forbearance

views updated May 11 2018

for·bear·ance / fôrˈberəns; fər-/ • n. formal patient self-control; restraint and tolerance: forbearance from taking action. ∎  Law the action of refraining from exercising a legal right, esp. enforcing the payment of a debt.

Forbearance

views updated May 23 2018

FORBEARANCE

Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.

Withinusurylaw, the contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable.