Default Notice
In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan. Default may occur if the debtor is either unwilling or unable to pay his or her debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes.
Read more about Default Notice: Distinction From Insolvency and Bankruptcy, Types of Default, Consumer Default
Famous quotes containing the words default and/or notice:
“In default of inexhaustible happiness, eternal suffering would at least give us a destiny. But we do not even have that consolation, and our worst agonies come to an end one day.”
—Albert Camus (1913–1960)
“Too jostled were Our Souls to speak
At length the notice came.”
—Emily Dickinson (1830–1886)