No matter which side of a civil case you’re on, it’s important to understand what a default judgment means to your lawsuit, and what happens next. To explore this concept, consider the following default judgment definition. The failure to make payments on a debt. More example sentences. While it is not specific to computers, it is commonly used in IT terminology. Some legislation may provide for special notice to be given as in consumer credit or in relation to mortgages. There are actually two answers, depending on the context in which the term "default" is used. Payment Default means any default in the payment of principal of, premium, if any, interest on, or other amounts payable on, or in connection with Senior Debt, irrespective of whether such default in payment results from a failure to pay any amount when originally scheduled to be paid or upon acceleration or otherwise. Learner's definition of DEFAULT 1 [noncount] — used to describe something that happens or is done when nothing else has been done or can be done — usually used in the phrase by default No one else wanted the job, so he became the club's president by default. The term "default" gets thrown around a lot in divorce cases, but what does it mean? Usually, the notice gives the debtor about two weeks to cover the missed payments. ‘Initially, I wasn't even sent the paperwork until my loans were in default.’. by default 1. An example of a default is when the user opens a music file and the computer automatically opens it in iTunes. Otherwise, the debt will default. failure to pay money that you owe at the right time in default The company is in default on its loan agreement. Yes, default (action/position) is a common usage meaning "the typical course of action, unless there are other considerations or exceptional circumstances". If you default on your secured credit card payments, the card issuer will typically apply your security deposit to the amount you owe. default the failure to do that which ought to be done. Your credit score will go down if you default on a loan. That meaning is failing to do something one is legally obligated to do: a default or breach of a contract, for example, or a default on an legal obligation to pay a bill, and so on. Get the details here. Default Explained . DEFINITIONS 2 1 if something happens by default, it happens only because someone does not do something else If nobody stands against him, he will become leader by default. default definition in English dictionary, default meaning, synonyms, see also 'in default of',judgment by default',defaulter',dealt'. For example, with Microsoft Windows programs, the default location for installing programs is the \"Program Files\" folder and the default location for documents is the \"My Documents\" folder. Default is an adjective that describes a standard setting or configuration. Default can also be referring to the dance they do that is given to them. If this balance doesn't get paid off, the government can then withhold tax refunds or any federal benefits that the borrower receives. Illiquidity: A debtor has insufficient cash (or other "liquefiable" assets) to pay debts. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Spanish nouns have a gender, which is either feminine (like la mujer or la luna) or masculine (like el hombre or el sol). Failure to perform a task or fulfill an obligation, especially failure to meet a financial obligation: in default on a loan. Law Failure of a party in a case to make a required court appearance. Default judgments are most often awarded to plaintiffs when the defendant fails to respond, but a defendant may be awarded such a judgment in the event the plaintiff fails to attend a hearing or trial, or fails to meet certain deadlines for filing documents. Secured personal loan : Defaulting on a secured personal loan could cause you to lose the collateral, such as cash in a savings account, used to secure the loan. Used to describe an outcome that happens because nothing has been done to change or prevent it. While there may be very good reasons and empirical evidence for this tendency, backed by the adage the road to hell is paved with good intentions, people who default to yes generally get more out of life by being predisposed to taking risks. Defaulting on a loan means that you have failed to make sufficient payments for an extended period. Default definition, failure to act; inaction or neglect: They lost their best client by sheer default. Another word for default. A person in Fortnite who is complete garbage and has no skins. Guilty of failing to repay a loan or appear in a law court. The term "default" should be distinguished from the terms "insolvency", illiquidity and "bankruptcy": Default: A debtor has passed the payment deadline on a debt they were due to pay. Far too many people are hardcoded to no or maybe as their default setting. ‘the company is already in default on its loans’. Some pros are hidden among Defaults.Defaults are known for doing the same dance over and over. El valor por defecto para esta computadora es con el sonido apagado. The number of loan defaults was down this month. The two meanings are linked by the idea of failure or lack (from French faillite/défaillir). When a party fails to respond to a divorce petition within the time proscribed by law, the party is "in default." Default is also a failure to pay a financial obligation. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Insolvency: A legal term meaning a debtor is unable to pay their debts. In contract law, when one of the parties to a contract fails to fulfill his obligation in the contract, he is said to be \"in default.\"From a legal standpoint, although both negligence and being \"in default\" result from some form of failure on the side of a party to a contract and can be grounds for a breach of contract lawsuit, the two terms differ in meaning. b. el valor predeterminado (m) means that a noun is masculine. If you don't start saving money now, while you're young, you'll be … A default judgment could spell the end of a lawsuit, or the defendant could have time to ask that the judgment be "set aside" so the case can proceed. Enrich your vocabulary with the English Definition dictionary One may default on any debt, such as a mortgage or a bond. Thus, failure to make payment under a contract is a default; more specifically, failure to repay or otherwise comply with the terms of a loan agreement are acts of default. Sample 1 Sample 2 Sample 3 Lenders will deem a loan in default when you haven't paid the minimum required payment for a certain number of months in a row, as detailed in your loan contract. The default for this computer is with the sound off. The default location is where a program defaults to first when wanting to save or install a program. Find more ways to say default, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. the risk of … Default is a very serious matter and may entitle the lender or bondholder to take possession of one's assets in order to recover the amount lost in principal and interest payments on the debt. Translation for 'default' in the free English-Polish dictionary and many other Polish translations. 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