It is a noun.
Meaning: A state of not being used at present. It is used for something that has happened in the past, but not in the present and will happen again in the future.
Law terminology: The state of a property whose owner has not yet been decided and will be decided in the future.
Synonyms: suspension, adjournment, remission
1) The court case has been held in abeyance until next week.
2) Sir, I request you to terminate the abeyance in my favor as I was the rightful owner of the property.