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 exclusionary rule acts as a deterrent in civil forfeitures because forfeiture has become a primary area of police activity.
104) The Escheats Act differs from the Fines and Forfeitures Act in that the former does not contain any limitation period for seeking relief from forfeiture, is not limited to forfeitures of personal property, and does not specify that the claimant must have taken reasonable care.
This trend has become so popular that forfeiture specialists travel the country conducting seminars teaching local police and federal law enforcement agents how to use forfeiture cases as revenue generators.
Unlike criminal forfeiture, in which the loss of property is contingent on the owner's conviction of a crime, in civil forfeiture it is the property itself that is "accused" of involvement in criminal activity, and it is up to the owner to prove the taking was wrong.
The cases getting the most scrutiny, however, are civil forfeitures.
Another method of neutralizing forfeiture reform is to seize property under federal law, which generally allows police and prosecutors to keep a bigger share of the loot.
The Forfeiture Review Committee Chair thanks ADA Carolyn O'Hara, the DA Investigators in Jefferson County, and Senior Legal Counsel to International Fidelity Jerry Watson.
Before advising their clients on the submission of deferment or waiver requests, defense counsel must understand the following distinctions between adjudged and automatic forfeitures: (1) a convening authority may defer both adjudged and automatic forfeitures only upon application by the accused, but he or she may waive automatic forfeitures sua sponte; (2) only automatic forfeitures may be waived; (3) deferment of forfeitures ceases at the date of action, whereas waiver of automatic forfeitures can extend up to six months after action; and (4) a convening authority may not direct deferred forfeitures to be paid to dependents, (14) but a convening authority must direct that waived automatic forfeitures be paid to dependents.
overview of federal asset forfeiture law and describes the several
The law requires that the proceeds of forfeitures be used instead to fund drug treatment programs.
Because forfeitures are likely to occur throughout the entire service period, the "floor" in the early periods may be greater than the ratable portion of the period, requiring that a greater amount of compensation be recognized during the earlier part of the service period.