Default Status definition

Default Status. The failure of a borrower or endorser (if any) to make an installment payment when due or to meet other terms of the promissory note as defined at 34 CFR 682.200.
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Examples of Default Status in a sentence

  • Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

  • Once the parked vehicle is in Default Status for Non- Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

  • NON-PAYMENT DEFAULT: Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

  • Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while court orders are being filed.