Forfeiture

Definition

• Something that is lost or surrendered as a penalty because of a fault, mistake, or failure to meet legal or contractual obligations.

Synonyms
abandonment, forfeiture of property, property forfeiture

Related Terms and Acronyms

• Bankruptcy (BK) — Acronym, Important,
  • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
• Breach of Contract (BOC) — Acronym,
  • Failure to abide by terms of a legal agreement without a legal excuse.
• Breach of Warranty — Definition,
  • A determination that a seller cannot pass clear title of property to a buyer.
• Consideration — Definition,
  • A thing of value that is negotiated as part of a contract.
• Default — Definition,
  • When a borrower fails to fulfill the obligations of a loan or lease.
• Delinquency — Definition,
  • Failure to make mortgage payments when mortgage payments are due.
• Lapsed Policy — Definition,
  • A policy that is no long in effect due to missed payments, inaction or its term ending.
• Non-Forfeiture Clause — Definition,
  • A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.