> For the complete documentation index, see [llms.txt](https://docs.trilobyte.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trilobyte.finance/protocol-mechanics/vault-lifecycle/finalized.md).

# Finalized

The **Finalized** phase is the terminal state for a vault that was **cancelled before its loan ever went live** — it either failed to fully fund, or wasn't approved in time. Investors are refunded and no further actions can be taken.

{% hint style="info" %}
A loan that *was* disbursed and then repaid ends in **FullyRepaid**, which is its own terminal state — it does **not** move to Finalized. Finalized is reached only via the two deadline-expiry paths below.
{% endhint %}

## How a Vault Gets Finalized

| Path                          | Trigger                                           |
| ----------------------------- | ------------------------------------------------- |
| **Funding deadline expired**  | RaisingFunds → Finalized (investors refunded)     |
| **Approval deadline expired** | AwaitingApproval → Finalized (investors refunded) |

## What Happens

* Investor deposits are refunded; any borrower collateral pledged is returned
* No further deposits, payments, claims, or withdrawals are possible
* The vault contract remains on-chain as a permanent record

{% 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 %}