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.
2. See: Expiration.
abandonment
See expiration.