(mining engineering) Failure to perform work, by conveyance, by absence, and by lapse of time, on a mining claim.
(petroleum engineering) abandonment contour
| Sci-Tech Dictionary: abandonment |
(mining engineering) Failure to perform work, by conveyance, by absence, and by lapse of time, on a mining claim.
(petroleum engineering) abandonment contour
| Investment Dictionary: Abandonment |
1. The act of surrendering a claim to, or interest in, a particular asset.
2. The permitted withdrawal from a forward contract that is made for the purchase of deliverable securities.
3. The act of allowing an option to expire unexercised.
Investopedia Says:
1. Corporations will generally abandon assets or projects that no longer offer any profitability. In most instances, proper legal documents must be filed with authorities and any damages must be recouped.
2. Abandonment occurs in forward contracts that permit the purchasers to withdraw from the contract, rather than purchase the deliverable securities.
3. In many instances, an option may not be worthwhile or profitable to exercise and, therefore, the purchaser of the option will let the option expire without being exercised.
Related Links:
An introduction to the world of options, covering everything from primary concepts to how options work and why you might use them. Options Basics Tutorial
| Financial & Investment Dictionary: Abandonment |
Voluntarily giving up all rights, title, or claims to property that rightfully belongs to the owner. An example of abandoned property would be stocks, bonds, or mutual funds held in a brokerage account for which the firm is unable to locate the listed owner over a specified period of time, usually a few years. If ruled to be abandoned, the property may revert to the state under the laws of Escheat. In addition to financial assets, other kinds of property that are subject to abandonment include patents, inventions, leases, trademarks, contracts, and copyrights.
| Real Estate Dictionary: Abandonment |
The voluntary surrender of property, owned or leased, without naming a successor as owner or tenant. The property will generally revert to one holding a prior interest or, in cases where no owner is apparent, to the state. Abandonment does not relieve obligations associated with lease or ownership unless the abandonment is accepted by the entity to which the obligation is owed.
Example: Abel owns a dilapidated apartment house with 2 years' delinquent property taxes. Rather than pay the back taxes, Abel abandons the building by disclaiming ownership.
| Thesaurus: abandonment |
noun
| Antonyms: abandonment |
| Philosophy Dictionary: abandonment |
Term used by existentialists to dramatize the sense of loss that comes from realizing that there is no external source of moral authority, such as a God.
| Columbia Encyclopedia: abandonment |
| Law Encyclopedia: 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.
The giving up of a thing absolutely, without reference to any particular person or purpose, as vacating property with the intention of not returning, so that it may be appropriated by the next comer or finder. The voluntary relinquishment of possession of thing by owner with intention of terminating ownership, but without vesting it in any other person. The relinquishing of all title, possession, or claim, or a virtual, intentional throwing away of property.
Term includes both the intention to abandon and the external act by which the intention is carried into effect. In determining whether one has abandoned property or rights, the intention is the first and paramount object of inquiry, for there can be no abandonment without the intention to abandon.
Abandonment differs from surrender in that surrender requires an agreement, and also from forfeiture, in that forfeiture may be against the intention of the party alleged to have for- feited.
Property That Can Be Abandoned
Various types of personal property—such as personal and household items—contracts, copyrights, inventions, and patents can be abandoned. Certain rights and interests in
Elements of Abandonment
Two things must occur for property to be abandoned: (1) an act by the owner that clearly shows that he or she has given up rights to the property; and (2) an intention that demonstrates that the owner has knowingly relinquished control over it.
The Act
Some clear action must be taken to indicate that the owner no longer wants his or her property. Any act is sufficient as long as the property is left free and open to anyone who comes along to claim it.
Inaction—that is, failure to do something with the property or nonuse of it—is not enough to demonstrate that the owner has relinquished rights to the property, even if such nonuse has gone on for a number of years. A farmer's failure to cultivate his or her land or a quarry owner's failure to take stone from his or her quarry, for example, does not mean that either person has abandoned interest in the property.
The Intention
A person's intention to abandon his or her property may be established by express language to that effect or may be implied from the circumstances surrounding the owner's treatment of the property, such as leaving it unguarded in a place easily accessible to the public.
The passage of time, although not an element of abandonment, may illustrate a person's intention to abandon his or her property.
| Wikipedia: Abandonment |
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| This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (January 2009) |
The term abandonment has a multitude of uses, legal and extra-legal. This "signpost article" provides a guide to the various legal and quasi-legal uses of the word and includes links to articles that deal with each of the distinct concepts at greater length.
Abandonment, in law, is the relinquishment or renunciation of an interest, claim, privilege, possession or right, especially with the intent of never again resuming or reasserting it. Such intentional action may take the form of a discontinuance or a waiver. This broad meaning has a number of applications in different branches of law.
In common law jurisdictions, both common law abandonment and statutory abandonment of property may be recognized. Common law abandonment may be generally defined as "the relinquishment of a right [in property] by the owner thereof without any regard to future possession by himself or any other person, and with the intention to foresake or desert the right...."[1] Common law abandonment is "the voluntary relinquishment of a thing by its owner with the intention of terminating his ownership, and without [the intention of] vesting ownership in any other person; the giving up of a thing absolutely, without reference to any particular person or purpose...."[2] (emphasis added) [footnotes and citations omitted]. An example of statutory abandonment in a common law jurisdiction is abandonment by a bankruptcy trustee under 11 U.S.C. § 554). In Scots law, failure to assert a legal right in a way that implies abandonment of it is called taciturnity.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
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