declare default

USAGE SUMMARY

The phrase "declare default" is correct and usable in written English.
It is typically used in legal or financial contexts to indicate that a party has failed to meet their obligations, often in relation to a loan or contract. Example: "The bank decided to declare default on the loan after the borrower missed three consecutive payments."

✓ Grammatically correct

News & Media

Academia

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

1 human-written examples

In order for the clearing systems to work, the Treasury would need to notify the market of a default almost a day before the default happened (to give everyone time to modify payments), and that is not going to happen because the Treasury will not want to declare default while Congress still has time to pass a bill.

The New York Times

Human-verified similar examples from authoritative sources

Similar Expressions

59 human-written examples

The idea is that if you own a credit derivative for, say, General Electric (the "name"), and GE declares default on its debt, you will get paid.

The Economist

A government that declares default on its debt has obviously spent beyond its means.

Johns Hopkins University

It might be through a declared default, it could be through inflation, there's even other ways of doing it: taxing interest received on Treasuries punitively would do it as well.

Forbes

The rules say debt swaps should be declared defaults if they are "binding to all holders".

The New York Times

In Germany, Angela Merkel was reported to have warned her centre-right MPs of "uncontrollable consequences" for the eurozone should Greece become the first euro nation to declare sovereign default on its soaring debt.

The Guardian

It also said that its failure to meet a $28 million call caused one lender to declare a default, and that more failures could materially hurt its ability to operate normally.

The New York Times

Abusive practices in this regard are limitations on a trustee to declare a default or foreclose on the project assets.

Forbes

As far as commercial loans are concerned, lenders have been hoping that something will happen to avoid their being required to either foreclose or declare a default.

Forbes

"You can run into a situation where the trustee has actual knowledge that the developer is absconding with the money, and it doesn't declare a default," says David Guin, a Birmingham, Ala.

Forbes

Jamaica is one, the only nation to declare financial default in 2010.

Huffington Post

Expert writing Tips

Best practice

When writing about financial or legal matters, use "declare default" to clearly indicate a formal acknowledgment of failure to meet obligations. This phrase avoids ambiguity and carries legal weight.

Common error

Avoid using "declare default" interchangeably with terms like "technical default". While both relate to non-compliance, "technical default" often refers to violations of covenants that don't necessarily involve missed payments.

Linguistic Context

The phrase "declare default" functions as a performative verb phrase, enacting the declaration of a default state. Ludwig AI confirms the correctness of this phrase in various contexts.

Expression frequency: Uncommon

Frequent in

News & Media

34%

Academia

33%

Formal & Business

33%

Less common in

Science

0%

Encyclopedias

0%

Wiki

0%

Ludwig's WRAP-UP

The phrase "declare default" is a formal expression used primarily in financial and legal contexts to signify the official recognition of a failure to meet obligations. Ludwig AI confirms its grammatical correctness and usability. While alternatives like "announce default" or "proclaim default" exist, they carry slightly different nuances. The phrase maintains a neutral register, making it suitable for professional communications and news reporting. Though not exceedingly common, its presence across reputable sources like The New York Times and Forbes underscores its importance in specific domains.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

announce default

Focuses on the act of making the default known publicly, emphasizing the communication aspect.

proclaim default

Similar to "announce default", but with a stronger connotation of a formal and official declaration.

officially default

Highlights the official recognition of the default status.

recognize default

Emphasizes the acknowledgment of a default situation, often by an authority.

deem in default

Implies a judgment or assessment leading to the declaration of default.

determine default

Focuses on the process of establishing whether a default has occurred.

adjudge default

Suggests a legal or formal ruling that a default has occurred.

state of default

This is a noun phrase that references the condition that exists after a declaration of default, it is not an action.

affirm default status

Emphasizes confirming or validating the existing condition of default.

institute default proceedings

Shifts the focus to the commencement of legal or formal actions resulting from the default.

FAQs

How is "declare default" used in a sentence?

You can use "declare default" to indicate a formal announcement of a failure to meet financial or contractual obligations. For example: "The bank decided to "declare default" on the loan after the borrower missed several payments."

What are some alternatives to "declare default"?

Alternatives include "announce default", "proclaim default", or "officially default". The best choice depends on the specific context and the nuance you want to convey.

What's the difference between "declare default" and "technical default"?

"Declare default" signifies a formal acknowledgment of failing to meet obligations, often involving missed payments. "Technical default", on the other hand, refers to violations of loan covenants that may not involve payment failures.

Who has the authority to "declare default"?

Typically, the lender or creditor has the authority to "declare default". This decision is usually based on the terms outlined in the loan agreement or contract.