nonpayment

from WordNet (r) 3.0 (2006)

nonpayment
    n 1: act of failing to meet a financial obligation [syn:
         {default}, {nonpayment}, {nonremittal}]
    2: loss resulting from failure of a debt to be paid [syn:
       {nonpayment}, {default}, {nonremittal}] [ant: {payment}]
    3: the deliberate act of failing to pay money; "his evasion of
       all his creditors"; "he was indicted for nonpayment" [syn:
       {evasion}, {nonpayment}] [ant: {defrayal}, {defrayment},
       {payment}]

from The Collaborative International Dictionary of English v.0.48

Nonpayment \Non*pay"ment\, n.
   Neglect or failure to pay.
   [1913 Webster]