# Finalized

The **Finalized** phase is the terminal state of a vault. Once a vault is finalized, no further actions can be taken.

## How a Vault Gets Finalized

A vault can reach the Finalized state through several paths:

| Path                          | Trigger                                           |
| ----------------------------- | ------------------------------------------------- |
| **Successful completion**     | FullyRepaid → Finalized (all funds distributed)   |
| **Funding deadline expired**  | RaisingFunds → Finalized (investors refunded)     |
| **Approval deadline expired** | AwaitingApproval → Finalized (investors refunded) |

## What Happens

* All funds have been distributed (or refunded in the deadline cases)
* No further deposits, payments, claims, or withdrawals are possible
* The vault contract remains on-chain as a permanent record of the loan

{% hint style="info" %}
Finalized vaults serve as an immutable audit trail. All events — deposits, payments, claims, phase transitions — remain queryable on the Stellar ledger.
{% endhint %}


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