Forfeiture

Forfeiture is the loss or giving up of something, often as a penalty for a crime, breach of a legal obligation, or failure to adhere to some agreement. It typically involves the government or another authority seizing property or privileges, resulting in a penalty or loss of rights for the individual or entity involved.

Forfeiture meaning with examples

• The city's new zoning law included a provision for Forfeiture of properties that were not maintained, which led to numerous abandoned homes being seized and repurposed by the municipality for community use.
• In the case of a loan default, the bank may initiate a Forfeiture process, meaning the borrower loses the property pledged as collateral, which can significantly impact the individual's financial future and credit score.
• The athlete faced Forfeiture of his championship title after testing positive for banned substances, a decision that sparked a heated debate about doping in sports and the integrity of competitive events.
• Upon discovery of the illegal gambling operation, authorities executed a Forfeiture of the assets, which included the venue and equipment, aiming to dismantle the network and discourage future illegal activities in the area.