The loss of a right. In a pension plan, the loss by an employee of the right to amounts paid into a fund by the employer. This may result from termination of employment before the employee acquires vested rights or voluntary withdrawal from a contributory plan, etc.
Loss of property without compensation when it is used in a manner contrary to the laws of the sovereign. A forfeiture may be either administrative or judicial. (See "Administrative Forfeiture" and "Judicial Forfeiture.")
In old English law, the loss of land by a tenant to his lord as the consequence of some breach of fidelity. The loss of goods or chattels as a punishment for a crime or misdemeanor and as compensation for the injury against the person to whom they were forfeited.
The taking of an individual's property by a government, because the individual has committed a crime. In the United States, private property cannot be taken, except by eminent domain upon payment of just compensation or for nonpayment of taxes.
Forfeiture of a lease occurs when the landlord exercises his right to regain possession against the wishes of the tenant, where there is a breach in a condition of the lease, or a breach of a covenant.
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.
the contractual ability of a landlord to bring to an end the lease that he has granted prematurely, without compensation, where the leaseholder is in breach of an obligation contained within the lease. In reality, the scope for the landlord to forfeit is very restricted and subject always to the grant of a court order
Loss of a right in consequence of a crime or breach of engagement. Thus, rights under a life assurance policy may be forfeited if the insured fails to pay the premium. Where an insurance has been obtained by fraud on the part of the insured he forfeits both his rights under the policy and any premium paid.
When a tenant is in default under a lease the landlord has the right to terminate the lease and recover possession of the property. A court order is needed on most occasions and the tenant may apply to the court for relief from forfeiture.
In the context of leasehold property, this occurs when a leaseholder fails to comply with one or more of certain of the conditions of the lease and forfeits all rights of ownership of that lease. But the leaseholder, in some instances, can mitigate the harshness of this.
The unvested amount that remains in a pension or profit sharing plan when a participant leaves the plan and withdraws the amounts which are vested. Forfeitures may occur when an employee is terminated, for example. Forfeitures must either be used to reduce the plan sponsor's future contributions to the plan or be reallocated to other participants.----------[ Back
the benefits that a participant loses if he or she terminates employment before becoming eligible for full retirement benefits under the plan. The difference between the total benefit and total vested benefit.
Plan assets surrendered by participants upon termination of employment before being fully vested in the plan. Forfeitures may be distributed to the other participants in the plan or used to offset employer contribution.
A term included in ESOPs designed to provide deferred share benefits. A share subject to forfeiture means that it may not vest to (that is, may be forfeited by) a participant in certain circumstances, including in the event of gross misconduct.
an amount an employee loses by terminating employment before becoming fully vested under the plan's vesting schedule. In flexible spending accounts, the amount an employee loses if any money remains in the account after the claims filing deadline.
The IRS requires that funds set aside in your Health Care and Dependent Day Care Spending Accounts must be used to pay for eligible expenses you incur during the same calendar year. According to IRS regulations, if you have funds left in your spending accounts at the end of the year and no eligible expenses to claim, you will lose (forfeit) the leftover dollars. You have until April 30th of the following year to submit expenses. If you have funds left in your spending accounts at the end of the calendar year and no eligible expenses to claim, you will lose, or forfeit, the leftover dollars. You may not apply the balance to the next year or receive a refund of any unused funds in the accounts. For more information go to http://benefitsu.stanford.edu/flexible/fsa/flexible_useit.html.
When home buyers lose the money that they paid to a seller to secure a purchase. Home buyers normally give the seller a sum of money, called a deposit, to convey how serious they are about buying the property. If the deal works out, their deposit is applied to the buyer's closing costs. But, if the deal breaks down, who finally pockets the deposit money will depend on specific clauses and contingencies written in the sale/purchase contract.