### Question
What is the definition of default?


### Answer
The definition of **default** is as follows 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 15-FEDERAL LOAN AGENCY**

