Lift

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Lift

To raise; to take up.

To lift a promissory note (a written commitment to pay a sum of money on a certain date) is to terminate the obligation by paying its amount.

To lift the bar of the Statute of Limitations is to remove, by some sufficient act or Acknowledgment, the obstruction that it interposes. For example, some states will not permit an action to be instituted on a debt owed after ten years from the date of the debt. This is a ten-year statute of limitations. If the debtor acknowledges in writing that he or she owes the debt and will pay it on a certain date, this conduct lifts the bar of the statute of limitations so that the debtor can be sued on the debt for another ten years.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Mike Jefferson, chairman of Lingdale Lift Off, said last year the village had been named the best large village in Redcar and Cleveland in the Northumbria in Bloom competition.
The Lift Off programme, funded by Advantage West Midlands, is delivered by the Manufacturing Advisory Service (MAS-WM) and offers business development grants and improvement projects for SMEs involved in aerospace.
A COVENTRY firm has become the first to receive a cash boost from Lift Off, the pounds 1.45million programme to help component manufacturers fight the slump in the aerospace industry.
White Rain or Aqua Net in an aerosol form sprayed from eight inches away, will lift off a spot.
The big booster, which stands nearly 24 stories tall (71 meters), was successfully lift off from Space Launch Complex-6 at 1:10 p.m on Thursday.
DON'T STOP NOW: How many party balloons would it take for you to lift off? (Calculate, but do not try!)
High precision tooling maker Burcas is aiming to increase its involvement in the latest round of aerospace projects after receiving help from the Lift Off programme.
LIFT OFF: The Chinese manned rocket sets off for orbit
The Lift Off initiative, led by the Manufacturing Advisory Service, will provide grants and consultancy support to modernise and diversify.
Earlier this week commander Eileen Collins's first attempt to lift off was halted with just six-and-a-half seconds to go after what turned out to be a false alarm.