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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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Government lawyers said it would be OK to remove the gold caps from the teeth of two accused drug dealers as part of asset forfeiture, reports AP.
For more than two decades, beginning with the Comprehensive Asset Forfeiture Act of 1984, Washington has abetted confiscation of private property.
Attorney's Office, Bowers handled several asset forfeiture and high-profile cases, including the Rodney King civil rights trial and the Charles Keating fraud case.
 
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