Default
A due payment or performance fails to happen.
Default requires a valid, due claim, usually after a reminder. Only then do things like default interest arise. Whether default exists depends on whether the claim truly exists and is due, not merely on someone asserting it. An unjustified claim does not create default.
The relevant statutes
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General explanation for self-help, not legal advice (RDG). Individual cases may differ: if in doubt, contact a consumer advice center or a lawyer.