Abandonment

Definition

  • 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.

Synonyms
desertion, leave, give up, surrender, relinquish

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 ownership interest of an individual in real property.
    • The total sum of all the real property and personal property owned by an individual at time of death.
  • 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.
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