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Default

The legal state of a debtor who fails to perform on time or properly.

What does this term mean?

The legal state of a debtor who fails to perform on time or properly.

Where does it appear in practice?

It can affect interest, damages, termination, and enforcement processes.

Related terms

Limitation Period Enforcement Proceeding Termination

Other glossary entries

Agreed Divorce Protocol Call Detail Records Cancellation and Registration of Title Deed Case Management Order Coercive Imprisonment Consolidation Conveyance / Transfer Deed Default Defense Counsel Disclaimer of Inheritance Dissolution of Co-Ownership Duplicate / Repeated Enforcement Proceeding Ex Officio General Information Check Improvements on Real Property Inheritance Division Judicial Recess Limitation Period Matrimonial Property Regime Mediation Medical Malpractice Pending Property Division on Divorce Reduction Claim Reserved Share Right of First Refusal Service of Notice Sham Transaction Subdivision Suretyship Termination Transfer by Inheritance Unjust Termination