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.

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.

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

Finalized vaults serve as an immutable audit trail. All events — deposits, payments, claims, phase transitions — remain queryable on the Stellar ledger.