Legal definition of abandonment
Residential Real Estate Legal Terminology

abandonment

1
(a) After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(b) On request of a party in interest and after notice and a hearing, the court may order the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(c) Unless the court orders otherwise, any property scheduled under section 521(a)(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of section 350 of this title.

(d) Unless the court orders otherwise, property of the estate that is not abandoned under this section and that is not administered in the case remains property of the estate.
Source: The Code of Laws of the United States of America (U.S. Code). website
2
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.
Source: Wikipedia - The Free Encyclopedia. website. license
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
In Praise of LitigationIn Praise of Litigation
by Alexandra Lahav
  • List Price: $29.95
  • Price: $24.40
  • You Save: $5.55 (19%)
from $15.00
View
Civil Code of the Russian Federation: First Part: As of May 23, 2016Civil Code of the Russian Federation: First Part: As of May 23, 2016
by Peter B. Maggs, Alexei N. Zhiltsov
  • Price: $19.95
from $18.89
View
Charles M HughesAttorney at LawPRACTICE AREA: Real Estate Law, Tax Law, Labor & Employment Law, Insurance Litigation, Trusts & Estate Planning, Industrial Development Law
Craig G NakamuraAttorney at LawPRACTICE AREA: Administrative Law, Real Estate Law, Business Law, Computer & Internet Related Crimes, Consumer Protection, Litigation, Industrial Development Law
Arlene S KishiAttorney at LawPRACTICE AREA: Real Estate Law, Industrial Development Law
Daily Business Review (registration)Except unlike the downtrodden fictional character, Miami real estate transaction attorney or dirt lawyer Jose "Joe" Rodriguez has had a hand in several ... more »
Citizens VoiceSchwager practices in the areas of real estate, title insurance, real estate taxation, business law, municipal law, commercial litigation, estate administration and creditors' rights. A past assistant district attorney for Luzerne County, Schwager is ... more »
MetroWest Daily NewsThe Elizabeth Stone House in Roxbury, which provides residential and community-based services to help homeless and at-risk survivors of domestic violence and related trauma, appointed Alison Smith, of Natick, to its board of directors. ... discharge ... more »
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content