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  1. Ab Trust

    An irrevocable trust created by a married couple to avoid probate and minimize federal estate tax. An AB trust is created by each spouse placing property into a trust and naming someone other than his or her spouse as the final beneficiary of that trust. Upon the death of the first spouse, the surviving spouse does not own the assets in that spouse's trust outright, but has a limited power over the assets in accordance with the terms of the trust. Such powers may include the right to receive [...]
  2. Abandon

    In marriage, abandonment is grounds for divorce in most states. Grounds arise when one spouse physically leaves the other with no intent on returning. Usually, the minimum time allowed to claim abandonment is one year, but it changes from state to state. Some states also recognize constructive abandonment where one spouse refuses to financially support the other and/or engage in sexual intercourse without good reason.
  3. Abandoned Application

    Refers to the abandonment of a patent or trademark application. An application is removed from the docket of pending applications at the U.S. Patent and Trademark Office when the applicant (either directly or through his attorney or agent) files an express notice of abandonment, does not pay the issue fee, or does not take appropriate action sometime in the prosecution of a nonprovisional application. An abandoned application may be revived upon petition.
  4. Abandoned Barge Act Of 1992

    Abandoned Barge Act of 1992, known as the Oceans Act of 1992, is United States federal law prohibiting the abandonment of barges in navigable and territorial waters. The Act of Congress establishes financial penalties and removal procedures for unattended barges exceeding forty-five days. The federal statute provides the U.S. Secretary of Transportation authority to contract with barge removal contractors for abandoned barges of more than one hundred gross tons. The 1992 legislation was [...]
  5. Abandoned Property

    Personal property left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned. See Adverse Possession. At common law, a person who finds abandoned property may claim it. To do so, the finder must take definite steps to show their claim. For example, a finder might claim an abandoned piece of furniture by taking it to her house, or putting a sign on it indicating her ownership. Many jurisdictions have statutes that modify the common law's [...]
    The property that an owner has given up all claims, possession and rights. No designation has been given as the possessor.
  6. Abandoned Shipwrecks Act

    The Abandoned Shipwrecks Act is a piece of United States legislation passed into law in 1988 meant to protect historic shipwrecks from treasure hunters and salvagers by transferring the title of the wreck to the state whose waters it lies in.
  7. Abandonment

    In law, abandonment is the relinquishment, giving up or renunciation of an interest, claim, civil proceedings, appeal, 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. Common [...]
    Contracts. In the French law, the act by which a debtor surrenders his property for the benefit of his creditors. Merl. Rep. mot Abandonment.
    Contracts. In insurances the act by which the insured relinquishes to the assurer all the property to the thing insured. 2. – No particular form is required for an abandonment, nor need it be in writing; but it must be explicit and absolute, and must set forth the reasons upon which it is founded. 3. – It must also be made in reasonable time after the loss. 4. – It is not in every case of loss that the insured can abandon. In the following cases an abandonment may be made: when there [...]
    In maritime contracts in the civil law, principals are generally held indefinitely responsible for the obligations which their agents have contracted relative to the concern of their commission but with regard to ship owners there is remarkable peculiarity; they are bound by the contract of the master only to the amount of their interest in the ship, and can be discharged from their responsibility by abandoning the ship and freight. Poth. Chartes part. s. 2, art. 3, 51; Ord. de la Mar. des [...]
    Lights. The relinquishment of a right; the giving up of something to which we are entitled. 2. – Legal rights, when once vested, must be divested according to law, but equitable rights may be abandoned. 2 Wash. R. 106. See 1 H. & M. 429; a mill site, once occupied, may be abandoned. 17 Mass. 297; an application for land, which is an inception of title, 5 S. & R. 215; 2 S. & R. 378; 1 Yeates, 193, 289; 2 Yeates, 81, 88, 318; an improvement, 1 Yeates, 515 ; 2 Yeates, 476; 5 Binn. 73; 3 S. & R. [...]
    For torts, a term used in the civil law. By the Roman law, when the master was sued for the tort of his slave, or the owner for a trespass committed by his animal, he might abandon them to the person injured, and thereby save himself from further responsibility. 2. – Similar provisions have been adopted in Louisiana. It is enacted by the civil code that the master shall be answerable for all the damages occasioned by an offence or quasi offence committed by his slave. He may, however, [...]
    Malicious. The act of a husband or wife, who leaves his or her consort wilfully, and with an intention of causing perpetual separation. 2. – Such abandonment, when it has continued the length of time required by the local statutes, is sufficient cause for a divorce. Vide 1 Hoff. R. 47; Divorce.
  8. Abandonment Clause

    The abandonment clause gives insured parties the right to forfeit damaged property in exchange for full payment. Insurance companies take ownership of the damaged asset.
  9. Abandonment Of Child

    Deserting a child and having no intention of fulfilling any obligations to the child. Cutting off all relations and obligations to the child.
  10. Abandonment Of Residence

    Abandonment is a determination by the USCIS that a permanent resident has surrendered his/her status as a lawful permanent resident (LPR). The intent of a LPR is a key factor in the USCIS's determination of whether the LPR has abandoned his/her permanent residence in the U.S.
  11. Abandonment Of Spouse

    The leaving of a husband or wife without just cause and with a deliberate intention of creating a lifetime separation.
  12. Abandonment Of Trademark

    Abandonment of a trademark occurs when the owner of the trademark deliberately ceases to use the trademark for three or more years, with no intention of using the trademark again in the future. When a trademark is abandoned, the trademark owner may no longer claim rights to the trademark. In effect, this frees the trademark so that anyone else can use it without recourse from the original trademark owner.
    Giving up using a trademark and explicitly showing the intention of giving it up.
  13. Abandonment Rate

    In marketing, abandonment rate is a term associated with the use of virtual shopping carts. Also known as "shopping cart abandonment". Although shoppers in brick and mortar stores rarely abandon their carts, abandonment of virtual shopping carts is quite common. Marketers can count how many of the shopping carts used in a specified period result in completed sales versus how many are abandoned. The abandonment rate is the ratio of the number of abandoned shopping carts to the number of [...]
  14. Abandonment Value

    The amount earned if an investment is discontinued. The general rule for this situation is that if the amount received for scrap or salvage is more than the net present value (NPV) the project is abandoned.
  15. Abatable Nuisance

    Not a permanent nuisance but one that can be corrected easily as not to harm anyone.
  16. Abatement

    1. Commerce: a reduction in the amount of a bill due to factors such as demurrage, overtime penalty, or rent. 2. Environment: to reduce or eliminate polluting or hazardous substances. This is done by removing them or considering a new plan of more efficient waste management. 3. Legal: A court decision that is suspended, or simply closing the case before the final decision is reached. 4. Taxation: A rebate given under special circumstances such as in aftermath of natural disasters.
    Chancery practice, is a suspension of all proceedings in a suit, from the want of proper parties capable of proceeding therein. It differs from an abatement at law in this, that in the latter the action is in general entirely dead, and cannot be revived, 3 Bl. Com. 168 but in the former, the right to proceed is merely suspended, and may be revived by a bill of revivor. Mitf. Eq. Pl. by Jeremy, 57; Story, Eq. PI. 354.
    Contracts, is a reduction made by the creditor, for the prompt payment of a debt due by the payor or debtor. Wesk. on Ins. 7.
    Merc. law. By this term is understood the deduction sometimes made at the custom-house from the duties chargeable upon goods when they are damaged See Act of Congress, March 2, 1799, s. 52, 1 Story L. U. S. 617.
    Pleading, is the overthrow of an action in consequence of some error committed in bringing or conducting it when the plaintiff is not forever barred from bringing another action. 1 Chit. Pl. 434. Abatement is by plea. There can be no demurrer in abatement. Willes' Rep. 479; Salk. 220. 2. Pleas in abatement will be considered as relating, 1, to the jurisdiction of the court; 2, to the person of the plaintiff; 3, to that of the defendant; 4, to the writ; 5, to the qualities. of such pleas ; 6, [...]
  17. Abatement Clause

    Provision in a lease agreement that releases the tenant from paying rent if an act of God makes occupancy impossible or otherwise precludes the property from being used. See also Abatement
  18. Abatement Cost

    A cost that occurs because a company creates a negative byproduct. This byproduct must be removed or the effect must be reduced.
  19. Abatement In Pleading

    At common law an abatement in pleading or plea in abatement was a defence to legal proceedings which did not contest the principle of the plaintiff's right to relief but contended that the plaintiff had made a procedural error and needed to bring fresh proceedings which followed the correct procedure. The objection could deal with, among others, place, time, or method of assertion. Successful assertion of pleas in abatement, merely pause proceedings until the problem is remedied. There were [...]
  20. Abatement Of A Freehold

    The entry of a stranger after the death of the ancestor, and before the heir or devisee takes possession, by which the rightful possession of the heir or devisee is defeated. 3 Bl. 1 Com. 167; Co. Lit. 277, a; Finch's Law, 1 195; Arch. Civ. Pl. 11. 2. By the ancient laws of Normandy, this term was used to signify the act of one who, having an apparent right of possession to an estate, took possession of it immediately after the death of the actual possessor, before the heir entered. Howard, [...]

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