Business, Legal & Accounting Glossary
n. property left behind (often by a tenant) intentionally and permanently when it appears that the former owner (or tenant) does not intend to come back, pick it up, or use it. Examples may include possessions left in a house after the tenant has moved out or autos left beside a road for a long period of time, or patent rights of an inventor who does not apply for a patent and lets others use his invention without protest. One may have abandoned the property of contract rights by not doing what is required by the contract. However, an easement and other land rights are not abandoned property just because of non-use.
Property whose claim to was intentionally surrendered, or given up entirely by the owner. May also apply to contract rights if one of the parties does not do what is required by the contract. For example: the possessions left by a tenant in a home that they have moved out of, or an inventor’s patent rights which he/she did not apply for and lets others use the invention without a fight. By not abiding to a contract’s requirements, one may have abandoned the property of contract rights.
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This glossary post was last updated: 26th April, 2020 | 2 Views.