Notice of Default

A written demand giving the defaulting debtor notice of default and allowing for a reasonable time for compliance.

If a debtor defaults on the contract and this default is not permanently infeasible, the creditor must first give him notice of default before the debtor enters default. Only if the debtor allows the deadline for performance mentioned in the notice of default to expire unused, is he in default. Only once the debtor is in default will the creditor be entitled to compensation and dissolution.

If the debtor is temporarily unable to be in compliance, or if notice would be useless as evidenced by his attitude, the demand may be given by written notice indicating that the debtor has been deemed responsible for the failure to meet obligations.