abandonment

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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 ?
The deal will see the company engage in the abandonment of ten subsea wells through deploying subsea HPR system from a jack-up rig.
Key Words: abandonment, Alces alces, calves, capture-induced abandonment, GPS collars, human-induced abandonment, moose neonates
Abandonment of dogs/cats is punishable by law and this totally goes against it, the actress posted in her Instagram.
There are three assessment criteria, only one of which is clearly linked to the issue of an abandonment.
In the course of analyzing the law of abandonment and offering a qualified defense of the practice, this Article provides the first workable definition of resource abandonment, suggests that the abandonment of positive-value real and intellectual property is surprisingly widespread by providing multiple examples, and analyzes the costs and benefits associated with 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.
When they travel across markets, they can disseminate news of strategy abandonments.
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 Court's decision in Citron(2) confirmed that an ordinary loss can be taken on the abandonment of a partnership interest when the partnership has no liabilities.
For years, anthropologists and archaeologists blamed the abandonments on reduced rainfall that made farming impossible in the region.