Attornment
Attornment is the payment of money or other valuable consideration to induce a person to do or refrain from doing something.
Definition:
Attornment is a legal term that refers to a payment or other incentive offered to a person in exchange for their consent or agreement to perform a certain action or to refrain from performing a certain action.
Examples:
- A landlord may offer a tenant an attornment of money to induce them to renew their lease.
- A salesperson may offer a customer an attornment of discounts to encourage them to make a purchase.
- A whistleblower may be offered an attornment for providing information about wrongdoing.
Key Points:
- Attornment is a payment or other valuable consideration.
- It is used to induce consent or agreement.
- Attornments can be monetary or non-monetary.
- They are often used in contracts, leases, and other legal agreements.
Additional Notes:
- The term “attornment” is not commonly used in everyday language.
- The specific attornment may vary depending on the jurisdiction.
- Attornments can be voluntary or involuntary.
FAQs
What do you mean by attornment?
Attornment refers to the formal acknowledgment of a new relationship or authority, particularly in law. It typically occurs when a tenant recognizes a new landlord after a property transfer, agreeing to continue the lease under the new ownership.
What is attornment in law?
In legal terms, attornment is the act of a tenant formally agreeing to acknowledge and accept a new landlord after the ownership of the leased property changes, ensuring continuity of the tenancy.
What is delivery by attornment?
Delivery by attornment occurs when possession of goods is transferred without physically moving them. Instead, the third party holding the goods acknowledges that they now hold them on behalf of the new owner.
What is a letter of attornment?
A letter of attornment is a document signed by a tenant to formally acknowledge the new landlordโs ownership and agree to the continuation of the lease terms under the new arrangement.
What is subordination and attornment?
Subordination and attornment refer to agreements in real estate leases. Subordination allows the lease to become secondary to a lender’s mortgage, while attornment ensures that tenants continue their lease under a new property owner if ownership changes.
