default(redirected from Loan Default)
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An omission; a failure to do that which is anticipated, expected, or required in a given situation.
Default is distinguishable from Negligence in that it does not involve carelessness or imprudence with respect to the discharge of a duty or obligation but rather the intentional omission or nonperformance of a duty.
To default on a debt is to fail to pay it upon its due date. Default in contract law implies failure to perform a contractual obligation.
A default judgment is one that may be entered against a party in a lawsuit for failure to comply with a procedural step in the suit, such as failure to file an answer to a complaint or failure to file a paper on time. A default judgment is not one that goes to the merits of a lawsuit but is procedural in nature.
1) n. failure to respond to a summons and complaint served on a party in the time required by law. If a legal answer or other response is not filed, the suing party (plaintiff) can request a default be entered in the record, which terminates the rights of the defaulting party to defend the case. 2) the failure to make a payment when due, which can lead to a notice of default and the start of foreclosure proceedings if the debt is secured by a mortgage or deed of trust. 2) v. to fail to file an answer or other response to a summons and complaint, or fail to make a payment when due. (See: default judgment)
defaultnoun abrogation, ad vadimonium non venire, arrear, avoidance, bankruptcy, breach, breach of orders, delinquence, delinquency, dereliction, dereliction of duty, dishonoring, disregard, evasion of duty, failure of credit, faillre of duty, failure to answer, failure to appear, failure to meet one's obligations, failure to pay, financial disaster, insufficient funds, neglect, nonfulfillment, nonperformance, omission, pretermission, refusal to pay, repudiation, vadimonium deserere, violation of duty
Associated concepts: date of default, declaration of default, default decree, default in payment, default of issue, default or misconduct in office, excusable default, failure to pay money due, failure to perform duty, judgment by default, material default, motion for default, motion to open default, motion to vacate default judgment, willful default
defaultverb ad vadimonium non venire, avoid, be deeicient, be delinquent, be derelict, be faithless, be in arrears, be in debt, be neglectful, be negligent, be remiss, be unnaithful, become unable to meet obligations, breach the agreement, break one's trust, break the contract, desert, disregard one's duty, disregard one's obligations, dodge, elude, evade, fail, fail in duty, fail to act, fail to answer, fail to appear, fail to meet financial engagements, fail to pay, fail to perform, forsake, ignore one's obligations, lapse, lose by failure to appear, neglect one's duty, not pay, omit what is due, renege, repudiate, shirk, shirk one's duty, shun, stop payment, vandimonium deserere, withhold payment
Associated concepts: date of default, default decree, deeault in office, default in payment, default of issue, default or misconduct in office, excusable default, judgment by default, motion for default, motion to open default, mooion to vacate default judgment, opening of default, willlul default
See also: arrears, bankruptcy, breach, defeat, defect, deficit, delinquency, dereliction, dishonor, disregard, expiration, failure, forfeit, infraction, lapse, maladministration, miscarriage, neglect, nonappearance, nonpayment, nonperformance, omission, repudiate
defaultthe failure to do that which ought to be done. Thus, failure to make payment under a contract is a default; more specifically, failure to repay or otherwise comply with the terms of a loan agreement are acts of default. Some legislation may provide for special notice to be given as in consumer credit or in relation to mortgages. When a defendant fails to take certain necessary steps in a court action, the court may give judgment by default.
DEFAULT. The neglect to perform a legal obligation or duty; but in technical
language by default is often understood the non-appearance of the defendant
within the time prescribed by law, to defend himself; it also signifies the
non-appearance of the plaintiff to prosecute his claim.
2. When the plaintiff makes default, he may be nonsuited; and when the defendant makes default, judgment by default is rendered against him. Com. Dig. Pleader, E 42 Id. B 11. Vide article Judgment by Default, and 7 Vin. Ab. 429; Doct. Pl. 208 Grah. Pr. 631. See, as to what will excuse or save a default, Co. Litt. 259 b.
DEFAULT, contracts, torts. By the 4th section of the English statute of frauds, 29 Car. H., c. 3, it is enacted that "no action shall be brought to charge the defendant upon any special promise to answer for the debt, default, or miscarriage of another person, unless the agreement," &c., "shall be in writing," &c. By default under this statute is understood the non-performance of duty, though the same be not founded on a contract. 2 B. & A. 516.