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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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

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.

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 ?
Whereas tainted assets are automatically forfeitable upon conviction, RICO provides that the substitute asset provision is intended as only a last-resort measure.
(11) But the employer is not allowed a deduction at any time for contributions made or premiums paid on or before August 1, 1969, if the employee's rights were forfeitable at the time.
Rights that are conditioned upon the sufficiency of plan assets in the event of plan termination or partial termination are considered to be forfeitable. (4)
On this theory, the more "innocent" one's use of property is, the more effective it is as a "front" or "cover" and therefore the more clearly forfeitable. Entire hotels have been forfeited because one or more rooms were used by guests for drug transactions.
DEA believed that forfeitable assets tied to the sale of LCB were maintained in escrow at Banque Libano-Francaise totaling approximately $150 million.
executives that is forfeitable if the employment relationship is severed
Seize Car from Public Place 559 (1999) When Probable Cause Exists to Believe That It Was Forfeitable Contraband 66 Probable Cause That Car Maryland v.
In other words, if Cisco shares are trading at $15, and it grants an executive an option to purchase 100,000 shares for a price of $15 per share, forfeitable only if his employment is terminated (there's usually a vesting schedule), what a CBOE trader would pay for those options (given the customary 5-to-10-year lives of these options, the price would be significant) is irrelevant: Cisco takes no charge against its earnings.
83 on the cash value shifted to (and not forfeitable) by the employee.
The Court also ruled on 6) whether law enforcement must obtain a warrant prior to seizing property that is forfeitable, and the Court addressed 7) an evidentiary concern relevant to investigators, specifically the use of a nontestifying accomplice's confession.
But four years later a detective scouring old records for forfeitable property found their names.
Ukraine also lacks any functional regime for locating or seizing forfeitable assets.