Floating Debt

Defined in 5 dictionaries — Cyclopedic (1922), Ballentine's (1916), Bouvier (1914), Black's (1910), Black's (1891)

The Cyclopedic Law Dictionary

Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922

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.

Ballentine's Law Dictionary

James A. Ballentine · 1916

That indebtedness of a corporation or concern for which no provision has been made for payment. See 86 Fed. (U. S.) 272, 49 L. R. A. 534, 30 C. C. A. 38.

Bouvier's Law Dictionary and Concise Encyclopedia

John Bouvier; revised by Francis Rawle · 1914

That mass of lawful and valid claims against a corporation, for nor any system of taxation or other means of providing money to pay, particularly provided. People V. Wood, 71 N. Y. 374.

Black's Law Dictionary

Henry Campbell Black, M.A. · 1910

By this term is meant that mass of lawful and valid claims against the corporation for the payment of which there is no money in the corporate treasury specifically designed, nor any taxation nor other means of providing money to pay particularly provided. People v. Wood, 71 N. Y. 374; City of Huron v. Second Ward Sav. Bank, 86 Fed. 276, 30 C. C. A. 38, 49 L. R. A. 534. Debt not in the form of bonds or stocks bearing regular interest. Pub. St. Mass. 1882, p. 1290. State v. Faran, 24 Ohio St. 541; Pcople v. Carpenter, 31 App. Div. 603, 52 N. Y. Supp. 781.

A Dictionary of Law

Henry Campbell Black · 1891

By this term is meant that mass of lawful and valid claims against the corporation for the payment of which there is no money in the corporate treasury specifically designed, nor any taxation nor other means of providing money to pay particularly provided. 71N. Y. 874. Debt not in the form of bonds or stocks bearing regular interest. Pub. St. Muss. 1882, p. 1290.