Bankruptcy
A New Law Dictionary and Glossary · Alexander M. Burrill · 1850
A New Law Dictionary and Glossary
The act of becoming a bankrupt; the state or condition of a bankrupt.* A status, or condition fixed by legislative provision.
2 Bel Vs Com. 214.
A condition following upon the commission of certain acts defined by law.* 2 Stqfk. Com. 191, 192. See Bankrupt. In a looser sense, (as used in American law) — ^inability to pay one*s debts; insolvency. The stopping and breaking up of business, because a man is insolvent, and utterly incapable of carrying it on.* Story, J., 2 Story's R. 354, 359.