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Term of the Day: Obsolescence
Obsolescence n: a loss in the utility or value of property that results over time from intrinsic limitations (as outmoded facilities) or external circumstances NOTE: Obsolescence is usually distinguished from depreciation and physical deterioration.
: obsolescence that results from external factors (as location) that render a property obsolete, no longer competitive, unattractive to purchasers or investors, or of decreasing usefulness [claimed that the appraisal failed to account for economic obsolescence resulting from an adjacent waste facility]
: obsolescence deriving from a lack of adequate or appropriate equipment, space, or design
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.
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