Business, Legal & Accounting Glossary
(typically of a young person or that person’s behaviour) showing or characterized by a tendency to commit crime, particularly minor crime.
1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent.
The term delinquent refers to a person or business entity that has failed to meet an agreed-upon obligation according to the agreed-upon schedule.
For example, a business that is late in filing required regulatory documents would be considered delinquent. A person who is late in paying his required monthly payment on a loan would also be considered delinquent. In both examples, the delinquent parties would be subject to penalties. If a borrower becomes delinquent he must pay his original obligation as well as any penalties within a certain time or risk default (which could lead to repossession or foreclosure). While being considered delinquent is less serious than defaulting on an obligation, either one may negatively affect a person’s credit standing.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Delinquent are sourced/syndicated and enhanced from:
This glossary post was last updated: 27th April, 2020 | 10 Views.