To voluntarily give up a possession, claim, or right, such as to abandon a financial asset. It could also refer to forfeiture of any legal rights of ownership. For example, an owner would abandon, or would be considered to have abandoned, stocks, bonds, bank accounts, etc. This may occur when a bank is unable to locate an account holder over a specified period of time (several years). Likewise, a brokerage account will be considered abandoned property if it is unused for a specific number of years and the holder cannot be found; in the U.S., the account legally becomes state property under ESCHEAT laws covering disposal of abandoned property. In addition to financial assets, abandonment may involve other kinds of property including patents, inventions, leases, trademarks, copyrights, contracts, etc.
Banking
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