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To fail to do something such as pay a debt that you legally have to do.
Default meaning for business. The verb to default means to fail to repay a loan. If a person or institution responsible for repaying a loan or making an interest payment fails to meet that obligation on time that person or institution is in default. The biggest private default in history is lehman brothers.
Default on secured debt. A default judgment in lawsuits can be issued when one of the parties fails to live up to the procedural requirements for the lawsuit. The noun and verb may also mean an appearance in a court of law or to appear in a court of law respectively.
In finance default is failure to meet the legal obligations or conditions of a loan for example when a home buyer fails to make a mortgage payment or when a corporation or government fails to pay a bond which has reached maturity a national or sovereign default is the failure or refusal of a government to repay its national debt. The noun default refers to the failure to fulfil an obligation.
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