RE: Questions, can any one them?31 Dec 2018 20:19
It is my understanding that it would be similar to when you default on a credit agreement! If you default, say on a credit card or a loan, the lender I'll issue a default notice and require you to repay the outstanding amount within x amount of time (usually 28days).
Now, when the 28 days elapse (or what ever time frame) the debtor must have paid the outstanding amount called in or the creditor would go for enforcement and then take over the the asset's or collateral used to secure the loan.