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, 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.
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