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 ?
Forfeits at the next four weights (113-138) and a forfeit win to Michael Mondus (145, 27-11) made it 37-27.
Friday afternoon, the OSAA announced the result of that game, as well as Marshfield's game against Douglas, Sisters-Sutherlin and Harrisburg-Glide were all changed to forfeits, with Roseburg, Douglas, Sutherlin and Glide all taking losses because they were the home teams for a forfeited game.
A video of the painful forfeit has also been circulating on social media this week, the report added.
"Each piece of paper contained a forfeit. I had to choose one."
"The locker room attendant has given us some cricket pads, a helmet and a bat so it's kind of Ashes themed." And while skilful Murray is happy to handicap himself, he says if the forfeits get too nasty he has to focus.
We do forfeits and joke around and have fun like we always do.
(AP) -- The Arkansas-Fort Smith women's basketball team will forfeit 22 games this season after a random audit found the Lady Lions used an ineligible athlete.
"We thought we as directors should put our necks on the block and not front line staff, so the idea is that the forfeits are embarrassing for us.
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.
Then came the real backbreaker as Mundelein was forced to give up forfeits to Brandon Murphy (126), Danny Pucino (132), and Michael Gunther (138), and the Wildcats never looked back after that point of the meet.