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.