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forfeiture
(redirected from Asset forfeiture)

   Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson 0.02 sec.
Forfeiture
The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.

forfeiture

The loss of rights to something as a result of a failure to perform an obligation.Courts often view forfeitures as penalties,which are illegal.As a result,one who is buying property under a bond for title and will receive a deed only when all payments have been made may be protected from a forfeiture if there is a default after a substantial amount of money has already been paid.



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? Mentioned in ? References in periodicals archive
 
Does current UK asset forfeiture law strike the correct balance between the interests of the general public in the recovery of the proceeds of crime and the rights of the defendant?
Stolen asset recovery; a good practices guide for non-conviction based asset forfeiture.
Asset forfeiture is a civil action: Plaintiffs in effect sue for pieces of property, forcing the owners to explain how they paid for them.
 
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