default
Typically the failure to make payments on a loan, but it can also apply to the failure to meet other legal obligations in a contract.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
default
Noun: default (loss due to not showing up) "he lost the game by default"
Noun: default, nonpayment, nonremittal (act of failing to meet a financial obligation)
Noun: nonpayment, default, nonremittal (loss resulting from failure of a debt to be paid)
Noun: default option, default (an option that is selected automatically unless an alternative is specified)
Verb: default, default on (fail to pay up)
- default -
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