liquidate

Its ordinary sense, as given by lexicographers, is to clear away, to lessen debts. And in common parlance, especially among merchants, to liquidate a balance, means, to pay it.

To pay; to settle. Webster: 8 Wheat. (U. S.) 322. To ascertain or make certain in amount. 20 Ga. 53. agreed up«n by the parties or is fixed by operation of law. 61 Conn. 568; 15 Qa. 321; 48 Conn. 469.

To pa.v; to settle, to adjust and gradually extinguish all Indebtedness. See Fleckner v. Banli, 8 Wheat (U. S.) 338, 5 L. Ed. 631.

To clear away; to lessen; to pay; to ascertain the amount to be paid. Liquidated: cleared away; settled; agreed upon or operation of law. Liquidated damages: a fixed sum agreed upon to be paid in the event of the non-performance of the contract Liquidated demand: a demand the amount of which is ascertained by agreement or otherwise.

To adjust or settle an indebtedness; to determine an amount to be paid; to clear up an account and ascertain the balance; to fix the amount required to satisfy a judgment. To clear away; to lessen; to pay. “To liquidate a balance means to pay it.” 8 Wheat. 338, 362.

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.

To adjust or settle an indebtedness; to determine an amount to be paid. Liquidated: adjusted, certain, or settled in respect to amount. Liquidation: the act of determining what amount shall be payable; of adjusting an uncertain indebtedness. Also, in a broader and secondary sense, the comprehensive proceeding of ascertaining and adjusting all the indebtedness of a party, and applying assets to discharge it; as when it is said that a bank has gone into liquidation. A debt or demand is liquidated whenever the amount due is agreed on by the parties, or fixed by the operation of law. Hargroves v. Cooke, 15 Ga. 321. Under the English bankruptcy act, 1869, a person in embarrassment, instead of suffering himself to be made a bankrupt, may prevail with his creditors by special resolution to declare that his affairs shall be liquidated by arrangement. A trustee is thereupon appointed, with or without a committee of inspection; and when that is done, the general provisions of the act applicable to the proof of debts, &c., in the case of bankruptcy are made applicable to the proof of debts, &c., in the liquidation. The property of the liquidating debtor vests in his trustee, who has the like powers as a trustee in bankruptcy. The close of the liquidation and the discharge of the liquidating debtor depend upon the creditors, who may make a resolution to that effect in a general meeting. Brown. Liquidated damages are damages the amount of which is fixed or ascertained, as opposed to those unascertained or uncertain. The parties to a contract frequently insert a stipulation that the one shall pay to the other some specified sum of money in the event of a breach of the contract; and in such a case it frequently becomes a nice question whether such sum is to be considered in the nature of a penalty merely, and covering the damages which one party may sustain in the event of a breach committed by the other, but liable to be reduced to a sum appearing to be just to the court and jury; or whether the full sum specified is to be actually paid to the injured party as liquidated or settled damages, without reference to the extent of the injury sustained. The general doctrine of the courts is, that the intent of the parties governs; and if the language of the contract and attendant circumstances clearly show that they designed an absolute adjustment of the damages beforehand, their agreement will be enforced. But the courts lean towards treating such agreements as a penalty only, leaving the injured party to prove the actual loss. Thus, if the agreement uses the word penalty, this is usually conclusive that only a penalty was intended. But employing the term liquidated damages does not afford an inference that the parties intended to liquidate them.