forfeit

Definition

noun

the fact of having something taken away as a punishment

Usage

the goods were declared forfeit

the court said that the goods had to be taken away from the person who was holding them

verb

to have something taken away as a punishment

Usage

to forfeit a patent

to lose a patent because payments have not been made

Usage

to forfeit a deposit

to lose a deposit which was left for an item because you have decided not to buy that item