Eminent Domain is the inherent right of the state to take private property for public use without the property owner's consent, typically requiring that just compensation be paid to the property owner.
Expropriation refers to the government seizure of foreign-owned assets. Under international law, this action is considered legal if just compensation is provided to the owner.
Inverse condemnation is a legal procedure where property owners seek compensation for property interests that have been diminished in value or taken due to government activity.
Just compensation refers to full indemnity for the loss or damage sustained by the owner of property taken under the power of eminent domain. The measure generally used is the fair market value of the property at the time of taking.
Partial taking refers to the acquisition by condemnation of only part of the property or some property rights. It requires just compensation to the property owner for the loss incurred.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.