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| ABANDONMENT |
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| the voluntary surrender of property, owned or leased, without naming a successor as owner or tenant. The property will generally revert to one holding a prior interest or, in cases where no owner is apparent, to the state. Abandonment does not relieve obligations associated with lease or ownership unless the abandonment is accepted by the entity to which the obligation is owed. Example Abel owns a dilapidated apartment house with 2 years’ delinquent property taxes. Rather than pay the back taxes, Abel abandons the building by disclaiming ownership. |
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