forbearance
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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.
West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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.
Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
forbearance
abstention from or postponement of the enforcement of a legal right.Collins Dictionary of Law © W.J. Stewart, 2006