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 AMLC's year-on-year figures show that the total amount of dirty money that has been civilly forfeited has increased by P23.93 million or to P911.87 million in 2017 from P877.941 million in 2016.
"This case requires us to answer a question of first impression in this circuit - a question involving the relative priority, as between the government and a general creditor, with respect to claims relating to assets forfeited as the proceeds of criminal activity," Selya wrote.
Since the Claimant had reneged on the deal, he forfeited the deposit he had paid.
Forfeited in lieu of foreclosure in June 2008 by Bellafont Land LLC, led by Brandon Barber.
As per our previous advice, your account balance has been forfeited."
is stretching the rules in his handling of funds forfeited from drug dealers.
Mr Davies said: "Public sector workers forfeited a day's pay.
AFTER saying Blackburn "forfeited" their Carling Cup defeat at Cardiff, it's time for Steve Kean to step down.
UNDER-FIRE Steve Kean claims he "forfeited" a crack at a cup final to ensure Blackburn stay in the Premier League this season.
At a Proceeds of Crime Hearing before Sunderland Magistrates yesterday, the court found that the cash was the proceeds of crime and ordered that it be forfeited.
The court found the cash was the proceeds of crime and ordered that it be forfeited.
KARACHI: The cricket boards of Pakistan and England have resolved the financial dispute that arose after the forfeited Oval test on Pakistan s tour to England in 2006.