-
Notifications
You must be signed in to change notification settings - Fork 1
Default
Anton Vasilescu edited this page May 9, 2023
·
1 revision
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.