Definition: Failure to comply with the terms of an agreement or to meet an obligation when due.
Pronunciation: \di-ˈfȯlt, dē-; ˈdē-ˌfȯlt\
Used in a Sentence: The borrower has made no payments and is in default on his loan
Definition: Failure to comply with the terms of an agreement or to meet an obligation when due.
Pronunciation: \di-ˈfȯlt, dē-; ˈdē-ˌfȯlt\
Used in a Sentence: The borrower has made no payments and is in default on his loan