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 ?
These "investors" will include third parties who may either (1) acquire an interest in forfeitable property in exchange for valuable consideration (thus excluding donees and some creditors), or (2) devote resources to enhancing their enjoyment of forfeitable property (thus potentially including donees but excluding creditors and owners of property such as passive financial instruments).
and in 1986 Congress promulgated a `substitute assets' law allowing property of equal value to be forfeited in place of forfeitable assets that are no longer available.
Under the law, the craft was forfeitable whether or not he had any responsibility for the drugs.
Section 1963(d) authorizes courts to issue temporary restraining orders (296) or injunctions to preserve the forfeitable property until the adjudication concludes.
Documents, Hand declared, could only be seized when they were forfeitable ("[t]he forged note, the fraudulent prospectus").
The lessee will post a performance bond, which will presumably be forfeitable upon mis-, mal- or non-feasance by the lessee.
The same result would arise if the stock were not expressly forfeitable, but Tom was subject to insider trading restrictions imposed by Sec.
Code, Section 981(a)(1)(C), the proceeds of all specified unlawful activities will be directly forfeitable, including Title 18, U.
The majority opinion relied heavily on early American admiralty law as the basis for its holding that the police do not have to obtain a warrant before seizing an automobile from a public place, so long as they have probable cause to believe the car is forfeitable as contraband under the asset forfeiture laws.
The statement should include the name of the plan; the name and address of the plan administrator; the participant's name and taxpayer identification number; the nature, amount and form of benefit; and a notice of any benefits forfeitable if the participant dies.
0704%) common shares *of which 10,252 shares represent forfeitable shares awarded on 25 March 2010 pursuant to a Lancashire Holdings Limited bonus deferral scheme