### Question
What does default mean?


### Answer
**Default** has the following meaning in *12 U.S.C. § 1821*:

> a failure to comply with the terms of a loan or other obligation to such an extent that the property securing the obligation is foreclosed upon

#### Citation:
  - *12 U.S.C. § 1821*
  - Heading: **CHAPTER 16-FEDERAL DEPOSIT INSURANCE CORPORATION**

