Meaning of the word defaulter in English

What does defaulter mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

defaulter

US /dɪˈfɔːltər/
UK /dɪˈfɒltər/

Noun

a person who fails to do something required by law or to pay money when due

Example:
The bank is pursuing legal action against the loan defaulter.
The company has a strict policy for dealing with tax defaulters.