{"iri":"https://folio.openlegalstandard.org/R7U0Y6j3u18HyTLnqyoaqFq","label":"Breach of Loan Contract","sub_class_of":["https://folio.openlegalstandard.org/RC2fjcpsEbrVvVymvt4oASx"],"parent_class_of":[],"is_defined_by":null,"see_also":["https://folio.openlegalstandard.org/R7xqVevh0JKSwX977TRIZQV","https://folio.openlegalstandard.org/R9G7d3XzmmtzTlQIdMFMWGa"],"comment":null,"deprecated":false,"preferred_label":"Loan Default","alternative_labels":["Borrower Default","Debt Default","Loan Agreement Breach","Loan Payment Default"],"translations":{},"hidden_label":null,"definition":"A Loan Default occurs when a borrower fails to meet the legal obligations or conditions of a loan agreement, typically involving missed payments or breach of other terms. This default triggers legal consequences and can lead to actions such as foreclosure, repossession, or litigation.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}