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a.1.Capable of being divested.
Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
References in periodicals archive ?
For incentives to work, the property right to a resource must be definable, defendable, and divestible. Where property rights are insecure, owners are less likely to invest in improving or protecting a resource.
In order for a system of bargaining to resolve conflicting resource uses, property rights to the resource in question must be defined, divestible, and defensible.(14) Given such property rights, two parties with an interest in the same resource may voluntarily negotiate for its use, and the party who values the use highest will offer the greatest compensation to the owner, thereby winning the right to use the resource.(15) This institutional framework of competitive resource use and property rights has fostered the resolution of environmental problems at the local and national level for centuries.(16)
These light rights were defined, because they specified minimum amounts of sunlight that a builder had to secure for neighboring homes, measurable using several methods adopted by local municipalities.(29) Furthermore, sunshine rights gave exclusive rights to the use and enjoyment of sunshine and were defensible.(30) These rights could also be traded and were, thus, divestible.(31) Therefore, local Japanese sunshine rights were 3-D property rights.(32)