Blacks Law Dict. 1st ed

LINEA TRANSVERSALIS

723

LIMITED COMPANY

LIMITED COMPANY. A company in which the liability of each shareholder is limited by the number of shares he has tak en, so that he cannot be called on to contrib ute beyond the amount of his shares. In England, the memorandum of association of •uch company may provide that the liability of the directors, manager, or managing di rector thereof shall be unlimited. 30 & 31 Viet. c. 131; 1 Lindl. Partn. 383. Mozley & Whitley. LIMITED DIVORCE. Adivorce from bed and board; or a judicial separation of husband and wife not dissolving the mar riage tie. LIMITED EXECUTOR. An executor whose appointment is qualified by limitations as to the time or place wherein, or the sub ject-matter whereon, the office is to be exer cised; as distinguished from one whose ap pointment is absolute, i. «., certain and im mediate, without any restriction in regard to the testator's effects or limitation in point of time. 1 Williams, Ex'rs, 249, et seq. LIMITED FEE. An estate of inherit ance in lands, which is clogged or confined with some sort of condition or qualification. Such estates are base or qualified fees, con ditional fees, and fees-tail. The term is opposed to "fee-simple." 2 Bl. Comm. 109. LIMITED JURISDICTION. This term is ambiguous, and the books sometimes use it without due precision. It is some times carelessly employed instead of "spe cial." The true distinction between courts is between such as possess a general and such as have only a special jurisdiction for a particular purpose, or are clothed with spe cial powers for the performance. 18 N. J. Law, 73. LIMITED LIABILITY. The liability of the members of a joint-stock company maybe either unlimited or limited; and, if the latter, then the limitation of liability is either the amount, if any, unpaid on the shares, (in which case the limit is said to be "by shares,") or such an amount as the members guaranty in the event of the com pany being wound up, (in which case the limit is said to be "by guaranty.") Brown. LIMITED OWNER. A tenant for life, in tail, or by the curtesy, or other person not having a fee-simple in his absolute disposi tion. LIMITED PARTNERSHIP. A part nership consisting of one or more general

partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted, and one or more special part ners, contributing in cash payments a spe cific sum as capital to the common stock, and who are not liable for the debts of the partnership beyond the fund so contributed, 1 Rev. St. N. Y. 764. LIMOGIA. Enamel. Du Cange. LINARIUM. In old English law. A flax plat, where flax is grown. Du Cange. LINCOLN'S INN. An inn of court. See INNS OF COURT. LINE. In descents. The order or se ries of persons who have descended one from the other or all from a common ancestor, con sidered as placed in a line of succession in the order of their birth, the line showing the con nection of all the blood-relatives. Measures. A line is a lineal measure, containing the one-twelfth part of an inch. In estates. The boundary or line of di vision between two estates. LINEA. Lat. A line; line of descent. See LINK. LINEA OBLIQUA. In the civil law. The oblique line. More commonly termed u linea transvenalis," (q. v.) LINEA RECTA. The direct line; the vertical line. In computing degrees of kin dred and the succession to estates, this term denotes the direct line of ascendants and de scendants. Where a person springs from another im mediately, or mediately through a third per son, they are said to be in the direct line, (linea recta,) and are called "ascendants" and "descendants." Mackeld. Rom. Law, §129. Linea recta est index sui et obliqui; lex est linea recti. Co. Litt. 15S. A right line is a test of itself, and of an oblique; law is a line of right. Linea recta semper prsefertur trans versali. The right line is always preferred to the collateral. Co. Litt. 10; Broom, Max.. 529. LINEA TRANSVERSALIS. A collat eral, transverse, or oblique line. Where two persons are descended from a third, they are called "collaterals," and are said to be re lated in the collateral line, {linea tramvtrta or obliqua.)

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