Default Notice: This is a letter reminding a debtor that they haven't paid their debt. This must be issued by a creditor in respect of debts covered by the Consumer Credit Act 1974 before any further action is taken.

 

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Default Notice: This is a letter reminding a debtor that they haven't paid their debt. This must be issued by a creditor in respect of debts covered by the Consumer Credit Act 1974 before any further action . . . View Full Definition

Notice Of Deliquency: In junior financing, where the borrower gives the senior lender permission to notify the junior lender in the event of a default.

Notice Of Default: A notice to a defaulting party announcing that a default has occurred. The defaulting party is usually provided a grace period during which to cure the default. Notices of default are freque . . . View Full Definition

Notice Of Completion: A document recorded to give constructive notice that a building job has been completed.

Notice Day: A day on which notices of intent to deliver pertaining to a specified delivery month may be issued. Related: Delivery notice.

Notice Of Cessation: A notice that gives subcontractors 30 days and gives prime contractors 60 days to file liens from the date of cessation of work.

Notice Of Nonresponsibility: A legal notice designed to relieve a property owner of responsibility for the cost of improvements ordered by another person (such as a tenant). The owner usually gives notice that he or she . . . View Full Definition

Notice Of Right To Cancel: Under federal law, you may be permitted to cancel or 'rescind' a mortgage loan within a specified time, generally three days, after you have signed loan documents in a refinance, second mort . . . View Full Definition

Three-Day Notice: Notice to quit, quit or cure, or quit or pay rent. Three-day notice must be given before an unlawful detainer action.

Stop Notice: A notice given to a lender that a subcontractor has not been paid. Unless bond is posted, the lender must withhold moneys due a prime contractor.