Forfeiture

The involuntary relinquishment of money or property without compensation as a consequence of a breach or nonperformance of some legal obligation or the commission of a crime. The loss of a corporate charter or franchise as a result of illegality, malfeasance, or NONFEASANCE. The surrender by an owner of his or her entire interest in real property, mandated by law as a punishment for illegal conduct or NEGLIGENCE. Under old ENGLISH LAW, the release of land by a tenant to the tenant's lord due to some breach of conduct, or the loss of goods or chattels (articles of PERSONAL PROPERTY) assessed as a penalty against the...

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