Akademik

waste n

1: destruction of or damage to property that is caused by the act or omission of one (as a lessee, mortgagor, or life tenant) having a lesser estate and is usu. to the injury of another (as an heir, mortgagee, or remainderman) with an interest in the same property

ame·lio·rat·ing waste /ə-'mēl-yə-ˌrā-tiŋ-/: waste that leads to improvement of property (as by clearing the way for rebuilding something) – called also ameliorative waste;

permissive waste: waste caused by the failure of a tenant to take ordinary or proper care of the property

voluntary waste: waste caused by the intentional commission of a destructive act by a tenant

2: a reduction of the value of assets (as in a trust) caused by a failure to exercise proper care or sound judgment in managing them; esp: a transfer of corporate assets (as through excessive executive compensation or a merger) for no legitimate business purpose or for less than what a person of ordinary sound business judgment would consider to be adequate consideration

the essence of a claim of waste of corporate assets is the diversion of corporate assets for improper or unnecessary purposes — Michelson v. Duncan, 407 A.2d 211 (1979)

◇ Waste injures the interests of shareholders.