forbearance

Forbearance

Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.

Within Usury law, the contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable.

forbearance

n. an intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time. Forbearance is often consideration for a promise by the debtor to pay an added amount.

See: abstention, benevolence, clemency, composure, continence, grace, lenience, longanimity, moderation, remission, resignation, restraint, sufferance, temperance

forbearance

abstention from or postponement of the enforcement of a legal right.