- Just Compensation
Compensation provided to an owner whose private real property is seized by the government's power of eminent domain, which allows it to take such property for public use. For example, when the national highway system was being constructed in the 1950s, many homeowners had their property seized through eminent domain because the government wanted the land to build the highway system. The just compensation remedy is provided by the Fifth Amendment's taking clause, and is usually considered to be fair market value. However, what the government considers just compensation may not be considered as such by the person whose property is seized.
One reason why an individual who loses his home to eminent domain may not consider the fair market value of the property to be just compensation is because it does not take into account the time, stress, and expense of locating, purchasing, and moving to a new property. Just compensation also fails to account for the loss of neighborhood social networks or the emotional ties the owner may have to the property.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
just compensation — n: compensation for property taken under eminent domain that places a property owner in the same position as before the property is taken see also eminent domain ◇ Just compensation is usu. the fair market value of the property taken. Attorney s… … Law dictionary
just compensation — Compensation which is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain). Consideration is taken of such criteria as the cost of reproducing the property, its market value, and the… … Black's law dictionary
Just compensation — is required to be paid by the Fifth Amendment to the U.S. Constitution (and counterpart state constitutions) when private property is taken (or in some states, damaged) for public use. For reasons of expedience, courts have been generally using… … Wikipedia
just compensation — noun The compensation provided for property taken via eminent domain. It is usually the fair market value of the property, but may be determined by other means. [...] ; nor shall private property be taken for public use, without just compensation … Wiktionary
just compensation — A familiar term in constitutional provisions and statutes granting or regulating the exercise of the power of eminent domain in the condemnation and taking of private property. Reasonable compensation. A compensation which is just, not merely to… … Ballentine's law dictionary
Compensation — • Denotes the price paid for human exertion or labour Catholic Encyclopedia. Kevin Knight. 2006. Compensation Compensation † … Catholic encyclopedia
compensation — com·pen·sa·tion /ˌkäm pən sā shən/ n 1: the act of compensating 2 in the civil law of Louisiana: the ending of mutual obligations between two people for money or quantities of fungible things usu. by operation of law but sometimes by an agreement … Law dictionary
just — adj [Latin justus lawful, merited, from jus right, law]: conforming to law or to the underlying principles of law: as a: conforming to reason or a standard of correctness just sanctions cannot be excessive in relation to the offense b: conforming … Law dictionary
compensation — Indemnification; payment of damages; making amends; making whole; giving an equivalent or substitute of equal value. That which is necessary to restore an injured party to his former position. Remuneration for services rendered, whether in salary … Black's law dictionary
Compensation methods — (Remuneration), Pricing models and business models used for the different types of internet marketing, including affiliate marketing, contextual advertising, search engine marketing (including vertical comparison shopping search engines and local … Wikipedia