Default Meaning

Default is the word which is most commonly used in banking, when a financial institution has granted loan or debt to a person or a company and when that person or company is not able to repay the loan on time than that borrowers account is said to be in default. When an account becomes default than the financial institution start proceedings against the party which may involve selling of property which is kept as collateral or starting any legal proceeding in order to recover the debt amount.

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