Forfeit

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Forfeit

To lose to another person or to the state some privilege, right, or property due to the commission of an error, an offense, or a crime, a breach of contract, or a neglect of duty; to subject property to confiscation; or to become liable for the payment of a penalty, as the result of a particular act. To lose a franchise, estate, or other property, as provided by the applicable law, due to Negligence, misfeasance, or omission.

This nonconsensual deprivation transfers the property to another person or restores it to the original grantor.

forfeit

v. to lose property or rights involuntary as a penalty for violation of law. Example: the government can take automobiles or houses which are used for illegal drug trafficking or manufacture. A drug pusher may forfeit his/her car (property) if caught carrying drugs in it and found guilty. A parent may have to forfeit his/her house if his/her daughter is selling drugs from the house, even though the parent had nothing to do with and no knowledge of the drugs. One may have to forfeit one's driver's license or lose driving privileges due to multiple traffic violations or drunk driving. (See: forfeiture)

References in periodicals archive ?
In purporting to read RICO in its entirety, the court also found that one of RICO's purposes is to preserve all forfeitable assets and therefore concluded that the pretrial restraint provision must implicitly include substitute assets.
(5) The IRS has indicated that benefits would be taxable once a participant has met age and service requirements under an IRC Section 457 plan (see Q 125), although the benefits remained forfeitable if participants were fired for cause, and noted that forfeiture upon termination for cause was not sufficient to constitute a substantial risk of forfeiture.
The Supreme Court held that the Fourth Amendment does not require that the police obtain a warrant before seizing an automobile from a public place when they have probable cause to believe that it is forfeitable contraband.
That law defines forfeitable property more narrowly and allows broader exceptions for community property.
If the purpose for which a land use right was granted is not properly commenced within two years, it is forfeitable to the state.
For many years, cautious counsel advised that the employee's right to receive deferred compensation payments should be forfeitable in order to avoid the risk of current taxation.
is treated as being itself guilty of wrongdoing.'"(99) The court then echoed Valdes, stating that the warrantless seizure of a forfeitable automobile is analogous to an arrest.(100) Since an arrest under probable cause required no warrant, the court reasoned that none was necessary to seize a forfeitable automobile.(101)
In addition, it noted that segregating multiple interests in an IRA does not render a beneficiary's interest in that IRA forfeitable or, in and of itself, subject the beneficiaries to any tax consequences.
The Court noted other mechanisms indicating Congress' intent that such actions be civil, including the shifting burden of proof in a civil forfeiture action once the government has shown probable cause that the property is forfeitable. Id.
Ukraine lacks any functional regime for locating or seizing forfeitable assets.
The Code provides, "A right to an accrued benefit derived from employer contributions shall not be treated as forfeitable solely because the plan provides that it is not payable if the participant dies..." except as required by the survivor annuity provisions.
financial institutions for foreign banks who are in turn holding forfeitable assets overseas; and