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 ?
The judge said that the respondent in the case did not file any counter-affidavit to challenge the plaintiff's averment, but was only represented by a counsel who made oral application asking the court to set aside its earlier order of interim forfeiture, on the ground that the applicant failed to prove beyond reasonable doubt that the properties in contention were stolen.
Proving a forfeiture by wrongdoing can sometimes be one of the easier things a prosecutor will do.
Of significant note, the Supreme Court, in Giles, recognized the extreme vulnerability of a battered family member and held that forfeiture by wrongdoing would often apply to situations of ongoing domestic assault.
Neily acknowledged that he has no issue with criminal forfeiture, which occurs when the government secures a conviction, and then demonstrates that particular property was connected to the crime in some way.
The deferred compensation was subject to a substantial risk of forfeiture since the requirement to reach aggregate charitable donations of $10 million was a condition related to the employer's tax-exempt activities or organizational goals, and the risk of forfeiture was substantial.
The exact approach depends on various factors, including the size of the forfeiture balance, the number of participants, and whether the forfeitures were used after the end of the applicable plan year or whether they have been accumulating in a suspense account over a number of years.
Under the proposed rule, a risk of forfeiture may be extended if it is made pursuant to a notice executed at least 90 days before the existing forfeiture would have lapsed.
property's forfeiture, and the government must also send written
Taking the floor, Minister of State Property and Landed Affairs Hatem El Ichi underlined that the draft law on civil forfeiture is not in contradiction with action of the existing authorities such as the Dignity and Truth Authority, indicating that the members of this authority will be invited to give their opinions concerning the draft law.
Section 2 of RA 1379 provides that no forfeiture petition should be filed "within one year before any general election or within three months before any special election.
half, and even held a deposition, before dropping the forfeiture case
Over the past two years, a significant number of appellate courts in jurisdictions throughout the country have confronted forfeiture clauses in trusts rather than in wills.