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LSDefine
Simple English definitions for legal terms
defaultant
Read a random definition: mutual company
A quick definition of defaultant:
Term: defaultant
Definition: Defaultant means someone who has not fulfilled their obligations or promises. It is used to describe someone who has failed to pay back money they owe or failed to do something they were supposed to do. It is similar to the word "defaulter".
A more thorough explanation:
Defaultant
A person or entity who has failed to fulfill their obligations or pay their debts as agreed upon, resulting in a default.
- John was a defaultant on his student loans, which negatively impacted his credit score.
- The company became a defaultant on their loan payments, leading to legal action from the lender.
These examples show how a defaultant is someone who has not met their financial obligations, resulting in negative consequences such as damaged credit or legal action.