Deficiency

{
  "id": "MLC-T-LAW-001537",
  "term": "Deficiency",
  "field": "Law",
  "definition": "A shortfall or inadequacy, often referring to the amount by which a debt exceeds the value of the collateral securing it after a foreclosure or repossession sale. In tax law, it denotes the amount by which the tax properly due exceeds the amount shown on a taxpayer's return. It can also describe a failure to meet a required standard or obligation.",
  "url": "https://mlchart.com/terminology/law/deficiency/"
}