Obsolescence
Legal definition for Indian law research
Definition
obsolescence
: 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
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.