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remission

glossary /

remission. 1. A cancellation or extinguishment of all or part of a financial obligation; a release of a debt or claim. [Cases: Release 1. C.J.S. Release §§ 2–3, 5–8, 19.] conventional remission. Civil law. A remission expressly granted to a debtor by a creditor having capacity to alienate. La. Civ. Code art. 1840. tacit remission.

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abatement

glossary /

abatement ([schwa]-bayt-m[schwa]nt), n. 1. The act of eliminating or nullifying (abatement of a nuis-ance) (abatement of a writ). [C.J.S. Nuisances §§ 86–89.] 2. The suspension or defeat of a pending action for a reason unrelated to the merits of the claim (the defendant sought abatement of the suit because of misnomer). See plea in abatement

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obsolescence

glossary /

obsolescence (ob-s[schwa]-les-[schwa]nts). 1. The process or state of falling into disuse or becoming obsolete. 2. A diminution in the value or usefulness of property, esp. as a result of technological advances. • For tax purposes, obsolescence is usu. distinguished from physical deterioration. Cf. DEPRECIATION. [Cases: Taxation 348(4).] economic obsolescence. Obsolescence that results from external economic

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