Liquidate

2 To clear off, clear up, clear away.

1.

To clear away, to lessen debts, to pay. 2 To liquidate a balance is, in common parlance, to pay it.s 2. To determine the amount to be paid: as, to liquidate a debt, a demand, damages.

Liquidated.

A debt or demand is liquidated when the amount due is agreed upon by the parties, or is fixed by the operation of law.* Unliquidated. Undetermined, unascertained.

Idguidated account

Has its amount certain and fixed, by act of the parties or operation of law.5 Liquidated damages. When the amount thereof is ascertained.

5 See Damages, Liquidated.

Liquidated debt

Has certainty as to what is due." Liquidated demand. Has the amount ascertained, settled, by agreement or otherwise.'

Liquidating.

The member who settles the affairs of a partnership, by adjusting claims and paying debts, is called the " liquidating " partner.

See Liquidator.

Liqmdation

The act or matter of adjusting claims of indebtedness, or for dam- Board of Liquidation. In Louisiana, in 1874, an agency of the State government to carry into effect a plan of consolidating its outstanding debt and converting it, with the consent of creditors, into a uniform bond, with the same rate of interest, and providing additional security for the payment of the new bonds.' 1 See 2 Whart. Ev. §§ 1347, 1354. ' L. L. liguidare, to make liguidus. clear. • [Fletcher u United States, 8 Wheat. 863 {18S:3), Etory, J.; Eichmond v. Irons, 121 U. S. 61 (1887). '* Hargroves v. Cooke, 15 Ga. 333 (1854); 48 Conn. 365. 'Nisbet V. Lawson, 1 Ga. 287 (1846). •Eoberts v. Prior, 20 Ga. 563 (1856). ' Mitchell V. Addison, 30 Ga. 53 (1856). When, after duties have been liquidated, a reliquidation takes place, the date of the latter is the final liquidation for purposes of protest.'

Liquidator.

One who settles up the business affairs of an insolvent — individual, partnership, or company. Under the English bankruptcy act of 1869, the creditors of an embarrassed person may resolve that his affairs shall be liquidated by a trustee, with or without a committee of inspection. The property of the debtor thereupon vests in the trustee, who has the powers of a trustee in bankruptcy. By resolution, at a general meeting, the creditors may close the liquidation an4 discharge the trustee.

See Wimd Up; Bake, a (2), National.