Forfeiture is the act of giving up something as payment, or a penalty.
The act of a state seizing a farm for growing marijuana is an example of forfeiture.
- the act of forfeiting
- anything forfeited; penalty or fine
- The act of surrendering something as a forfeit.
- A loss of property to penalize a failure to act in accordance with a legal requirement.
forfeiture - Investment & Finance Definition
The act of giving up the right to the ownership of an asset.
forfeiture - Legal Definition
The loss or compulsory transfer to another, without compensation, of a right or property interest, usually as a penalty.