Loan Default Proceeding Status

Definition

Loan Default Proceeding Status. The status of loan default legal proceeding at some point in time.

Issues and Challenges

Added to enhance Proof of Concept model, which has an aggregation relation from Loan Status to Loan Proceeding. That would not be literally correct as it would make a proceeding (and activity) part of a status. Rather, it must be the status of that proceeding, which is part of this status information set and is reported on at the point in time that the other loan status information may be reported on. Action: Although this "is of" a defined kind of activity called Loan Proceeding, that does not satisfy the need for a dated set of statuses. Need a selection list, based on facts about the Loan Default Proceedings, e.g. Imminent, Pending, Ongoing, Closed. Mabe some of those should be part of a wider list of common terms about all legal proceedings statuses.

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.