default


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Default

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.

default

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)

default

the 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.

References in periodicals archive ?
Using another view, we can disaggregate the one-year expected cumulative default rate by sector.
With defaults being present in many of our daily decision situations, they are powerful determinants of our choices, yet they often go unnoticed.
institutional leveraged loan defaults thus far in September, potentially marking the second consecutive month with none - a first since fall 2014, according to a new Fitch Ratings report.
'We will honour this commitment, we won't allow Malaysia to go into default and protect Malaysia's international ratings and international recognition,' he said.
Borrowers may make progress toward paying off their defaulted loans in myriad ways.
"Lowering the default number of opioid pills prescribed in an EMR system is a simple, effective, cheap, and potentially scalable intervention to change prescriber behavior and decrease the amount of opioid medication prescribed after procedures," the authors write.
Where no response is entered for the Defendant, he said the Court Clerk, upon application by the petitioner, makes a default entry, which in this case was made on 5th June 2018.
The use of logistic models allows the user to calculate the most accurate predictions of default probability given a set of inputs.
Later, the taxpayers can opt for the package by submitting 15% of default surcharge from June 4-10, 2018.
Nine Chinese companies have already defaulted on their debt this year according to Standard Chartered (LSE: STAN).
Under the first option, borrowers can work with a debt collector to rehabilitate their defaulted debt a process where borrowers have to make nine on-time payments over 10 months to exit default.
PILDAT noted that the percentage of legislators defaulting on this count had surpassed the record available for the past seven years: in 2015, 272 or 23 % legislators had defaulted on this important requirement; 210 or 18% did not submit the statements in time in 2014; 26 legislators were suspended in 2013 when the Election Commission of Pakistan (ECP) had extended the deadline by a week; 154 or 13 % legislators were suspended in 2012 on this count and those suspended in 2010 were 141 or 12% of the total national and provincial legislators.