abandonment

(redirected from abandonments)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to abandonments: abandoning

Abandonment

Controlling party giving up rights to property voluntarily.

Abandonment

1. The act of fully and completely relinquishing ownership of some property or asset. One may abandon both tangible assets, such as tools or real estate, or intangible assets, such as patents or leases. For example, abandonment occurs when someone leaves his/her house empty, never intending to return or otherwise use the property. Legal abandonment sometimes requires filing declaration of intent to do so with the appropriate authorities. Sometimes, a person may obtain abandoned property for free, though this does not apply to real estate. See also: Adverse possession.

2. See: Expiration.

abandonment

abandonment

An intentional surrender, disclaimer, or termination of ownership with no stated intention regarding who the next owner should be. Legally requires some external evidence of an intention to abandon; simply neglecting property will not suffice. Differs from surrender, which requires that someone accept the property,and from forfeiture,which is unintentional loss of property.Abandoned property will generally revert to someone with a prior claim,such as an abandoned leasehold reverting to the landlord or an abandoned easement reverting to the landowner. Sometimes abandoned property will escheat to the state.
References in periodicals archive ?
As abandonment continues to be a costly and lengthy process, the utilisation of products that offer cost and time efficiency as well as safety benefits, are imperative for efficient and effective decommissioning operations.
There are three assessment criteria, only one of which is clearly linked to the issue of an abandonment.
Young parents were also reluctant to relinquish their unwanted infants to authorities for fear of being identified with subsequent criminal repercussions of abandonment.
Proponents of the laws continue to cite their intended benefits: protecting the health of the newborns, protecting birth parents from the legal and emotional consequences of unsafe abandonment, and connecting babies with loving families through adoption.
If the asset's value in place declines but remains greater than its abandonment value, the asset should be retained.
This is an important move because in rems and abandonment are more than a housing problem and more than statistics.
The tax consequences of an abandonment of a partnership interest or the worthlessness of that interest are not specifically stated in the Code.
Human activities, not climate change, forced the widespread abandonment of Neolithic villages in the western Fertile Crescent around 6000 B.
Second, a mechanism could be introduced, at last, to provide automatic payments to owners (and jockeys as well, who miss out on their riding fees yet incur travel expenses) when abandonments such as these arise.
This article reviews the tax provisions of voluntary reconveyances, foreclosures and abandonments of property as well as the tax consequences of the most common loan workout types.