Adverse Possession

Adverse Possession
A method of acquiring legal title to land through actual, continuous, open occupancy of the property for a prescribed period, under claim of right, opposed to the rights of the true owner.
Prescription
Prescription refers to several distinct legal and medical terms, including the means of acquiring an easement through long-term use, a legal remedy, and a written authorization for pharmaceutical products.
Squatter's Rights
Squatter's rights refer to the legal allowance to use the property of another in the absence of an attempt by the owner to force eviction. Under certain conditions, this right may eventually be converted to a title to the property over time by adverse possession, if recognized by state law.

Accounting Terms Lexicon

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