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The legally prescribed time limit in which a lawsuit must be filed. Statutes of limitation differ depending on the type of legal claim, and often the state. For example, many states require that a personal injury lawsuit be filed within one year from the date of injury -- or in some instances, from the date when it should reasonably have been discovered -- but some allow two years. Similarly, claims based on a written contract must be filed in court within four years from the date the contract was broken in some states and five years in others. Statute of limitations rules apply to cases filed in all courts, including federal court.

The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Or, you may have to forfeit your driver's license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs.

The historical term for what is now called the Bureau of Customs and Border Protection ('BCBP'), a branch of the Department of Homeland Security. The primary functions of the BCBP/border patrol are to guard the borders from illegal entrants and to meet and question immigrants and visitors arriving at airports and other border stops.

One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, modern usage includes anyone who receives property from the estate of a deceased person.

A non-U.S. citizen who has been given permission to make his or her permanent home in the United States. If you acquire permanent residence, you will be issued a green card to prove it. The terms permanent resident and 'green card holder' mean exactly the same thing. You cannot be a permanent resident without a green card and you cannot have a green card without being a permanent resident. As a permanent resident, you may travel as much as you like, but your place of residence must be the United States and you must keep that residence on a permanent basis. If you leave the United States and stay away for more than a year, you risk losing your green card.

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).

A term commonly used to refer to annual meetings of shareholders or directors of a corporation. Shareholders normally meet to elect directors or to consider major structural changes to the corporation, such as amending the articles of incorporation or merging or dissolving the corporation. Directors meet to consider or ratify important business decisions, such as borrowing money, buying real property or hiring key employees.