Default at Legal Glossary
What is it? A failure to perform a legal duty. For example, a default on a mortgage or car loan happens when you fail to make the loan payments on time, fail to maintain adequate insurance or violate some other provision of the agreement. Default on a student loan occurs when you fail to repay a loan according to the terms you agreed to when you signed the promissory note, and the holder of your loan concludes that you do not intend to repay.Law Definition Added By: Layla
The Default definition has been viewed 802 Time(s)!
Send To Friends!
If you'd like to send the Default definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Default. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms arbitration is A non-court procedure for resolving disputes using one or more neutral third parties -- called the arbitrator or arbitration panel. Arbitration uses rules of evidence and procedure that are less formal than those followed in trial courts, which usually leads to a faster, less-expensive resolution. There are many types of arbitration in common use: Binding arbitration is similar to a court proceeding in that the arbitrator has the power to impose a decision, although this is sometimes limited by agreement -- for example, in hi-lo arbitration the parties may agree in advance to a maximum and minimum award. In non-binding arbitration, the arbitrator can recommend but not impose a decision. Many contracts -- including those imposed on customers by many financial and healthcare organizations -- require mandatory arbitration in the event of a dispute. This may be reasonable when the arbitrator really is neutral, but is justifiably criticized when the large company that writes the contract is able to influence the choice of the arbitrator.Law Terms Social Security is & Retirement Changing Your Name Parenting & Adoption Marriage & Living Together Divorce & Child Custody Health Care & Elder Care Immigration & Green CardsRenters? Rights Employee Rights Consumer Rights Go to Court or Mediate Personal Injury Criminal Law Traffic TicketshomeGLOSSARY Social Security The general term that describes a number of related programs, including retirement, disability, dependents and survivors benefits. These programs provide workers and their families with some monthly income when their normal flow of income shrinks because of retirement, disability, or death.
Law Terms friendly witness is A witness whom you have called to testify, and whom you may not cross-examine. If the witness testifies in a way that hurts your case, you can ask the judge to declare him a hostile witness, which means that you can begin to cross-examine him with leading questions.
Law Terms priority debt is A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.
Law Terms plaintiff is The person, corporation or other legal entity that initiates a lawsuit. In certain states and for some types of lawsuits, the term petitioner is used instead of plaintiff. Compare defendant, respondent.