Legal Term Dictionary

A law relating to bankrupts and the procedure against tbem In the courts. A law providing a remedy for the creditors of a bankrupt, and for the relief and restitution of the bankrupt himself. A bankrupt law is distinguished from the ordinary law between debtor and creditor, as involving these More...

A law relating to bankrupts and the procedure against tbem In the courts. A law providing a remedy for the creditors of a bankrupt, and for the relief and restitution of the bankrupt himself. A bankrupt law is distinguished from the ordinary law between debtor and creditor, as involving these three general principles: (1) A summary and immediate seizure of all the debtor's property; (2) a distribution of it among the creditors in general, instead of merely applying a portion of it to the payment of the individual complainant; and (31 the discharge of the debtor from future liability for the debts then existing. The leading distinction between a bankrupt law and an insolvent law, in the proper technical sense of the words, consists in the character of the persons upon whom it is designed to operate, the former contemplating as its objects bankrupts only, that is, traders of a certain description; the latter, insolvents in general, or persona unable to pay their debts. This has led to a marked separation between the two systems, in principle and in practice, which in England has always been carefully maintained, although in the United States it has of late been effectually disregarded. In further illustration of this distinction, it may be observed that a bankrupt law, in its proper sense, is a remedy intended primarily for the benefit of creditors; it is set in motion at their instance, and operates upon the debtor against his will, (in invitum,) although in its result it effectually discharges him from his debts. An insolvent law, on the other hand, is chiefly intended for the benefit of the debtor, and is set in motion at his instance, though less effective as a discharge in its final result. Sturges v. Crowinshield, 4 Wheat. 194, 4 L. Ed. 529: Vanuxen v. Hazle-hursts, 4 N. J. Law, 192, 7 Am. Dec. 582; Adams v. Storey, 1 Paine, 79, 1 Fed. Cas. 142; Ktinzler v. Kohaus, 5 Hill (N. Y.) 317. The only substantial difference between a strictly bankrupt law and an insolvent law lies in the circumstance that the former affords relief upon the application of the creditor, and the latter upon the application of the debtor. In the general character of the remedy, there is no difference, however much the modes by which the remedy may be administered may vary. Martin v. Berry, 37 Cal. 222. Less...

1. The state or condition of one who is a bankrupt; amenability to tbe bankrupt laws; the condition of one who has committed an act of bankruptcy, and is liable to be proceeded against by his creditors therefor, or of one, whose circumstances are such that he is entitled, on More...

1. The state or condition of one who is a bankrupt; amenability to tbe bankrupt laws; the condition of one who has committed an act of bankruptcy, and is liable to be proceeded against by his creditors therefor, or of one, whose circumstances are such that he is entitled, on his voluntary application, to take the benefit of the bankrupt laws. The term is used in a looser sense as synonymous with "insolvency," inability to pay one's debts; the stopping and breaking up of business because the trader Is broken down, Insolvent, ruined. Phipps v. Harding, 70 Fed. 468, 17 C. C. A. 203, 30 L. R. A. ©13; Arnold v. Maynard, 2 Storyr 354, Fed. Cas. No. 561; Bernhardt v. Curtis, 109 La. 171, 33 South. 125, 94 Am. St. Rep. 445. 2. The term denotes the proceedings taken under the bankrupt law, against a person (or firm or company) to have him adjudged a bankrupt, and to have his estate administered for the benefit of the creditors, and divided among them. 3. That branch of jurisprudence, or system of law and practice, which is concerned with the definition and ascertainment of acts of bankruptcy and the administration of bankrupts' estates for the benefit of their creditors and the absolution and restitution of bankrupts. As to the distinction between bankruptcy and insolvency, it may be said that insolvent laws operate at the instance of an imprisoned debtor; bankrupt laws, at the instance of a creditor. But the line of partition between bankrupt and insolvent laws is not so distinctly marked as to define what belongs exclusively to the one and not to the other class of laws. Sturges v. Crown-inshield, 4 Wheat. 122, 4 L. Ed. 529. Insolvency means a simple inability to pay, as debts should become payable, whereby the debtor's business would be broken up; bankruptcy means the particular legal status, to be ascertained and declared by a judicial decree. In re Black, 2 Ben. 196, Fed. Cas. No. 1,457. Classification. Bankruptcy (in the sense of proceedings taken under the bankruptcy law) is either voluntary or involuntary; the former where the proceeding is initiated by the debtor's own petition to be adjudged a bankrupt and have the benefit of the law (In re Murray [D. C] 96 Fed. 600; Metsker v. Bonebrake, 108 U. S. 66, 2 Sup. Ct 351, 27 U Ed. 654), the latter where he is forced into bankruptcy on the petition of a sufficient number of his creditors. -Act of bankruptcy, see ACT.-Adjudication of bankruptcy. The judgment or decree of a court having jurisdiction, that a person against whom a petition in bankruptcy has been filed, or who has filed his voluntary petition, be ordered and adjudged to be a bankrupt.-Bankruptcy courts. Courts for the administration of the bankrupt laws. The present English bankruptcy courts are the London bankruptcy court, the court of appeal, and the local bankruptcy courts created by the bankruptcy act, I860.-Bankruptcy proceedings. The term includes all proceedings in a federal court having jurisdiction in bankruptcy, founded on a petition in bankruptcy and either directly or collaterally involved in the adjudication and discharge of the bankrupt and the collection and administration of his estate. Kidder v. Horro-bin, 72 N. Y. 167. Less...

An old law term, signifying a space or tract of country around a city, town, or monastery, distinguished and protected by peculiar privileges. Spelman.

An old law term, signifying a space or tract of country around a city, town, or monastery, distinguished and protected by peculiar privileges. Spelman. Less...

A French and Canadian law term, having the same meaning as banleuca, (q. v.)

A French and Canadian law term, having the same meaning as banleuca, (q. v.) Less...

See BANERET

See BANERET Less...

In old law, one under a ban, (q. v.;) an outlaw or banished man. Britt cc. 12, 13; Calvin.

In old law, one under a ban, (q. v.;) an outlaw or banished man. Britt cc. 12, 13; Calvin. Less...

L. Lat. In old English law. The bans of matrimony.

L. Lat. In old English law. The bans of matrimony. Less...

We ban or expel. The form of expulsion of a member from the University of Oxford, by affixing the sentence in some public places, as a promulgation of it. Cowell.

We ban or expel. The form of expulsion of a member from the University of Oxford, by affixing the sentence in some public places, as a promulgation of it. Cowell. Less...

To summon tenants to serve at the lord's courts, to bring corn to be ground at his mill.

To summon tenants to serve at the lord's courts, to bring corn to be ground at his mill. Less...

See BANS OF MATRIMONY

See BANS OF MATRIMONY Less...