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 ?
Marion also accepted a forfeit win from Centralia and now holds a 16-2 record for the season.
Owen Byrne: there are going to be occasions when entries and forfeits for big races clash
After looking over NJCCA's audit, the school reported the violations and agreed to forfeit the games.
Oakwood (6-14, 2-8) finished last in the league, its only two victories being the forfeits by Yeshiva.
The Colts won four matches by forfeit and five of the eight matches that took place on the mat, including four by fall.
For example, an employee receives stock that he must forfeit unless he continues to work for the company for a minimum period of time.
The biggest revenue losses in vehicle donation programs, then, don't stem from swindles or scams or even tricky accounting, but from the millions of dollars the IRS willingly forfeits each year on cars that are donated according to the letter of the law.
To this end, the partners have agreed that Harry will forfeit his partnership interest if he fails to perform the agreed-on services through the completion of construction, unless the failure is caused by his death or disability.
North Eugene was helped when it won three weight classes by forfeit and only gave up one, at 275 pounds.
The forfeits likely ruin any hope of an at-large playoff berth - the Foothill League sends its top two teams to the postseason and Saugus is firmly in second place.
According to Scott, Grant's record dropped to 4-7 with the forfeits, and the school will lose its second-place finish in the Sunset Six League.
He must pay the school $600,000 if he leaves before 2008 and forfeit the $1.