abandonment of property
- Intentional and absolute relinquishment of property without reference to any particular person or for any particular purpose. 1 Am J2d Aband § 1; 3 Am J2d Adv P § 77. Abandoned property is that to which the owner has voluntarily relinquished all right, title, claim, and possession with the intention of terminating his ownership, but without vesting it in any other person, and with no intention of reclaiming possession or resuming ownership and enjoyment in the future. 1 Am J2d Aband § 1. Abandonment is the relinquishment of a right or property with the intention of not reclaiming it or reassuming its ownership or enjoyment. Ellis v Brown (CA6 Ky) 177 F2d 677, 13 ALR2d 945. In marine insurance, the act of the insured in notifying the insurer that owing to damage done to the subject of the insurance, he elects to take the amount of the insurance in the place of the subject thereof, the remnant of which he cedes to the insurer. 29A Am J Rev ed Ins § 1572. (Mining Law). "The term 'forfeiture' is often employed by miners as synonymous with abandonment." See Wiseman v McNulty, 25 Cal 230. See derelict; dereliction; presumed dereliction; renunciation; res derelicta.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
Abandonment — For the existentialist concept, see Abandonment (existentialism). Abandon redirects here. For other uses, see Abandon (disambiguation). Abandoned houses in Seacroft, Leeds, UK The term abandonment has a multitude of uses, legal and extra legal.… … Wikipedia
abandonment — aban·don·ment n 1: the act of abandoning property or a right: as a: relinquishment by an inventor of the right to enforce a patent see also dedication b: an author s relinquishment to the public domain of his or her copyrighted work c … Law dictionary
abandonment — The trustee s relinquishment of estate property that is burdensome or of inconsequential value to the bankruptcy estate (SA Bankruptcy.com) A process by which the court releases property from its control. This occurs when property of the estate… … Glossary of Bankruptcy
Property — is any physical or virtual entity that is owned by an individual. An owner of property has the right to consume, sell, mortgage, transfer and exchange his or her property.cite web|url=http://www.businessdictionary.com/definition/property.html|titl… … Wikipedia
Abandonment — A*ban don*ment ( ment), n. [Cf. F. abandonnement.] 1. The act of abandoning, or the state of being abandoned; total desertion; relinquishment. [1913 Webster] The abandonment of the independence of Europe. Burke. [1913 Webster] 2. (Mar. Law) The… … The Collaborative International Dictionary of English
abandonment — The surrender, relinquishment, disclaimer, or cession of property or of rights. Voluntary relinquishment of all right, title, claim and possession, with the intention of not reclaiming it. State v. Bailey, 97 N. J.Super. 396, 235 A.2d 214, 216.… … Black's law dictionary
abandonment — See abandoner. * * * ▪ property law in Anglo American property law, the relinquishment of possession of property with an intent to terminate all ownership interests in that property. Abandonment may occur by throwing away the property, by… … Universalium
Abandonment And Salvage — An expression that describes the forfeiture of property and the ensuing claim over that property by a second party. Abandonment and salvage can be added as a clause in an insurance contract; this gives the insurance company the ability to accept… … Investment dictionary
abandonment — controlling party giving up rights to property voluntarily. Bloomberg Financial Dictionary Allowing an option to expire unexercised. Also, withdrawal from a cancellable forward contract to purchase securities. Exchange Handbook Glossary * * *… … Financial and business terms
Abandonment Clause — A clause in a property insurance contract that, under certain circumstances, permits the property owner to abandon lost or damaged property and still claim a full settlement amount. If the insured party s property cannot be recovered, or the cost … Investment dictionary