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Bankrupt law
(gcide) | Bankrupt \Bank"rupt\, a.
1. Being a bankrupt or in a condition of bankruptcy; unable
to pay, or legally discharged from paying, one's debts;
as, a bankrupt merchant.
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2. Depleted of money; not having the means of meeting
pecuniary liabilities; as, a bankrupt treasury.
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3. Relating to bankrupts and bankruptcy.
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4. Destitute of, or wholly wanting (something once possessed,
or something one should possess). "Bankrupt in gratitude."
--Sheridan.
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Bankrupt law, a law by which the property of a person who
is unable or unwilling to pay his debts may be taken and
distributed to his creditors, and by which a person who
has made a full surrender of his property, and is free
from fraud, may be discharged from the legal obligation of
his debts. See Insolvent, a.
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