Abandonment

Sam · Posted: Thu Apr 15, 2004 2:26 am Post subject: Abandonment

Abandonment refers to the voluntary giving up of the property rights without transferring the title to any other party.

For example, John owns a property in New Jersey. He left the house without handling over the rights to someone else and purchased a property in San Francisco. Such a kind of surrender of the property ownership is known as 'Abandonment'.

The abandonment can occur when the person surrenders the property rights or interest on account of failure to use it for an extended period of time. Or else, the current owner may have the intention to give up the rights or interest in the property.

If the owner abandons the property while he is in debt, then creditors can recover their monetary losses from the property which no longer belongs to the estate.

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