Is a company: no
Is a proper noun: no
- give up
Definition of Abandonment
- When the condition of ownership for a property becomes a burden or is troublesome to the owner, he or she may choose to become a non-payer and abandon the property. In the event of "abandonment," creditors can seek to recover their money as the property is no longer part of the estate.
- The act of giving something up.
Related Terms and Acronyms
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Debtor — Bank,
- A person who has filed a petition for relief under the bankruptcy laws.
- Anyone who owes money to a creditor.
- Waiver — Definition,
- The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
- Temporarily Obsolete Abandoned Derelict Sites (TOADS) — Acronym,
- Abandonment Clause — Definition,
- A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
- Estate — Bank,
- The total sum of all the real property and personal property owned by an individual at time of death.
- The ownership interest of an individual in real property.