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 ?
But Reza objected, arguing that it was too early to do so when the forfeiture application has not been cleared.
Although Ukpong had applied for interim forfeiture of 14 landed assets, the judge only granted the request in respect of 11, as he exempted three of them that were without addresses from the order.
6, 2018, the United States filed a motion for default judgment and request of forfeiture. A hearing was held on Dec.
The nonprofit further claims that the state's law enforcement agencies retain 90 percent of all forfeiture proceeds, which is "a generous incentive to wield their forfeiture powers."
reinvests forfeiture proceeds in community safety and crime prevention programs.
Sisson had to pay the Wayne County Prosecutor's Office $1,200 to avoid having her car forfeited; her suit now argues that the forfeiture and the fine were excessive under the Eighth Amendment.
"A generation ago in America, asset forfeiture was limited to wresting ill-gotten gains from violent criminals.
Nevertheless, the forfeiture by wrongdoing doctrine remained essentially dormant for more than a century until Crawford v.
Neily wasted no time in expressing his view of civil forfeiture during his opening speech.
"Ramping up adoptive forfeitures would circumvent much of the progress state legislatures have made to curb forfeiture abuse.
457(f) as long as it is subject to a substantial risk of forfeiture. Substantial risks of forfeiture include risks of forfeiture conditioned on the future performance of substantial services.
Forfeiture assets can be used for eligible plan purposes such as plan administrative expenses or to offset employer contributions.