'Bankrupt law' definitions:

Definition of 'Bankrupt law'

From: 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. [1913 Webster]
  • 2. Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury. [1913 Webster]
  • 3. Relating to bankrupts and bankruptcy. [1913 Webster]
  • 4. Destitute of, or wholly wanting (something once possessed, or something one should possess). "Bankrupt in gratitude." --Sheridan. [1913 Webster]
  • 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. [1913 Webster]