Forfeiture

Business, Legal & Accounting Glossary

Definition: Forfeiture


Quick Summary of Forfeiture


The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Or, you may have to forfeit your driver’s license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs.




What is the dictionary definition of Forfeiture?

Dictionary Definition


something that is lost or surrendered as a penalty

n. loss of property due to a violation of law.

  1. legal A legal action whereby a person loses all interest in the forfeit property.
  2. legal The loss of forfeit property.
  3. legal The property lost as a forfeit.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/forfeiture/
Modern Language Association (MLA):
Forfeiture. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 16, 2021 https://payrollheaven.com/define/forfeiture/.
Chicago Manual of Style (CMS):
Forfeiture. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/forfeiture/ (accessed: September 16, 2021).
American Psychological Association (APA):
Forfeiture. PayrollHeaven.com. Retrieved September 16, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/forfeiture/

Definition Sources


Definitions for Forfeiture are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 1 Views.