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1031 exchange

1031 exchange (also called a tax-deferred exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds. For certain transactions, the exchange allows the investor...

30-day notice

A 30-Day notice is usually used by a landlord to terminate or change a month-to-month lease or a periodic lease. A 30-day notice does not apply to fixed-term leases, as these types of leases impose an obligation upon...

341 meeting

A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...

A/R

A/R is the abbreviation for accounts receivable.

[Last updated in June of 2022 by the Wex Definitions Team]

ab initio

Ab initio is a Latin term that means "from the beginning” or “from inception.” Ab initio is used to indicate that some fact existed from the start of a relevant time period. It is often used as part of the phrase “void ab initio,” meaning...

abandoned application

An “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...

abandoned property

Abandoned property is defined as personal property left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned; see adverse possession.

Overview:

At common law, a person...

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...

abate

Abate is to eliminate or nullify.

The term is often used in relation to the elimination of a nuisance. For example, California Civil Code § 3491 provides that one of the “remedies against a public nuisance [is] abatement.”...

abatement

Abatement is the act of reducing or nullifying something. Multiple subjects throughout law are subject to abatement and the term appears in many locations.

In property law, abatement refers to a reduction in property taxes a...

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