Legal Definitions - degaster

Degaster (verb)

To degaster means to waste, spoil, or diminish assets or resources, often through mismanagement, neglect, or misuse, particularly when one has a duty to preserve or manage them responsibly.

Here are some examples illustrating this term:

• Example 1: Estate Management
  An executor of a will, tasked with distributing the deceased's assets, sells a valuable antique collection from the estate at a significantly undervalued price to a personal acquaintance, rather than seeking fair market value. This action would be considered degasting the estate, as it diminishes the inheritance available to the beneficiaries through improper management.

• Example 2: Corporate Responsibility
  A company director uses corporate funds to finance extravagant personal vacations and luxury items that have no legitimate business purpose. By diverting company resources for personal gain and failing to act in the best interest of the corporation, the director is degasting the company's assets, potentially harming its financial stability and shareholder value.

• Example 3: Public Funds
  A municipal official approves a contract for a public works project at an inflated cost, far exceeding reasonable market rates, due to a lack of oversight and a failure to solicit competitive bids. This misuse of taxpayer money, leading to unnecessary expenditure and a reduction in available funds for other essential services, constitutes degasting public resources.