Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    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.

  • Black's Law Dictionary: 2nd Edition

    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.