The voluntary relinquishment of all rights, title, or claim to property that rightfully belongs to the owner of the property. Stocks, bonds or mutual funds held in a brokerage account where the owner can’t be located or contacted is an example of abandonment. The laws of escheat may cause the property to be taken control off by the state.
ABANDONED PROPERTY
The property that an owner has given up all claims, possession and rights. No designation has been given as the possessor.
ABANDONMENT OF CHILD
Deserting a child and having no intention of fulfilling any obligations to the child. Cutting off all relations and obligations to the child.
ABANDONMENT OF SPOUSE
The leaving of a husband or wife without just cause and with a deliberate intention of creating a lifetime separation.
ABANDONMENT VALUE
The amount earned if an investment is discontinued. The general rule for this situation is that if the amount received for scrap or salvage is more than the net present value (NPV) the project is abandoned.
Credit: Legal Dictionary
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