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LSDefine
Simple English definitions for legal terms
original acquisition
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A quick definition of original acquisition:
Original Acquisition: The process of obtaining something for the first time. This can refer to buying something, receiving something as a gift, or obtaining something through other means. It is the initial acquisition of something, before any subsequent transfers or changes in ownership.
A more thorough explanation:
Definition: The act of obtaining something for the first time.
Examples:
- When a person buys a house for the first time, it is considered an original acquisition.
- Acquiring a patent for a new invention is an example of original acquisition.
These examples illustrate that original acquisition refers to the initial acquisition of something, whether it be a physical object or a legal right.