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Lis Pendens

[Latin, Pending lawsuit.] A reference to the jurisdiction (or control) that courts obtain over property in a suit awaiting action.

A notice filed in the office of public records that the ownership of real property is the subject of a legal controversy and that anyone who purchases it takes it subject to any claims asserted in the action and thereby its value might be diminished.

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Law Library - American Law and Legal InformationFree Legal Encyclopedia: Legislative Veto to Lloyd's