Permissive Waste (Noun)
Meaning
(law) reduction in the value of an estate caused by act or neglect.
Classification
Nouns denoting acts or actions.
Examples
- The failure to pay taxes on the estate resulted in permissive waste, decreasing its overall value.
- The heirs of the estate filed a lawsuit against the executor, claiming that her negligence led to permissive waste and significant financial losses.
- The concept of permissive waste is often invoked in cases where an executor or administrator fails to properly manage or maintain an estate, leading to its decline in value.
- In some jurisdictions, permissive waste can also include intentional acts of destruction or removal of valuable assets, as long as they were carried out with reckless disregard for the estate's value.
- Permissive waste can take many forms, including the failure to pay debts, taxes, or maintenance costs, or to keep property in a reasonable state of repair.