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)
“The most refined skills of color printing, the intricate techniques of wide-angle photography, provide us pictures of trivia bigger and more real than life. We forget that we see trivia and notice only that the reproduction is so good. Man fulfils his dream and by photographic magic produces a precise image of the Grand Canyon. The result is not that he adores nature or beauty the more. Instead he adores his camera—and himself.”
—Daniel J. Boorstin (b. 1914)