default


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in default of (something)

Due to the absence or lack of something; through the failure of something. Though it was only a speeding ticket, Janet was imprisoned in default of paying the fine. In default of concrete evidence, the jury was obligated to acquit the defendant of murder.
See also: default, of

default on something

to fail to act in some way regarding something, such as failing to make a payment, thereby losing one's right to the thing in question. You are not going to default on your loan, are you? She defaulted on her mortgage payments and lost the house.
See also: default, on

in default of

Through the failure, absence, or lack of, as in In default of a better solution, we'll have to make do with this one. This term was originally put as for default of, but John Gower had the current wording in Confessio Amantis (1397): "The fish, if it be dry, might in default of water die." [Late 1200s]
See also: default, of

in default of

Through the failure, absence, or lack of.
See also: default, of
References in periodicals archive ?
In its study, Equifax linked anonymous borrower credit information to CoreLogic loan-level, mortgage-backed securities data to measure default distance at every point in the life of all non-agency securitized loans.
Under the pessimistic scenario of a second economic downturn and renewed liquidity pressures, the global default rate may land at 5.
So a name, race, vague location, and a broad age range is sufficient to launch a process that could quickly lead to a default judgment, asset liens, and a blocked passport?
The majority, however, focusing on what it perceived to be the intent of the parties, rather than the four corners of the guaranty, wrote that it was "disingenuous" for Madison to argue that the Millers should have "expected their obligations under the guaranty to be extended by a mere technical violation rather than by a material default.
The European speculative-grade default rate increased to 10.
Most of the loans that went into default in the 2006 fourth quarter were made from January 2005 to February 2006.
Should the deed not be delivered for any reason whatsoever, except for the willful default of the seller, there would be no commission due.
To have the default cleared, ``they would have to show good reason for making the mistake,'' he said, charging that the city's papers do not meet that standard.
the nonprofit agency that provides loan guarantees for Minnesota students under the Federal Family Educational Loan Program (FFELP), has the lowest cohort default rate among the nation's 49 guarantee agencies, according to U.
As of year-end (YE) 2008, the cumulative default rate increased to 3.
Finally, Onsite agreed to provide for cross default provisions in its security agreement which make clear, in the future, that a default by TCC on the Shawmut Bank loan would also constitute a default by Onsite on its debt to Cogenex as well as other normal and customary cross default provisions and negative loan covenants.
Once a default notice is issued, the homeowner has four months to resolve the situation, or the lender forecloses on the property.
Negotiations, or a default by the surety, can further delay efforts to get projects back on track.
In all, a total of 32 Moody's-rated corporate debt issuers defaulted in the fourth quarter, which sent the 2009 default count to a record high of 266.
Both measures were up from the second quarter's very low three issuer defaults on $800 million in bonds; however, the third quarter up-tick failed to move the default rate significantly from its expected year end finish of roughly 1% - one of the lowest levels on record according to Fitch's U.