landlord & tenant
abatement clause
An abatement clause is defined as a 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
adverse possession
Adverse possession is a doctrine under which a trespasser, in physical possession of land owned by someone else may acquire valid title to the property.
affirmative waste
Affirmative waste, also referred to as voluntary waste, refers to overt and willful acts of destruction performed by a tenant or life tenant that lead to the drop in value of a piece of property by harming the property or depleting natural resources available on the property.
ameliorative waste
Ameliorative waste refers to modifications that increase the value of property made by a tenant who failed to obtain the landowner or future interest holder’s permission.
assignee
assignment
assignment for benefit of creditors
Assignment for the benefit of the creditors (ABC) (also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for liquidating and distributing its assets.
assume
assumption
An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.
[Last reviewed in June of 2021 by the Wex Definitions Team]