Legal Definitions - defaultant

Defaultant

A person or entity who has failed to fulfill their obligations or pay their debts as agreed upon, resulting in a default.

• John was a defaultant on his student loans, which negatively impacted his credit score.
• The company became a defaultant on their loan payments, leading to legal action from the lender.

These examples show how a defaultant is someone who has not met their financial obligations, resulting in negative consequences such as damaged credit or legal action.