1031 exchange (also called a tax-deferred exchange or a Starker 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...
COMMERCE
30-day notice
A 30-day notice is a written letter from tenant to landlord or landlord to tenant informing the other party of their intent to terminate or change a month-to-month or other periodic tenancy of less than one year. The 30-day notice requirement...
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 reviewed 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 personal property that was left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned (see also adverse possession).
OverviewAt 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
To abate means to eliminate or to nullify.
This verb usually arises in the context of abatement.
[Last reviewed in October of 2024 by the Wex Definitions Team]
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...