Forfeiture

n. loss; something given up as forfeit; fine

Asset forfeiture is a term used to describe the confiscation of assets, by the State, which are either (a) the proceeds of crime or (b) the instrumentalities of crime. Instrumentalities of crime are property that was used to facilitate crime, for example cars used to transport illegal narcotics. The terminology used in different jurisdictions varies. Some jurisdictions use the term "confiscation" instead of forfeiture. In recent years there has been a growing trend for countries to introduce civil forfeiture and such proceedings may be brought in the USA, Australia, the UK, Ireland, Italy, South Africa, various Canadian Provinces and Antigua.
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Noun
1. something that is lost or surrendered as a penalty;
(synonym) forfeit
(hypernym) loss
(derivation) forfeit, give up, throw overboard, waive, forgo
2. a penalty for a fault or mistake that involves losing or giving up something; "the contract specified forfeits if the work was not completed on time"
(synonym) forfeit
(hypernym) penalty
(derivation) forfeit, give up, throw overboard, waive, forgo
3. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.
(synonym) forfeit, sacrifice
(hypernym) act, human action, human activity
(derivation) forfeit, give up, throw overboard, waive, forgo

(n.)
The act of forfeiting; the loss of some right, privilege, estate, honor, office, or effects, by an offense, crime, breach of condition, or other act.
  

(n.)
That which is forfeited; a penalty; a fine or mulct.
  

The failure to fulfill obligations outlined in a legal contract which results in the loss of rights to an asset outlined in the contract.