Forfeiture

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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 a right or property. Forfeiture usually occurs when one has neglected to fulfill one's obligations necessary to keep the right or property. For example, one may forfeit one's house if the mortgage defaults.

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.

References in periodicals archive ?
While the challenges in apprehending them are apparent, an investigator familiar with money laundering and asset forfeiture tools and laws will find the means to disrupt and dismantle any criminal activity done for profit.
agency in the DOJ Asset Forfeiture Program, specifically the Assets
As the Director of the Department of Justice's Executive Office for Asset Forfeiture has stated: "[I]n forfeiture, we are building a new remedy to strike at the economic underpinnings of criminal enterprises by removing the profits, proceeds, and infrastructure which support criminal organizations.
The Family As an Innocent Victim of Civil Drug Asset Forfeiture.
recently introduced legislation entitled "A Bill to Reform Certain Statutes Regarding Civil Asset Forfeiture.
The joint venture employs more than 1,600 professionals at more than 500 federal law enforcement agency sites and in 92 United States Attorneys' Offices, supporting all of the participant agencies in the Asset Forfeiture Program.
The legislation, House Bill 560, ended any possible "civil" component of asset forfeiture.
D'Alessio and his colleagues speculated that if drug asset forfeiture laws are compelling the police to make legally suspect drug arrests in order to confiscate people's property, then the likelihood of conviction for a felony drug offense should be substantially lower in counties where the police derive a greater amount of income from drug asset forfeiture seizures.
As such, their assets are subject to civil asset forfeiture.
FSA employs more than 1,750 professionals who work in nearly 700 federal law enforcement agency sites and in 92 United States Attorneys% offices, supporting all of the participant agencies in the Asset Forfeiture Program.
Law enforcement officials, however, maintain that seizing property and then filing a civil asset forfeiture lawsuit to keep it helps return the property to victims.

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