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Prescription
By Contributor on August 21, 2018
Prescription refers to the gain or loss of certain rights due to inaction over a specified period of time.
This is somewhat similar to laches and statue of limitations.
You need to know:
What lenders hope you never learn about mortgages
The critical difference of prescription is that it involved a specific period of time that goes by where there is a failure to assert certain rights.
This time period is not determined by statute, but by court decision.
Prescriptive easement under adverse possession is a good example.
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