The UCC defines default as when a debtor fails to make payments on a loan.

Name: The UCC defines default as when a debtor fails to make payments on a loan.
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The UCC (Uniform Commercial Code) does not specifically define default merely as failing to make payments on a loan; default can occur under various circumstances as outlined in the agreement between the debtor and creditor, including but not limited to failure to make payments.

The UCC Defines Default as When a Debtor Fails to Make