Floating Debt
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
By the term "floating debt," as applied to a municipal corporation, is meant that mass of lawful and valid claims against the corporation, for the payment of which there is no money in the corporation treasury specially designed, nor any taxation or other means of providing money to pay, particularly provided.
34 111. App. 510; 71 N. Y. 371-374.
The term "floating 'ndebtedness,'' as used in a resolution of a corporation, does not include the amount of a debt secured by mortgage on real estate, 34 111.
App. 510.