the balance sheet rather than added to the partner's capital account.
A future advance mortgage secures not only the initial loan but also later advances made by the same lender. Priority of those advances depends on state law and the mortgage terms, including whether advances are optional or obligatory and whether notice of intervening liens has been received.
Bar authorities may consider a bankruptcy discharge of student loans as evidence of financial irresponsibility when evaluating an applicant's moral character, provided the inquiry bears a rational relationship to fitness to practice law.
…or criminal behavior within the walls of his home. Moreover his family and other friends are nearby, their presence lending moral support. In his own office, the investigator possesses all the advantages. The atmosphere suggests the invincibility of the forces of the law."[^maj-11] To highlight the isolation…