Business, Legal & Accounting Glossary
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.
something that is lost or surrendered as a penalty
n. loss of property due to a violation of law.
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This glossary post was last updated: 28th April, 2020 | 1 Views.