Abandonment

Definition

• The act of giving something up.
• 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.

Synonyms
leave, relinquish, give up, desertion, surrender

Related Terms and Acronyms

• Abandonment Clause — Definition,
  • A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
• Debtor — Definition,
  • A person who has filed a petition for relief under the bankruptcy laws.
  • Anyone who owes money to a creditor.
• Estate — Definition,
  • 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.
• Lien — Definition,
  • A legal hold or claim of a creditor on the property of another.
• Temporarily Obsolete Abandoned Derelict Sites (TOADS) — Acronym,
• Waiver — Definition,
  • The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.