Collateral has been used for hundreds of years to provide security against the possibility of payment default by the opposing party in a trade.

For New Century, the early payment defaults pose significant financial problems.

He visited home in 2003, but because of a payment default he got a criminal proceeding, so he had to left the country soon.

He owned the lots outright, and could not lose them by payment default.

A common example is where an automobile finance company initiates a replevin action to gain possession of a vehicle, following payment default.

However, the company experienced steadily rising payment defaults throughout the Great Depression, resulting in increasing strain for the catalog house program.

If the counterparty that owes it a payment defaults, the firm will have to raise cash from other sources to make its payment.

The deal was based on four principles: voluntary participation, speed, no payment default and agreement with the European central bank.

More than 3 million properties will go into some form of payment default during 2011.

For this reason alone, we urgently need more transparency in relation to the granting of loans and to payment defaults.