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The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Changes in the 2019 version include eliminating a $10,000 vehicular minimum seizure threshold in response to law enforcement's concerns that less valuable vehicles could be used in the commission of crimes; aligning the asset forfeiture system with the state's management of abandoned and lost property; and providing tools for municipalities to comply with enhanced reporting and transparency requirements.
Maryland restricted civil asset forfeitures, the process by which law enforcement can seize property connected to a criminal investigation with or without criminal charges, in 2015 and 2016 legislation.
In December, Detroit resident Crystal Sisson filed a federal class-action civil rights lawsuit challenging the aggressive asset forfeiture program in Wayne County, Michigan.
But for the AG's Office, it's more than just a realization that civil asset forfeiture is not a reliable source of income.
Hyde sponsored the Civil Asset Forfeiture Reform Act of 2000 (CAFRA).
Proponents of asset forfeiture argue that it provides an effective tool in the fight against drug crime and provides vital funding for fighting a broader range of crime.
curb abuses in civil asset forfeiture. For example, the IRS announced
Based in New York, Levin served for 19 years as chief of the Money Laundering and Asset Forfeiture Unit in the U.S.
The bipartisan bill would give state-compliant cannabis businesses access to the banking system by protecting financial institutions against prosecution or asset forfeiture for providing services to those businesses.
When asset forfeiture is partly punitive, it is subject to an excessive fines analysis.
In June, AlterNet's Aaron Cant" outlined how civil asset forfeiture laws work.
The seizure was part of a $17.8 million asset forfeiture action last year that included cash and cars linked to Stuart.

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