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 (19131960)
“Mildred Pierce: You look down on me because I work for a living, dont you? You always have. All right, I work. I cook food and sell it and make a profit on it, which, I might point out, youre not too proud to share with me.
Monte Beragon: Yes, I take money from you, Mildred. But not enough to make me like kitchens or cooks. They smell of grease.
Mildred Pierce: I dont notice you shrinking away from a fifty- dollar bill because it smells of grease.”
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