The refusal of ownership is an explicit statement of the owner of this right, which he clearly expressed his desire to terminate possession, use and disposition of certain personal property.
The ownership refusal of property is explicit and formal act, dressed in writing with a notarized signature, subject to registration in the Bulgarian Property Registry. It does not end effect of favoring a third party as it is done in foreign help.
Since the Bulgarian legislation has not yet entered the Institute of insolvency of individuals refusing an inheritance is a way to get rid of the creditor’s harassment.
In our practice we encounter unfair playing creditors as well and debtors.
With the declaration of intention to renounce ownership of property, it falls into the category of so-called orphan assets.
Specific legal regime is established in respect of stray farmland: Bulgarian Law provides that agricultural land does not belong to citizens, legal persons or the state is a municipal property.
The refusal of ownership of property is made by written statement with notarized signature of the holder of that right.
To become effective, it should be recorded in the Land Registry. The withdrawal of the waiver of the property is eligible for such registration (Art. 100, para. 2 Bulgarian Ownership Law).
There are specific situations of ownership refusal of movable property. The lack of a comprehensive legislative regulation in this area is dictated by the variety of situations that may arise in practice.
There is no requirement refusal of ownership of chattels to be done by a formal act.
It is possible implication of the owner to express their intention to refuse, and abandoned property, in the absence of a statutory form of reality in terms of transfer of ownership of movable property.