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I have a contract with a stipulation for default of the contract is that I would hold a valid life insurance policy and show proof quarterly. I have not shown proof for every quarter. Can the contract go into default if I have proof of the policy but just not shown it quarterly?
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Generally, contracts which require notification of compliance do not give rise to claims of default. Rather, if the creditor asks, you will simply provide proof. Having said that, if the creditor does declare a default, your defense would be that the default was immaterial such that a true breach did not occur.
I trust this answers your question, and if you are in the Delaware Valley, do not hesitate to call or email on a free initial basis.
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Matthew R. Nahrgang, Esquire
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Answered on Nov 02nd, 2021 at 7:53 AM