, YOUR INTEREST in the PROPERTY SHALL BE FORFEITED and Form
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People also ask
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What is forfeiture of interest?
Depending on the bank's policy, if you closed the account before the bank credited accrued interest, that interest may not be paid out (this is known as forfeiture of interest).
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What is forfeiture in real estate?
What does "forfeiture" of a real estate contract mean? The seller cancels your rights under the contract because you are not meeting your end of the agreement, such as making your monthly payments.
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What is an example of an asset forfeiture?
Examples of asset forfeiture in cases we handle include: police taking ownership of several kilos of cocaine in a drug possession case. the government keeping a hunting knife that was used in an assault with a deadly weapon case. Cops taking a machine that a criminal used to make a counterfeit product.
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What does forfeiture mean in legal terms?
Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, bsignNowing a legal obligation, failing to perform a contractual obligation or condition, or neglecting a legal duty.
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What does forfeiture mean in legal terms?
Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, bsignNowing a legal obligation, failing to perform a contractual obligation or condition, or neglecting a legal duty.
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What is the forfeiture law in NY?
Under New York State law, District Attorneys can forfeit “proceeds” of crime and “instrumentalities” of crime. However, in New York, state prosecutors cannot forfeit real property, except in certain drug cases. That means that they are relatively powerless to go after your home.
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What do you mean by forfeiture?
Forfeiture refers to a loss of any property, money, or assets without consideration or compensation in return. A forfeiture generally occurs due to default in complying with repayment obligations under a contract. It can also be used as a penalty for an illegal way of conducting business.
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Can a bank take back interest?
If you closed the account before the bank or credit union credited the interest, generally the bank or credit union won't pay that interest. This is known as “forfeiture of interest.” However, the bank or credit union must disclose this policy in the account agreement you received when you opened the account.
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