Insolvent law


Insolvent law
Insolvent In*sol"vent, a. [Pref. in- not + solvent: cf. OF. insolvent.] (Law) (a) Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor. (b) Not sufficient to pay all the debts of the owner; as, an insolvent estate. (c) Relating to persons unable to pay their debts. [1913 Webster]

{Insolvent law}, or {Act of insolvency}, a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors; bankruptcy law. See {Bankrupt law}, under {Bankrupt}, a. [1913 Webster]


The Collaborative International Dictionary of English. 2000.