- default notice
Under regulations under the Consumer Credit Act 1974, where a debtor or hirer defaults under a regulated credit or hire agreement, the trader must send to the customer a default notice giving the customer at least seven days' notice before taking certain actions including termination of the agreement, demanding payment, recovering possession or enforcing a security.
Easyform Glossary of Law Terms. — UK law terms.
- default notice
In the context of landlord and tenant, a notice served by a landlord wishing to preserve rights against former tenants and guarantors to recover fixed charges. A default notice of a potential claim must be served within six months of the current tenant's default (section 17, Landlord and Tenant (Covenants) Act 1995).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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Default notice — All credit applications (e.g., personal loans, credit cards or store cards) opened in the United Kingdom are regulated by the Consumer Credit Act 2006. This piece of legislation requires that creditors must issue a default notice to any customer… … Wikipedia
Default Notice — All credit applications (Eg personal loans, credit cards or store cards) opened in the United Kingdom are regulated by the Consumer Credit Act 2006. This piece of legislation requires that creditors must issue a Default Notice to any customer who … Wikipedia
default notice — (U.K.) Fin = notice of default … The ultimate business dictionary
Default (finance) — Finance Financial markets Bond market … Wikipedia
notice of default — Fin a formal document issued by a lender to a borrower who is in default. U.K. term default notice … The ultimate business dictionary
default — 1) Failure to do something that is required by law, especially failure to comply with the rules of legal procedure. 2) Failure to comply with the terms of a contract. A seller defaults by failing to supply the right quality goods at the time… … Big dictionary of business and management
notice of default — A statement, usually written, from one party to a contract to another, advising the recipient that he or she has failed to live up to a term or condition of the contract. Although defaults are most common in real estate, they can happen in any… … Law dictionary
default — de·fault /di fȯlt, dē ˌfȯlt/ n [Anglo French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de , intensive prefix + faillir to fail] 1: failure to do something required by duty (as under a… … Law dictionary
notice to quit — n. Notice given by a tenant informing the landlord that the tenant intends to move out; also, notice given by a landlord informing the tenant that he or she must move out. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks … Law dictionary
notice — no·tice 1 n 1 a: a notification or communication of a fact, claim, demand, or proceeding see also process, service ◇ The requirements of when, how, and what notice must be given to a person are often prescribed by a statute, rule, or contract. b … Law dictionary