[1] : The Collaborative International Dictionary of English v.0.48

defaulter \default"er\, n.
   1. one who makes default; one who fails to appear in court
      when court when called.
      1913 webster

   2. one who fails to perform a duty; a delinquent;
      particularly, one who fails to account for public money
      intrusted to his care; a peculator; a defalcator.
      1913 webster

[2] : WordNet (r) 2.0

defaulter
     n 1: someone who fails to make a required appearance in court
     2: someone who fails to meet a financial obligation syn: deadbeat
     3: a contestant who forfeits a match
see also:
deadbeat 

[3] : Bouvier's Law Dictionary, Revised 6th Ed (1856)

defaulter, com. law. one who is deficient in his accounts, or falls in 
making his accounts correct. 

Defaulter >> D Words
Defaulter, definition of term: Defaulter
defaulter_pag1.html