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waste

waste ( n )

1 :destruction of or damage to property that is caused by the act or omission of one (as a lessee, mortgagor, or life tenant) having a lesser estate and is usu. to the injury of another (as an heir, mortgagee, or remainderman) with an interest in the same property [an action for ⁓]


ameliorating waste ə-mēl-yə-rā-ti- :waste that leads to improvement of property (as by clearing the way for rebuilding something) called also ameliorative waste


permissive waste :waste caused by the failure of a tenant to take ordinary or proper care of the property


voluntary waste :waste caused by the intentional commission of a destructive act by a tenant

2 :a reduction of the value of assets (as in a trust) caused by a failure to exercise proper care or sound judgment in managing them

esp :a transfer of corporate assets (as through excessive executive compensation or a merger) for no legitimate business purpose or for less than what a person of ordinary sound business judgment would consider to be adequate consideration [the essence of a claim of ⁓ of corporate assets is the diversion of corporate assets for improper or unnecessary purposes Michelson v. Duncan, 407 A.2d 211 (1979)]



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