The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.
1 : the sale or transfer of title to a property (as an operating division) under court order (as in bankruptcy)
2 : the sale of an asset (as a business division) that is unprofitable, does not enhance a corporate restructuring, or is felt to be morally reprehensible
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.