Business, Legal & Accounting Glossary
n. a lawsuit brought by a public agency to acquire private property for public purposes (schools, highways, parks, hospitals, redevelopment, civic buildings, for example), and a determination of the value to be paid. While the government has the right to acquire the private property (eminent domain), the owner is entitled under the Constitution to receive just compensation to be determined by a court.
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This glossary post was last updated: 27th April, 2020 | 0 Views.