functional depreciation

functional depreciation
Such results from necessary replacement of equipment before it is worn out, by reason of invention and improved machinery, equipment, etc. which render more efficient and satisfactory service.

Black's law dictionary. . 1990.

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  • obsolescence — A condition resulting from unforeseen changes in the art, which make the installation of new apparatus necessary. 43 Am J1st Pub Util § 145. The condition of a thing which has passed out of general use, is outmoded, and out of fashion. Re Stout,… …   Ballentine's law dictionary

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