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Obsolescence
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obsolescence n
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: 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.
eco·nom·ic obsolescence
: 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]
func·tion·al obsolescence
[fək-shə-nəl-]
: 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.