Default
"What are the consequences of default?"
Quick Answer
Default occurs when a debtor fails to fulfill a legal obligation, such as paying a debt when it becomes due, often requiring a formal notice of default to be legally established.
Scope and Legal Distinctions
A debt being due and a debtor being in default are separate questions. A notice may be needed unless an agreed date or statutory exception makes it unnecessary.
What to Check in Practice
Identify the maturity, demand, delivery and cure period; calculate interest and other remedies against the applicable contractual and statutory rules.
Sources & Authorities
Statutory framework and official guidance for this definition.
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