Default Meaning Under Law

The biggest private default in history is lehman brothers.

Default meaning under law. In default on a loan. Default definition of default by the free dictionary. Law failure of a party.

Under rules of civil procedure when a party against whom a judgment for affirmative relief is sought has failed to plead i e answer or otherwise defend the party is in default and a judgment by default may be entered either by the clerk or the court. Contract law for example can be divided into two kinds of rules. Default the failure to do that which ought to be done.

Data protection by design and by default is ultimately an approach that ensures controllers and processors consider data protection issues at. Judgment entered against a party who has failed to defend against a claim that has been brought by another party. Thus failure to make payment under a contract is a default.

In legal theory a default rule is a rule of law that can be overridden by a contract trust will or other legally effective agreement. Some legislation may provide for special notice to be given as in consumer credit or in relation to mortgages. More specifically failure to repay or otherwise comply with the terms of a loan agreement are acts of default.

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. In most circumstances if a breach is material serious enough the contract is considered broken and the non breaching party is entitled either to chose. To fail to do something such as pay a debt that you legally have to do.

A breach is a generalized legal concept meaning that a party is not adhering to a contract. Default synonyms default pronunciation default translation english dictionary definition of default. Being in default in legal areas refers either to the failure of a party to contract to do what is expected of him as per the contract or the failure of a debtor to pay the debt at the agreed time.