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A general example of forfeiture is a failure to make payment under a contract for the sale of immovable property. The advance for purchase of property is likely to be forfeited under the contract.
Forfeiture is broadly defined as the loss of property for failing to obey the law, and that property is generally lost to the state. A person may have a vested interest in property to be forfeit in two ways: In personum jurisdiction and in rem jurisdiction.
It is an in personam (against the person) action and requires that the government indict (charge) the property used or derived from the crime along with the defendant. If the defendant is convicted and the property is deemed forfeitable, the court issues an order of forfeiture.
Under Federal law, there are three (3) types of forfeiture: criminal forfeiture, civil judicial forfeiture, and administrative forfeiture.
Remission, referring to the return of forfeited assets, and mitigation, referring to acceptance of a smaller financial penalty in lieu of forfeiture, are discretionary forms of relief granted by the agencies that are involved in seizing property or by the Criminal Division of the Department of Justice in Washington, ...
Criminal forfeiture is an action brought as a part of the criminal prosecution of a defendant. It is an in personam (against the person) action and requires that the government indict (charge) the property used or derived from the crime along with the defendant.