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 ?
0 percent from 1987-1994; however, this period missed most of the fallout from the Allegheny Health, Education, and Research Foundation (AHERF) default last year since more than 60 percent of the defaulted AHERF bonds were issued in 1996.
The preamble to the work-out agreement, as well as the agreement itself, clearly and unambiguously demonstrated that the subordination agreement was given in consideration of Chase's forbearance in pursuing its legal remedies to collect a delinquent debt of Fred Kent; and that the new mortgage and the subordination agreement were to act as security if Kent defaulted under the more lenient restructured schedule; and that upon default by Fred Kent of the work-out agreement, the new mortgage and the subordination agreement would remain a valid and enforceable mechanism by which Chase could recover its money.
DRs will be issued on a scale of 'DR1' (highest) to 'DR6' (lowest) to denote the range of recovery prospects given a currently distressed or defaulted security.
Default rates are calculated by dividing the volume of defaulted debt by the average principal volume outstanding for the period under observation.
Default rates are calculated by dividing the volume of defaulted bonds by the average principal volume outstanding for the period under observation.
There was only a slight decline in the number of office loans that defaulted in 2004 compared to 2003.
25, 2005, covering about US$102 billion in defaulted bonds (including past-due interest), would be assigned a nondefault rating, likely in the 'CCC' category.
In 2004, 37 issuers defaulted on $10 billion in bonds, down from 100 issuers and $33.
The collateral pool is static at this time with the exception of the ability to sell defaulted securities and equity.
2 billion in the third quarter and just six issuers defaulted on their bond obligations in the quarter.