Law Dictionary

bankrupt

French banque, a table or counter; route, trace, track: his "banque" was removed and no trace of it left. Italian banca rotta, a broken bench: a money-changer's bench was broken up, on his failing in business, - Skeat. A trader who secretes himself, or does certain other acts tending to defraud his creditors. See Trader. Bankruptcy is a proceeding of an equitable nature - a sequestration of a debtor's property that the creditors may resort to, instead of an ordinary suit at law or in equity. Foreigners were exempt from the law; also, a citizen whose provable debts were less than three hundred dollars.

Source : William C. Anderson, A Dictionary of Law (1893)

Language : English

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