What does forfeiture disposition mean?

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.

What does a forfeiture charge mean?

Criminal forfeiture is an action brought as a part of the criminal prosecution of a defendant. The property is the defendant and no criminal charge against the owner is necessary. Administrative forfeiture is an in rem action that permits the federal seizing agency to forfeit the property without judicial involvement.

What is insurance forfeiture?

Many insurance policies contain “forfeiture provisions” which are invoked by insurance companies to deny coverage for claims which would otherwise be covered under a policy. A common example of a forfeiture provision requires the insured to timely file a notice of claim and submit proofs of loss.

What does forfeiture mean in a 3-day notice?

Forfeit possession in three days A tenant, residential or nonresidential, fails to pay the agreed rents on the due date and prior to expiration of the grace period. The rent is now delinquent. The property manager serves the tenant with a 3-day notice to pay rent or quit the premises.

What does forfeiture of real property mean?

Property forfeiture is a punitive measure that involves the confiscation of property. There are numerous circumstances in which property can be forfeit. Governments can seize property used in the commission of a crime, for example, and property can also be seized when someone fails to perform on a contractual obligation.

What is forfeiture law?

Forfeiture Law and Legal Definition. Forfeiture occurs when a person gives up money, property, or privileges to compensate for losses resulting from a breach of a legal obligation.

What is the notice of forfeiture?

Notice of forfeiture. This is an example of a notice of forfeiture to be used when a landlord forfeits a lease by peaceable re-entry. A notice should be attached to the premises after a landlord has effected peaceable re-entry.