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 government takes your cash -$1,000, $500, whatever it is," Paul said in a February 4 interview on Fox News, announcing he would vote against the confirmation of Loretta Lynch, President Obama's nominee for attorney general, because of her support for civil forfeiture.
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.
First, in the case of parties seeking relief from forfeiture of both proceeds of crime and offence-related property, the third party need not establish that she or he has never been charged with or convicted of a predicate offence.
The court granted Metro Nominees permission to begin forfeiture proceedings.
The asset forfeiture action was handled by Chief of the Asset Forfeiture Unit Raymond Marinaccio, and Assistant District Attorney Tara Miner, assisted by Melanie Guinyard.
section] 457(f): "Not eligible for tax deferral without substantial risk of forfeiture.
Measure 53 would grant an exception to the forfeiture limits in the cases of livestock and other animals, allowing them to be adopted or otherwise placed so that they do not suffer during sometimes-lengthy criminal proceedings.
6) DOJ ASSET FORFEITURE POLICY MANUAL (2008), Chapter 5, Section
of Hong Kong) has gathered commentary from legal experts around the world to analyze current trends of civil forfeiture of criminal property that are being adopted by countries such as China, Australia, Canada, the United Kingdom and the United States.
The cops were punished with forfeiture in service, stoppage of increment and censure.
For example, a plan might require that an executive continue employment for two years to avoid the forfeiture of deferred compensation.