What is an event of default? | ScriptaLegal
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Frequently asked questions > Real estate > Loan and Immovable hypothec > Of what are we talking about when we talk of an event of default?

Of what are we talking about when we talk of an event of default?

The topic "event of default" includes all the situations where the financial institution would be entitled to exercise the remedies provided by the deed of hypothec and the law for recovering its claim. Thus, a borrower who would not repay the hypothecary loan (also known as mortgage loan), who would not pay his municipal and school taxes, who would become bankrupt, who would not maintain adequately the building, etc., would find himself in default under his deed of hypothec.

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