👉 Non-forfeiture refers to a situation where property is not subject to an enforceable right of action, such as a lien or mortgage. In legal terms, it means that the owner of the property has no right to recover the value of the property from the borrower (or other holder) if they default on their loan payments.
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What is the definition of Nonforfeitures? 🙋
👉 Non-forfeitures are assets that cannot be sold, transferred, or otherwise disposed of without violating laws and regulations. Examples include personal property, real estate, and investments. These assets can also include debts, liens, and any other types of obligations that have not been paid off. Non-forfeitures are important for tax purposes because they are considered a resource rather than a liability.
