quitclaim

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quitclaim:

see deeddeed,
in law, written document that is signed and delivered by which one person conveys land or other realty (see property) to another. A deed may assure the extent of the conveying party's ownership or, if the party is uncertain of the precise extent, he issues a quitclaim (i.e.
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.

quitclaim

[′kwit‚klām]
(mining engineering)
Legal release of a claim, right, title, or interest by one person or estate to another.
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References in periodicals archive ?
While it may be logical for us to pay two-thirds for Valley assets, it is just as logical that Los Angeles will then owe the Valley for our one-third interest in the obviously much more valuable assets, which we would be quitclaiming in Los Angeles.
In quitclaiming, the mortgagor renounced all claim to the property and gave it up to the city.