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 ?
They did this with the full knowledge that the property was forfeited as restitution to victims of a crime in a judgment given on November 18, 2005, by Justice Joseph Oyewole in Federal Republic of Nigeria Vs Emmanuel Nwude and six others with suit number ID/92c/04.
Finally, if neither an MLAT nor an executive agreement exists, the State Department can draft a case-specific agreement with a foreign country to satisfy the statutory requirements governing the international transfer of forfeited funds.
Accordingly, the TRE Certificate of MAM stands forfeited with immediate effect, the PSX statement added.
During the course of inquiry it was revealed that in the year 1991 Supreme Court on reference of Custom Court had forfeited the property worth millions of rupees in the name of Ayub Afridi, his sons and nephews.
Vehicles can also be forfeited if drivers commit two prescribed offences within 12 months or three within 10 years.
5 million, or 15 cents per share, to cover inventory write-downs and forfeited deposits on land options.
Had the lender been a bank, it would have been entitled to only that amount of surplus funds which would repay the principal amount of the loan, but would have forfeited all of the interest on the loan.
9) After the property, which had been used to facilitate the unlawful distribution of a controlled substance, was forfeited under federal drug laws,(10) Ursery was convicted of manufacturing marijuana and sentenced to 5 years' imprisonment.
He noted that Spencer, the lead investigator, "knew that if marijuana were found growing, or if narcotics were found in sufficient quantity, it was possible that a very valuable piece of real estate would be forfeited to the government with the proceeds of a sale going to the Los Angeles Sheriff's Department.
KARACHI, March 07, 2012 (Balochistan Times): Karachi Stock Exchange has expelled M/s United Capital Securities (Pvt) Limited and forfeited its membership card upon its failure to improve financial condition and settle investors claims within specified deadline.
USC has never forfeited a game in 118 years of varsity football.
If the FMV of the interest when the election is made exceeds the amount paid for the interest by the service partner, the election guarantees that compensation income will be recognized even if the interest is subsequently forfeited.