- the act of forfeiting
- anything forfeited; penalty or fine
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 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.
- Relief from forfeiture and rights of re-entry are now regulated chiefly by the Conveyancing Acts 1881 and 1882.
- The right to deal with the property of a convict while he is undergoing sentence (but not while he is out of prison on leave) is, by the Forfeiture Act 1870, vested in his administrator.
- A forfeiture is also waived if the landlord elects not to take advantage of it - and shows his election either expressly or impliedly by some act, which acknowledges the continuance of the tenancy, e.g.
- By the acceptance of, or even by an absolute and unqualified demand for, rent, which has accrued due since the forfeiture, by bringing an action for such rent, or by distraining for rent whether due before or after the forfeiture.
- Forfeiture only renders a lease void as regards the lessee; it may be waived by the lessor, and acceptance by the landlord of rent due after forfeiture, with notice of such forfeiture.