n. 1. The act of failing to meet a financial obligation. Syn. -- default, nonpayment. [ WordNet 1.5 ]
2. A loss resulting from failure of a debt to be paid. Syn. -- nonpayment, default. [ WordNet 1.5 ]
n. A remitting; a giving up; surrender; as, the remittal of the first fruits. Swift. [ 1913 Webster ]