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 ?
Accused Khiyal Mohammad fraudulently transferred the forfeited property in his name through the active connivance of officers and officials of the Revenue Department and thus tried to pave the way for Ayub Afridi to retake forfeited property.
Other people who forfeited cash seized from them were: Carl Haskayne, of Westminster Road, Wallasey (PS1,045); John McDonough, of Charnwood Close, West Derby (PS1,500); Jonathan Bellis, 36, of Millvale Street, Kensington (PS1,900); Jamie Gorst, 22, of Maryport Close, Everton (PS2,000); and Abby Mooney, 24, of Torpoint Close, West Derby (PS1,981).
The vehicles were forfeited following a combined 40 prescribed driving offences by their owners.
What I was trying to say was that by not winning we had forfeited an opportunity to take another step towards a Wembley final.
I have no compunction at all in saying that someone like Ian Brady, the Moors Murderer who murdered five innocent children, has forfeited their right to live through their actions.
As part of a plea agreement, Guerra forfeited $6,000 in drug proceeds.
CPAs must do a grant-by-grant analysis of the tax effects of all options granted, modified, settled, forfeited or exercised after the effective date of the original Statement no.
In handing down the ruling, Presiding Judge Atsushi Semba indicated that the profits obtained through criminal acts can be seized or forfeited if the victims of the crimes cannot receive damages through civil lawsuits.
If the employee violates the restrictions and the stock is forfeited, there is no income recognition.
The federal government doesn't track just how much revenue is forfeited in this way--nor do most states--but a study from the California attorney general's office provides a glimpse of just how wasteful this system can be.
Heading into the final two matches tied with host North Bend at 24-24, South Eugene lost at 130 pounds and forfeited at 135 to fall 36-24 to the Bulldogs.
In addition, proceeds from drug trafficking can be forfeited under the recently enacted Civil Asset Forfeiture Reform Act of 2000 ("CAFRA").