FindLaw Legal Dictionary
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1 : the loss of a right, money, or esp. property because of one's criminal act, default, or failure or neglect to perform a duty compare waiver
2 : something (as money or property) that is forfeited as a penalty
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.