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