12-32.Any failure on the part of the borrower to meet the terms of a promissory note is defined as a:

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A failure on the part of the borrower to meet the terms of a promissory note is known as default. A deficiency refers to the shortfall between the current value of an asset and its debt, a deferment refers to a temporary postponement of payment, and deformation has no connection with financial terminology.

12-32Any Failure on the Part of the Borrower to Meet