default
A default is a failure to fulfill an obligation . Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision.
-
For example, a homeowner might go into default by failing to make scheduled
mortgage
payments.
- This default allows the creditor to begin foreclosure proceedings and repossess the house subject to the mortgage.
In the field of civil procedure , default can also refer to a default judgment .
[Last updated in September of 2022 by the Wex Definitions Team ]
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